Idorsia (IDIA) Q4 2024 earnings summary

Executive summary

• QUVIVIQ achieved strong sales growth in the EUCAN region, with net sales of CHF 32 million in 2024, driven by launches and reimbursement in France and Germany.

• U.S. QUVIVIQ sales reached CHF 28.6 million in 2024, despite reduced marketing spend and field force.

• TRYVIO (aprocitentan) received approval in the U.S. and EU, launched in the U.S. in October 2024, and JERAYGO approved in EU and UK.

• Major financial restructuring included a CHF 150 million new money facility, convertible bond extension, and operational runway secured into 2026.

• Viatris collaboration updated, reducing 2025 development costs by USD 100 million and future milestone payments.

Financial highlights

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

• Non-GAAP operating loss reduced to CHF 308 million in 2024, nearly 50% lower than 2023.

• U.S. GAAP operating result of CHF 232 million includes a CHF 125 million gain from the Viatris deal and restructuring charges.

• Cash balance at year-end 2024 was CHF 106 million, with significant inflows from product sales and the Viatris deal.

• Total indebtedness at year-end 2024 stood at CHF 1,321 million.

Outlook and guidance

• QUVIVIQ net sales in EUCAN expected to reach CHF 110 million in 2025, with continued momentum and commercial partnerships.

• Non-GAAP EBIT loss forecasted to improve to CHF 215 million in 2025.

• U.S. GAAP loss for global business forecast at CHF 155 million for 2025.

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

• Focus on partnering aprocitentan and preserving its value with a limited US launch while seeking a partner.