Idorsia | Financial Information

The company reports on its financial performance on a quarterly basis starting its financial year on January 01.

Guidance for 2026

QUVIVIQ sales: CHF 200 million
Non-GAAP operating expenses: approx. CHF 330 million
Non-GAAP operating loss: CHF 120 million (US GAAP operating loss: approx. CHF 160 million)
Positive commercial contribution and focused investment in value-driving pipeline assets results in continued improvement of underlying business performance.

2026 guidance reflects continued growth of QUVIVIQ (approximately 50% increase in Idorsia-led sales), investment in the lucerastat registration program, and development of the company’s immunology portfolio. TRYVIO/JERAYGO revenues and investments are not included, as these will be considered in any potential partnership agreement. All amounts exclude unforeseen events and any potential upsides from new direct-to-patient distribution models currently being implemented in several geographies and revenue related to additional business development activities.

Financial Result (as of Dec 31, 2025)

US GAAP results

	Full Year		Fourth Quarter
in CHF millions, except EPS (CHF) and number of shares (millions)	2025	2024	2025	2024
Net revenue	221	113	48	60
Operating expenses	(268)	(351)	(106)	(140)
Operating income (loss)	(33)	(232)	(56)	(78)
Net income (loss)	(112)	(264)	(78)	(84)
Basic and diluted EPS	(0.52)	(1.45)	(0.31)	(0.45)
Basic and diluted weighted average number of shares	214.7	182.4	248.3	188.3

Net revenue of CHF 221 million in 2025 resulted from product sales (CHF 134 million), product sales to partners (CHF 7 million), and contract revenues (CHF 79 million). This compares to net revenue of CHF 113 million in 2024 as a result of QUVIVIQ product sales (CHF 61 million), product sales to partners (CHF 47 million), and contract revenue (CHF 5 million).

US GAAP operating expenses of CHF 268 million in 2025 and CHF 351 million in 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 for 2025 decreased by CHF 83 million, mainly driven by R&D expenses of CHF 102 million decreasing by CHF 42 million compared to 2024 (CHF 144 million), and SG&A expenses of CHF 221 million decreasing by CHF 52 million compared to 2024 (CHF 273 million).

US GAAP net loss in 2025 amounted to CHF 112 million compared to CHF 264 million (net loss) in 2024. The reduced net loss in 2025 was primarily driven by revenue growth and lower operating expenses as a result of an operational restructuring initiated in Q4 2024.

The US GAAP net loss resulted in a net loss per share of CHF 0.52 (basic and diluted) in 2025, compared to a net loss per share of CHF 1.45 (basic and diluted) in 2024.

Non-GAAP* measures

	Full Year		Fourth Quarter
in CHF millions, except EPS (CHF) and number of shares (millions)	2025	2024	2025	2024
Net revenue	214	113	47	60
Operating expenses	(328)	(427)	(96)	(121)
Operating income (loss)	(100)	(308)	(47)	(60)
Net income (loss)	(118)	(330)	(54)	(73)
Basic and diluted EPS	(0.55)	(1.81)	(0.22)	(0.39)
Basic and diluted weighted average number of shares	214.7	182.4	248.3	188.3

* 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 2025 amounted to CHF 118 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), depreciation and amortization (CHF 17 million) , share-based compensation (CHF 6 m), impairment charges (CHF 3 m), restructuring charges (CHF 3 m), accretion and issuance cost amortization (CHF 16 m) and a debt extinguishment loss related to the debt restructuring (CHF 37 million).

The non-GAAP net loss resulted in a net loss per share of CHF 0.55 (basic and diluted) in 2025, compared to a net loss per share of CHF 1.81 (basic and diluted) in 2024.

Company Funding

Liquidity and indebtedness as of Dec 31, 2025

Liquidity on December 31, 2025, amounted to CHF 89 million. This amount does not include the remaining CHF 80 million available under the new money facility (term loan).

(in CHF millions)	Dez 31, 2025	Sep 30, 2025	Dec 31, 2024
Liquidity
Cash and cash equivalents	89	64	106
Total liquidity*	89	64	106

Indebtedness
Convertible loan	335	335	335
Convertible bond	49	49	797
Debt notes**	753	753	-
Term loan	18	13	-
Other financial debt	187	186	189
Total indebtedness	1,342	1,336	1,321

* rounding difference may occur

** The debt notes issued by Idorsia Investments SARL in exchange for convertible bonds are senior secured with the shares in Idorsia Investments SARL. The A Notes only benefit from a limited and subordinated Swiss-law governed guarantee by Idorsia Ltd.