Idorsia (IDIA) H2 2024 earnings summary

Executive summary

• Out-licensing agreement for aprocitentan failed to close, prompting a pivot to alternative partners and urgent financial restructuring.

• Viatris collaboration secured the future of selatogrel and cenerimod, reducing R&D commitments by $100 million and easing cash pressure.

• QUVIVIQ achieved strong sales growth in France and Germany, with net sales of CHF 61 million in 2024 and commercial partnerships expanding reach.

• TRYVIO (aprocitentan) approved in U.S. and EU, launched in the U.S. in October 2024, with initial positive feedback and focus on resistant hypertension.

• Comprehensive restructuring of convertible bond debt and new funding secured, including a CHF 150 million backstopped facility, extending operational runway into 2026.

Financial highlights

• Net revenue for 2024 was CHF 113 million, down from CHF 152 million in 2023 due to prior year one-off incomes.

• QUVIVIQ net sales in EUCAN reached CHF 32 million in 2024, with France and Germany as main contributors.

• U.S. QUVIVIQ sales exceeded CHF 28.6 million in 2024, achieved despite significant reductions in marketing spend.

• Non-GAAP operating loss reduced to CHF 308 million, nearly 50% lower than 2023.

• Cash balance at year-end 2024 was CHF 106 million, supported by inflows from Viatris and royalty monetization.

Outlook and guidance

• QUVIVIQ net sales expected to reach CHF 110 million in 2025, with continued cost reductions.

• Non-GAAP EBIT loss forecasted at CHF 215 million for 2025, improving from prior years.

• Commercial profitability for QUVIVIQ in EUCAN targeted for 2026, overall profitability for 2027.

• Focus on securing a partner for aprocitentan and unlocking U.S. value through DORA class descheduling.