Idorsia posts net revenue 9M 2023 at CHF 131 million

October 24, 2023 Off By Dino Mustafić

Idorsia has announced its financial results for the first nine months of 2023, with net revenues at CHF 29 million, of which CHF 20 million net sales with QUVIVIQ in the US and Europe (Germany, Italy, Switzerland) and CHF 9 million contract revenues.

The accounting for the Sosei Deal, which led to a one-off profit of CHF 363 million, impacts US GAAP and non-GAAP numbers, therefore, Idorsia’s guidance excludes the Sosei Deal and related APAC operations in 2023 until closing. This gives a better view of the scope of operations that the company is currently operating.

Following the Sosei Deal, the cost reduction initiative, the portfolio review and the first nine months operations, the company is updating its full year 2023 financial guidance and expects a US GAAP operating loss of around CHF 670 million (previously CHF 735 million) and non-GAAP operating loss of around CHF 600 million (previously CHF 650 million) for 2023, both metrics include the restructuring charge, exclude APAC operations in 2023 until the closing of the Sosei Deal and the one-off impact of such transaction, and exclude any unforeseen events.

Jean-Paul Clozel, MD and Chief Executive Officer, commented:
“In the third quarter we have implemented numerous measures to adapt the company. We sold our APAC (ex-China) business for 400 million Swiss francs, we reduced the workforce at headquarters by around 50%, we changed the leadership of our US commercial operations, and very importantly, we reacquired the worldwide rights to aprocitentan. I am fully aware that these measures need underpinning with additional funding in the coming months.”

Jean-Paul continued:
“With QUVIVIQ, we have a sleep therapy – which has demonstrated an outstanding safety and efficacy profile – on the market in the US and EU. With aprocitentan, we have the first antihypertensive working on a new pathway for 30 years under review with US and EU regulatory authorities, which we hope to see approved in the first half of 2024. With selatogrel and cenerimod, we have two compounds in Phase 3 development with the potential to transform treatment in their target indications, and we have several innovative assets in early development. All this gives us strategic flexibility and multiple avenues to explore potential fundraising.”

André C. Muller, Chief Financial Officer, commented:
“The Sosei Deal, in conjunction with the almost complete cost reduction initiative at headquarters and the ongoing portfolio prioritization, allows us to both extend our cash runway well into the first quarter of 2024 and improve our guidance for 2023 with a lower spend. Our short-term priority is to further extend our cash runway and we are actively reviewing all avenues including potential out-license deals with a few balls in the air that we expect to catch in the upcoming months.”