Key Updates
- US GAAP operating expenses 2019 at CHF 506 million
- Non-GAAP operating expenses 2019 at CHF 470 million
Financial Results as of December 31, 2019
US GAAP results
|
|
Full Year |
Fourth Quarter | ||
|
in CHF millions, except EPS (CHF) and number of shares (millions) |
2019 |
2018 |
2019 |
2018 |
|
Revenues |
24 |
61 |
4 |
41 |
|
Operating expenses |
(506) |
(432) |
(131) |
(141) |
|
Operating income (loss) |
(482) | (371) | (127) | (101) |
|
Net income (loss) |
(494) | (386) | (142) | (108) |
|
Basic EPS |
(3.76) | (3.10) | (1.08) | (0.83) |
|
Basic weighted average number of shares |
131.2 | 124.8 | 131.2 | 131.1 |
|
Diluted EPS |
(3.76) | (3.10) | (1.08) | (0.83) |
|
Diluted weighted average number of shares |
131.2 | 124.8 | 131.2 | 131.1 |
US GAAP revenue of CHF 24 million in 2019 related to deferred contract revenue recognized in connection to the collaboration agreements with Janssen (CHF 19 million) and Roche (CHF 5 million), compared to a revenue of CHF 61 million in 2018.
US GAAP operating expenses in 2019 amounted to CHF 506 million (of which CHF 439 million R&D and CHF 68 million SG&A expenses), whilst operating expenses in 2018 amounted to CHF 432 million (of which CHF 370 million R&D and CHF 61 million SG&A expenses).
US GAAP net loss in 2019 amounted to CHF 494 million compared to CHF 386 million in 2018. The increase of the net loss was mainly driven by higher operating costs.
The US GAAP net loss resulted in a net loss per share of CHF 3.76 (basic and diluted) in 2019 compared to a net loss per share of CHF 3.10 (basic and diluted) in 2018.
Non-GAAP* measures
|
|
Full Year |
Fourth Quarter | ||
|
in CHF millions, except EPS (CHF) and number of shares (millions) |
2019 |
2018 |
2019 |
2018 |
|
Revenues |
24 | 61 | 4 | 41 |
|
Operating expenses |
(470) | (399) | (122) | (133) |
|
Operating income (loss) |
(446) | (339) | (118) | (92) |
|
Net income (loss) |
(448) | (340) | (121) | (91) |
|
Basic EPS |
(3.41) | (2.72) | (0.92) | (0.70) |
|
Basic weighted average number of shares |
131.2 | 124.8 | 131.2 | 131.1 |
|
Diluted EPS |
(3.41) | (2.72) | (0.92) | (0.70) |
|
Diluted weighted average number of shares |
131.2 | 124.8 | 131.2 | 131.1 |
* 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 2019 amounted to CHF 448 million: the CHF 46 million difference versus US GAAP net loss was mainly due to depreciation and amortization (CHF 20 million), share-based compensation (CHF 17 million), a negative non-cash financial result (CHF 2 million), and a negative non-cash tax result (CHF 8 million).
The non-GAAP net loss resulted in a net loss per share of CHF 3.41 (basic and diluted) in 2019 compared to a net loss per share of CHF 2.72 (basic and diluted) in 2018.
