For the Idorsia-led portfolio in 2025, the company expects a continued growth 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 operating loss for the global business of around CHF 55 million. All amounts exclude unforeseen events and potential revenue related to additional business development activities.

Net revenue of CHF 173 million in the first nine months of 2025 resulted from product sales (CHF 92 million), product sales to partners (CHF 3 million), and contract revenues (CHF 78 million). This compares to net revenue of CHF 53 million in the first nine months of 2024 as a result of QUVIVIQ product sales (CHF 49 million) and contract revenue (CHF 4 million).

US GAAP operating expenses of CHF 162 million in the first nine months of 2025 and CHF 211 million in the first nine months of 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 the first nine months of 2025 decreased by CHF 84 million, mainly driven by R&D expenses of CHF 75 million decreasing by CHF 36 million compared to the first nine months of 2024 (CHF 111 million), and SG&A expenses of CHF 163 million decreasing by CHF 46 million compared to the first nine months of 2024 (CHF 209 million).

US GAAP net loss in the first nine months of 2025 amounted to CHF 34 million (CHF 124 million net loss excluding Viatris deal amendment) and CHF 79 million (net loss) in the first nine months of 2024 (CHF 204 million net loss excluding Viatris deal). Excluding these one-offs, the reduced net loss in the first nine months of 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 0.17 (basic and diluted) in the first nine months of 2025, compared to a net loss per share of CHF 1.00 (basic and diluted) in the first nine months of 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 the first nine months of 2025 amounted to CHF 65 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 13 million), accretion expenses (CHF 10 million) 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 0.29 (basic and diluted) in the first nine months of 2025, compared to a net loss per share of CHF 1.43 (basic and diluted) in the first nine months of 2024.

Liquidity on September 30, 2025, amounted to CHF 64 million. This amount does not include the remaining CHF 80 million available under the new money facility (term loan) and the net proceeds of CHF 63 million from the offering of new shares successfully completed on October 10, 2025.

* 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.

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