Idorsia Reports Q1-Q3 2024 Financial Results

Idorsia Ltd, based in Allschwil, Switzerland, reported its financial outcomes for the first nine months of 2024, showcasing several noteworthy developments. The company's net revenue for this period reached CHF 53 million, with significant contributions from QUVIVIQ™ (daridorexant) sales, which amounted to CHF 39 million. Idorsia has made strides in controlling costs, resulting in an improved financial forecast for the year.

The US GAAP operating loss for the first nine months of 2024 was CHF 154 million, while the Non-GAAP operating loss stood at CHF 248 million. The Non-GAAP net loss was CHF 258 million, a decrease from the previous year's CHF 420 million. This reduction is attributed to the one-off effect of the Viatris deal and lower operating expenses.

QUVIVIQ™, a medication for insomnia, has seen substantial sales growth. The drug has been approved in Japan and is now available in multiple markets including the US and several European countries. In the US alone, QUVIVIQ™ net sales reached CHF 21 million, reflecting a 41% increase from the same period in 2023. Since its launch, over 165,000 patients have used QUVIVIQ™, with more than 500,000 prescriptions written by nearly 50,000 healthcare professionals.

TRYVIO™ (aprocitentan), a treatment for hypertension, became commercially available in the US in October 2024. The European Commission approved JERAYGO™ (aprocitentan) in June 2024 for treating resistant hypertension, and marketing authorization applications have been submitted in the UK, Canada, and Switzerland.

Idorsia ended its collaboration with Neurocrine Biosciences, but other partnerships continue to advance. Notably, Idorsia's collaboration with Viatris includes the development and commercialization of selatogrel and cenerimod. This partnership brought an upfront payment of USD 350 million to Idorsia and continues to offer potential milestone and sales payments.

The financial results also highlighted Idorsia's rigorous cost control measures. Operating expenses for the first nine months of 2024 were CHF 211 million, benefiting from a CHF 125 million income from the Viatris deal. This contrasts with CHF 275 million in the same period of 2023. The reduced expenses covered cost of sales, R&D, and SG&A.

The company's liquidity stood at CHF 92 million at the end of September 2024. This careful financial management allows Idorsia to plan and execute future financial strategies effectively. The company also noted the extension of its convertible bonds' maturity date to January 2025, which offers greater financial flexibility.

In terms of commercial operations, QUVIVIQ™ has been launched in various European markets and Canada, with strong uptake. Germany saw a significant policy change allowing long-term prescriptions of QUVIVIQ™, resulting in doubled sales. In Italy, reimbursement discussions are ongoing, with a focus on expanding the prescriber base. The product was launched in Spain's self-pay market and is now under reimbursement evaluation. The UK and France have also seen successful launches, with QUVIVIQ™ being recommended for chronic insomnia.

Idorsia's CEO, André C. Muller, mentioned the progress in ramping up sales and expanding the market for their key products. Furthermore, the company's financial outlook for 2024 anticipates QUVIVIQ™ net sales of around CHF 55 million and a US GAAP operating loss of CHF 260 million, including a one-off benefit from the Viatris deal.

The company's strategic focus on cost management and expanding its product reach demonstrates its commitment to achieving financial stability and growth. With an innovative drug portfolio and strategic partnerships, Idorsia is poised to make significant strides in the biopharmaceutical industry.