Key Updates
- US GAAP operating expenses HY 2019 at CHF 252 million
- Non-GAAP operating expenses HY 2019 at CHF 234 million
Financial Results as of June 30, 2019
US GAAP results
|
|
First Half |
Second Quarter | ||
|
in CHF millions, except EPS (CHF) and number of shares (millions) |
2019 |
2018 |
2019 |
2018 |
|
Revenues |
13 |
13 |
7 |
7 |
|
Operating expenses |
(252) |
(168) |
(127) |
(87) |
|
Operating income (loss) |
(239) | (155) | (121) | (81) |
|
Net income (loss) |
(232) | (159) | (126) | (80) |
|
Basic EPS |
(1.77) | (1.34) | (0.96) | (0.68) |
|
Basic weighted average number of shares |
131.1 | 119.1 | 131.2 | 119.1 |
|
Diluted EPS |
(1.77) | (1.34) | (0.96) | (0.68) |
|
Diluted weighted average number of shares |
131.1 | 119.1 | 131.2 | 119.1 |
US GAAP net loss in the first half of 2019 amounted to CHF 232 million compared to CHF 159 million for the first half of 2018. The increase of the net loss was mainly driven by higher operating costs.
US GAAP revenue of CHF 13 million in the first half of 2019 as well as 2018 related to deferred contract revenue recognized in connection to the collaboration agreements with Janssen (CHF 10.6 million) and Roche (CHF 2.5 million).
US GAAP operating expenses in the first half of 2019 amounted to CHF 252 million (of which CHF 220 million R&D and CHF 33 million SG&A expenses), whilst operating expenses in the first half of 2018 amounted to CHF 168 million (of which CHF 139 million R&D and CHF 29 million SG&A expenses).
The US GAAP net loss resulted in a net loss per share of CHF 1.77 (basic and diluted) for the first half of 2019 compared to a net loss per share of CHF 1.34 (basic and diluted) for the first half of 2018.
Non-GAAP* measures
|
|
First Half |
Second Quarter | ||
|
in CHF millions, except EPS (CHF) and number of shares (millions) |
2019 |
2018 |
2019 |
2018 |
|
Revenues |
13 | 13 | 7 | 7 |
|
Operating expenses |
(234) | (153) | (118) | (79) |
|
Operating income (loss) |
(221) | (139) | (111) | (73) |
|
Net income (loss) |
(222) | (139) | (115) | (71) |
|
Basic EPS |
(1.69) | (1.17) | (0.87) | (0.59) |
|
Basic weighted average number of shares |
131.1 | 119.1 | 131.2 | 119.1 |
|
Diluted EPS |
(1.69) | (1.17) | (0.87) | (0.59) |
|
Diluted weighted average number of shares |
131.1 | 119.1 | 131.2 | 119.1 |
* 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 the first half of 2019 amounted to CHF 222 million: the difference versus US GAAP net loss was mainly due to depreciation and amortization (CHF 10 million), share-based compensation (CHF 8 million), and positive non-cash financial result (CHF 8 million).
The non-GAAP net loss resulted in a net loss per share of CHF 1.69 (basic and diluted) for the first half of 2019 compared to a net loss per share of CHF 1.17 (basic and diluted) for the first half of 2018.
