Key Updates
- US GAAP operating expenses 2018 at CHF 432 million
- Non-GAAP* operating expenses 2018 at CHF 399 million, including CHF 15 million milestone payment to ReveraGen, in line with 2018 guidance
Financial Results as of December 31, 2018
US GAAP results
|
|
Full Year |
Fourth Quarter |
||
|
in CHF million, except EPS (CHF) and number of shares (million) |
2018 |
2017 |
2018 |
2017 |
|
Revenues |
61 |
158 |
41 |
158 |
|
Operating expenses |
(432) |
(166) |
(141) |
(87) |
|
Operating income (loss) |
(371) |
(8) |
(101) |
71 |
|
Net income (loss) |
(386) |
(14) |
(108) |
68 |
|
Basic EPS |
(3.10) |
(0.13) |
(0.83) |
0.57 |
|
Basic weighted average number of shares |
124.8 |
114.0 |
131.1 |
119.1 |
|
Diluted EPS |
(3.10) |
(0.13) |
(0.83) |
0.43 |
|
Diluted weighted average number of shares |
124.8 |
114.0 |
131.1 |
157.9 |
For the Full Year 2018, US GAAP net loss amounted to CHF 386 million compared to CHF 14 million for the period ending December 31, 2017. The increase of the net loss was mainly driven by lower revenues and higher operating costs.
Revenue of CHF 61 million in 2018 related to deferred contract revenue (CHF 26 million) and a sublicensing agreement with Santhera (vamorolone, CHF 34 million) whilst revenue in 2017 of CHF 158 million related to the recognized portion of the upfront milestone received from Janssen (aprocitentan).
Operating expenses of CHF 432 million in 2018 represented 12 months of operations (of which CHF 370 million R&D and CHF 61 million G&A expenses) whilst operating expenses of CHF 166 million in 2017 represented 6.5 months of operations since demerger from Actelion on June 15, 2017 (of which CHF 135 million R&D and CHF 31 million G&A expenses).
The US GAAP net loss resulted in a net loss per share of CHF 3.10 (basic and diluted) for the Full Year 2018 compared to a net loss per share of CHF 0.13 (basic and diluted) for the period ending December 31, 2017.
Non-GAAP measures
|
|
Full Year |
Fourth Quarter |
||
|
in CHF million, except EPS (CHF) and number of shares (million) |
2018 |
2017 |
2018 |
2017 |
|
Revenues |
61 |
158 |
41 |
158 |
|
Operating expenses |
(399) |
(150) |
(133) |
(79) |
|
Operating income (loss) |
(339) |
8 |
(92) |
79 |
|
Net income (loss) |
(340) |
5 |
(91) |
77 |
|
Basic EPS |
(2.72) |
0.04 |
(0.70) |
0.65 |
|
Basic weighted average number of shares |
124.8 |
114.0 |
131.1 |
119.1 |
|
Diluted EPS |
(2.72) |
0.03 |
(0.70) |
0.49 |
|
Diluted weighted average number of shares |
124.8 |
139.5 |
131.1 |
157.9 |
*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.
For the Full Year 2018, non-GAAP net loss amounted to CHF 340 million: the difference versus US GAAP net loss was mainly due to depreciation and amortization (CHF 20 million), share-based compensation (CHF 13 million) and non-cash financial expenses (CHF 16 million).
Non-GAAP revenue of CHF 61 million comprised CHF 20 million cash received from Santhera and CHF 41 million non-cash consideration (CHF 15 million with 1 million shares of Santhera and CHF 26 million of deferred recognition from upfront payments in connection with the Roche and Janssen collaboration agreements).
Non- GAAP net loss per share amounted to CHF 2.72 (basic and diluted) for the Full Year 2018 compared to a net profit per share of CHF 0.04 (basic) and CHF 0.03 (diluted) for the period ending December 31, 2017.
