For the Idorsia-led portfolio in 2025, the company expects a continued acceleration of QUVIVIQ with net sales of around CHF 130 million, COGS of around CHF 15 million, SG&A expenses of around CHF 200 million, and R&D expense of around CHF 90 million, leading to non-GAAP operating expenses of around CHF 305 million. This performance would result in an Idorsia-led business non-GAAP operating loss of around CHF 175 million and US-GAAP operating loss of around CHF 220 million.

The company expects US-GAAP EBIT for the partnered business of around CHF 165 million – and mainly driven by the amended deal with Viatris.

This would result in a US-GAAP loss for the global business of around CHF 55 million.

All amounts exclude unforeseen events and potential revenue related to additional business development activities.

“The excellent performance from QUVIVIQ, particularly in Europe, puts us on-track to reach our improved financial guidance provided in May 2025 and overall profitability starting from the end of 2027. With the newly secured CHF 150 million facility and an updated collaboration with Simcere, bringing an additional CHF 40 million in milestone payments, we have significantly strengthened our financial position and extended our cash runway through the end of 2026. We are currently carefully looking at all options to fund Idorsia to overall profitability starting from the end of 2027.”

(July 2025)

Arno Groenewoud
Chief Financial Officer

Net revenue of CHF 131 million in H1 2025 resulted from QUVIVIQ product sales (CHF 56 million), product sales to partners (CHF 2 million), and contract revenues (CHF 73 million). This compares to net revenue of CHF 26 million in H1 2024 as a result of QUVIVIQ product sales (CHF 23) and contract revenue (CHF 3 million).

US GAAP operating expenses of CHF 75 million in H1 2025 and CHF 94 million in H1 2024 were impacted by a one-off gain of CHF 90 million (Viatris deal amendment) in 2025 and CHF 125 million (Viatris deal) in 2024, respectively. Excluding these one-off gains, US GAAP operating expenses at H1 2025 decreased by CHF 54 million, mainly driven by R&D expenses of CHF 50 million decreasing by CHF 21 million compared to H1 2024 (CHF 71 million), and SG&A expenses of CHF 103 million decreasing by CHF 39 million compared to H1 2024 (CHF 142 million).

US GAAP net income in H1 2025 amounted to CHF 52 million (CHF 38 million net loss excluding Viatris deal amendment) and CHF 79 million (net loss) in H1 2024 (CHF 204 million net loss excluding Viatris deal). Excluding these one-offs, the reduced net loss in H1 2025 was primarily driven by revenue growth and lower operating expenses resulting from rightsizing efforts initiated at the end of 2024.

The US GAAP net income resulted in a basic net income per share of CHF 0.26 (diluted net income per share of CHF 0.26) in H1 2025, compared to a basic net loss per share of CHF 0.44 (diluted net loss per share of CHF 0.44) in H1 2024.

* Idorsia measures, reports and issues guidance on non-GAAP operating performance. Idorsia believes that these non-GAAP financial measurements more accurately reflect the underlying business performance and therefore provide useful supplementary information to investors. These non-GAAP measures are reported in addition to, not as a substitute for, US GAAP financial performance.

Non-GAAP net loss in H1 2025 amounted to CHF 25 million; the difference versus US GAAP net income was mainly driven by the one-off gain from the amendment of the Viatris Deal (CHF 90 million).

The non-GAAP net loss resulted in a net loss per share of CHF 0.13 (basic and diluted) in H1 2025, compared to a net loss per share of CHF 1.02 (basic and diluted) in H1 2024.

At the end of the first half of 2025, Idorsia’s liquidity amounted to CHF 72 million.

Liquidity at the end of the first half of 2025 does not include the CHF 40 million milestone recognized in the second quarter from Simcere, following the amendment of the licensing agreement and the approval of QUVIVIQ in China, and the remaining CHF 80 million available under the new money facility.

(in CHF millions)

* rounding difference may occur

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