• QUVIVIQ sales: CHF 200 million
• Non-GAAP operating expenses: ~CHF 330 million
• Non-GAAP operating loss: ~CHF 120 million (US GAAP operating loss: ~CHF 160 million)

The financial guidance for 2026 reflects continued growth of QUVIVIQ, 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-topatient distribution models currently being implemented in several geographies and revenue related to additional business development activities.

Net revenue of CHF 110 million in the first half of 2026 resulted from product sales (CHF 91 million), product sales to partners (CHF 6 million), and contract revenues (CHF 13 million). This compares to net revenue of CHF 131 million in the first half of 2025 as a result of QUVIVIQ product sales (CHF 56 million), product sales to partners (CHF 2 million), and contract revenue (CHF 73 million).

US GAAP operating expenses were CHF 174 million in the first half of 2026, with an increase of CHF 9 million compared to the first half of 2025 (excluding a one-off gain of CHF 90 million in the first half of 2025). Cost of sales of CHF 19 million increased by CHF 13 million due to higher product sales. R&D expenses of CHF 51 million and SG&A expenses of CHF 104 million remain almost flat.

US GAAP net loss in the first half of 2026 amounted to CHF 153 million compared to CHF 52 million net income in the first half of 2025. The increased net loss in the first half of 2026 was primarily driven by the increase of financial expenses by CHF 81 million (mainly non-cash due to the CHF 47 m debt extinguishment and CHF 15 m accretion of the New Money Facility, CHF 17 m interests on debt notes and CHF 4 m interests of the royalty monetization), the one-off gain of CHF 90 million and the one-off exclusivity fee of CHF 31 million, and milestone payment of CHF 32 million in the first half of 2025, partially offset by the lower operating net income (excluding contract revenue).

The US GAAP net loss resulted in a net loss per share of CHF (0.60) (basic and diluted) in the first half of 2026, compared to a net income per share of CHF 0.26 basic and diluted in the first half of 2025.
 

* 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 half of 2026 amounted to CHF 78 million; the difference versus US GAAP net loss was mainly driven by depreciation and amortization (CHF 8 million), share-based compensation (CHF 6 million), accretion expenses (CHF 15 million), interest expense recognized under the R-Bridge royalty monetization agreement (CHF 4 million) and debt extinguishment loss (CHF 47 million) relating to the repayment of the New Money Facility loan, offset by non-cash revenue recognized under the R-Bridge royalty monetization agreement (CHF 5 million).

The non-GAAP net loss resulted in a net loss per share of CHF 0.31 (basic and diluted) in the first half of 2026, compared to a net loss per share of CHF 0.13 (basic and diluted) in the first half of 2025.
 

Liquidity on June 30, 2026, amounted to CHF 89 million. This amount does not include the remaining CHF 100 million available under the secured term loan.

* rounding difference may occur

** The debt notes issued by Idorsia Investments SARL ("SPV") 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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