The company reports on its financial performance on a quarterly basis starting its financial year on January 01.
Results published on October 24, 2023:
The company reports on its financial performance on a quarterly basis starting its financial year on January 01.
As reported
Financial highlights (on the scope excluding the Sosei Deal and related APAC operations in 2023 until closing)
André C. Muller (October 2023)
Chief Financial Officer
The 2023 financial outlook is calculated based on: QUVIVIQ (daridorexant) being available in the US, Germany, Italy, Switzerland, Spain, and the UK; Regulatory applications for aprocitentan being under review by the US FDA and the EMA; and the Phase 3 studies with selatogrel and cenerimod expected to continue to actively recruit in the second half of 2023.
The accounting for the Sosei Deal, which led to a one-off profit of CHF 363 million, impacts US GAAP and non-GAAP numbers, therefore, Idorsia’s guidance excludes the Sosei Deal and related APAC operations in 2023 until closing. This gives a better view of the scope of operations that the company is currently operating.
Following the Sosei Deal, the cost reduction initiative, the portfolio review and the first nine months operations, the company is updating its full year 2023 financial guidance and expects a US GAAP operating loss of around CHF 670 million (previously CHF 735 million) and non-GAAP operating loss of around CHF 600 million (previously CHF 650 million) for 2023, both metrics include the restructuring charge, exclude APAC operations in 2023 until the closing of the Sosei Deal and the one-off impact of such transaction, and exclude any unforeseen events.
As of September 30, 2023 (as reported)
Nine Months |
Third Quarter |
|||
in CHF millions, except EPS (CHF) and number of shares (millions) |
2023 | 2022 |
2023 |
2022 |
Net revenues |
131 |
43 |
80 |
21 |
Operating expenses |
(275) |
(653) |
150 |
(227) |
Operating income (loss) |
(144) |
(610) |
231 |
(206) |
Net income (loss) |
(181) |
(635) |
224 |
(216) |
Basic EPS |
(1.02) |
(3.58) |
1.26 |
(1.22) |
Basic weighted average number of shares |
178.2 |
177.4 |
178.4 |
177.5 |
Diluted EPS |
(1.02) |
(3.58) |
0.96 |
(1.22) |
Diluted weighted average number of shares |
178.2 |
177.4 |
232.5 |
177.5 |
US GAAP net revenue of CHF 131 million in the first nine months of 2023 (CHF 43 million in the first nine months of 2022) consisted of product sales of QUVIVIQ (CHF 20 million) and PIVLAZ (CHF 34 million; until the closing on July 19, 2023 of the Sosei Deal – See below), the one-off impact of the Sosei Deal (CHF 68 million), and other contract revenues mainly Mochida (CHF 4 million), Johnson & Johnson (CHF 4 million) and Neurocrine (CHF 2 million).
US GAAP operating expenses in the first nine months of 2023 amounted to CHF 275 million (CHF 653 million in the first nine months of 2022), of which CHF 7 million related to cost of sales (CHF 4 million in the first nine months of 2022), CHF 235 million to R&D expenses (CHF 278 million in the first nine months of 2022), CHF 318 million to SG&A expenses (CHF 372 million in the first nine months of 2022), CHF 11 million restructuring charges and a one-off income of CHF 295 million relating to the Sosei Deal.
US GAAP net loss in the first nine months of 2023 amounted to CHF 181 million (CHF 635 million in the first nine months of 2022). The decrease of the net loss is mainly attributable to the one-off income related to the Sosei Deal but was also driven by higher revenues and lower operating expenses throughout all functions.
The US GAAP net loss resulted in a net loss per share of CHF 1.02 (basic and diluted) in the first nine months of 2023, compared to a net loss per share of CHF 3.58 (basic and diluted) in the first nine months of 2022.
As of September 30, 2023
Nine Months |
Third Quarter |
|||
in CHF millions, except EPS (CHF) and number of shares (millions) |
2023 | 2022 |
2023 |
2022 |
Net revenues |
131 |
43 |
80 |
21 |
Operating expenses |
(517) |
(621) |
(124) |
(214) |
Operating income (loss) |
(386) |
(577) |
(44) |
(193) |
Net income (loss) |
(420) |
(597) |
(51) |
(202) |
Basic EPS |
(2.36) |
(3.36) |
(0.29) |
(1.14) |
Basic weighted average number of shares |
178.2 |
177.4 |
178.4 |
177.5 |
Diluted EPS |
(2.36) |
(3.36) |
(0.29) |
(1.14) |
Diluted weighted average number of shares |
(2.36) |
(3.36) |
(0.29) |
(1.14) |
Non-GAAP net loss in the first nine months of 2023 amounted to CHF 420 million: The CHF 239 million difference versus US GAAP net loss was mainly due to the one-off effect of the Sosei Deal (CHF 295 million income), depreciation and amortization (CHF 15 million), share-based compensation (CHF 26 million), restructuring charges (CHF 11 million) and a loss on marketable securities (CHF 4 million).
The non-GAAP net loss resulted in a net loss per share of CHF 2.36 (basic and diluted) in the first nine months of 2023, compared to a net loss per share of CHF 3.36 (basic and diluted) in the first nine months of 2022.
At the end of the first nine months of 2023, Idorsia’s liquidity amounted to CHF 255 million.
The liquidity of CHF 255 million includes cash and cash equivalents of CHF 205 million and short-term deposits of CHF 50 million.
Type of debt | Debt holder | Nominal Amount |
Debt maturity |
Convertible loan | Cilag Holding AG | CHF 335 million | June 15, 2027 |
Convertible bonds | - | CHF 200 million | July 17, 2024 |
Convertible bonds | - | CHF 600 million | August 4, 2028 |
Sale and leaseback transaction |
- | CHF 164 million | - |
Here we provide a 5-year archive of our financial reports and related reporting documentation.
Results published on October 24, 2023:
Results published on July 25, 2023:
Results published on April 25, 2023:
Results published on February 7, 2023:
Results published on October 25, 2022:
Results published on July 26, 2022:
Results published on April 26, 2022:
Results published on February 8, 2022:
Results published on October 26, 2021:
Results published on July 27, 2021:
Results published on April 22, 2021:
Results published on February 4, 2021:
Results published on October 27, 2020:
Results published on July 23, 2020:
Results published on April 23, 2020:
Results published on February 6, 2020:
Results published on October 22, 2019:
Results published on July 23, 2019:
Results published on April 18, 2019: