Idorsia (IDIA) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 was CHF 57 million (non-GAAP), down from CHF 58 million year-over-year; US GAAP revenue was CHF 59 million, down from CHF 59 million.

• US GAAP net loss was CHF 46 million, compared to net income of CHF 63 million in Q1 2025; non-GAAP net loss was CHF 36 million, compared to CHF 25 million loss year-over-year.

• Product sales increased to CHF 46 million from CHF 27 million year-over-year, driven by QUVIVIQ™ (daridorexant) sales in multiple regions.

• QUVIVIQ sales reached CHF 44 million, up 74% year-over-year, with global expansion across 13 countries.

• Pediatric daridorexant data showed statistically significant improvements in sleep for children, with excellent safety and tolerability.

Financial highlights

• Operating expenses (non-GAAP) remained flat at CHF 78 million year-over-year; US GAAP operating expenses were CHF 84 million, up from CHF 78 million.

• Operating cash outflow was CHF 26 million, improved from CHF 61 million outflow in Q1 2025.

• Liquidity increased to CHF 95 million as of March 31, 2026, up from CHF 89 million at year-end 2025, excluding CHF 45 million available under a new term loan.

• Total indebtedness rose to CHF 1,395 million from CHF 1,342 million at year-end 2025.

• US GAAP net loss per share was CHF 0.18; non-GAAP net loss per share was CHF 0.14.

Outlook and guidance

• 2026 guidance unchanged: QUVIVIQ sales expected at CHF 200 million, non-GAAP operating expenses at ~CHF 330 million, and non-GAAP operating loss at ~CHF 120 million.

• Guidance excludes TRYVIO/JERAYGO revenues and investments, which depend on future partnership agreements.

• Further QUVIVIQ sales acceleration anticipated through expanded market access, direct-to-patient initiatives, and new commercial alliances.