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: ~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 (approximately 50% increase in sales in North America and Europe compared to 2025), 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 Mar 31, 2026)

US GAAP results

	First Quarter
in CHF millions, except EPS (CHF) and number of shares (millions)	2026	2025
Net revenue	57	59
Operating expenses	(84)	5
Operating income (loss)	(26)	67
Net income (loss)	(46)	63
Basic EPS	(0.18)	0.33
Diluted EPS	(0.18)	0.23
Basic weighted average number of shares	253	189
Diluted weighted average number of shares	253	271

Net revenue of CHF 57 million in the first quarter of 2026 resulted from product sales (CHF 44 million), product sales to partners (CHF 2 million), and contract revenues (CHF 11 million). This compares to net revenue of CHF 59 million in the first quarter of 2025 as a result of QUVIVIQ product sales (CHF 25 million), product sales to partners (CHF 1 million), and contract revenue (CHF 32 million).

US GAAP operating expenses were CHF 84 million in the first quarter of 2026. In the first quarter of 2025, US GAAP operating expenses of CHF 5 million (income) were positively impacted by a one-off gain of CHF 90 million from the Viatris deal amendment. Excluding this one-off gain, US GAAP operating expenses were stable with, cost of sales of CHF 8 million increased by CHF 6 million due to higher product sales, R&D expenses of CHF 24 million decreased by CHF 3 million and SG&A expenses of CHF 53 million decreased by CHF 1 million compared to the first quarter of 2025.

US GAAP net loss in the first quarter of 2026 amounted to CHF 46 million compared to CHF 63 million (net income) in the first quarter of 2025. The increased net loss in the first quarter of 2026 was primarily driven by the increase of the financial expenses and the one of gain of CHF 90 million in the first quarter of 2025.

The US GAAP net loss resulted in a net loss per share of CHF 0.18 (basic and diluted) in the first quarter of 2026, compared to a net income per share of CHF 0.33 basic and CHF 0.23 diluted in the first quarter of 2025.

Non-GAAP* measures

	First Quarter
in CHF millions, except EPS (CHF) and number of shares (millions)	2026	2025
Net revenue	53	58
Operating expenses	(78)	(78)
Operating income (loss)	(24)	(17)
Net income (loss)	(36)	(25)
Basic and diluted EPS	(0.14)	(0.13)
Basic and diluted weighted average number of shares	253	189

* 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 quarter of 2026 amounted to CHF 36 million; the difference versus US GAAP net loss was mainly driven by depreciation and amortization (CHF 4 million), share-based compensation (CHF 3 m), non-cash revenue recognized under the R-Bridge royalty monetization agreement (CHF 4 m), and accretion and issuance cost amortization (CHF 6 m).

The non-GAAP net loss resulted in a net loss per share of CHF 0.14 (basic and diluted) in the first quarter of 2026, compared to a net loss per share of CHF 0.13 (basic and diluted) in the first quarter of 2025.

Company Funding

Liquidity and indebtedness as of Mar 31, 2026

Liquidity on March 31, 2026, amounted to CHF 95 million. This amount does not include the remaining CHF 45 million available under the new money facility (term loan).

(in CHF millions)	Mar 31, 2026	Dec 31, 2025
Liquidity
Cash and cash equivalents	95	89
Total liquidity*	95	89

Indebtedness
Convertible loan	335	335
Convertible bond	49	49
Debt notes**	766	753
Term loan	60	18
Other financial debt	185	187
Total indebtedness	1,395	1,342

* 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.

Idorsia Investments SARL

In the aggregate, A1 Notes, A2 Notes and B Notes with a total nominal value of CHF 761,779,000 have been issued by Idorsia Investments SARL, an indirect wholly owned subsidiary of Idorsia Ltd. A1 Notes with an aggregate nominal value of CHF 120,037,805.00, A2 Notes with an aggregate nominal value of CHF 254,962,195.00 and B Notes with an aggregate nominal value of CHF 379,676,000.00, each listed on The International Stock Exchange (TISE).

The bonds have interest rate of 2% per annum for A1 bonds, 4.6% for A2 bonds and 4.6% for B bonds. The repayment of Notes (principal and interest) is contractually linked to potential future net cash inflows derived from selatogrel, cenerimod and aprocitentan. Upon full repayment of the Notes, the rights to future cash inflows related to these products will revert back to Idorsia.

The Notes issued by Idorsia Investments SARL are senior secured by a pledge over the shares in Idorsia Investments SARL. The A Notes benefit from a limited and subordinated Swiss-law governed guarantee by Idorsia Ltd.

More information can be found in Note 17 of the Annual Report 2025 on page 201 and in the Idorsia Investments SARL Financial Report 2025.