Key Updates

  • US GAAP operating expenses in Q1 2019 at CHF 125 million
  • Non-GAAP* operating expenses in Q1 2019 at CHF 117 million

Financial Results as of March 31, 2019

US GAAP results

 

First Quarter

in CHF millions, except EPS (CHF) and number of shares (millions)

2019

2018

Revenues

7

7

Operating expenses

(125)

(81)

Operating income (loss)

(119) (74)

Net income (loss)

(106) (79)

Basic EPS

(0.81) (0.66)

Basic weighted average number of shares

131.1 119.1

Diluted EPS

(0.81) (0.66)

Diluted weighted average number of shares

131.1 119.1


For the first quarter 2019, US GAAP net loss amounted to CHF 106 million compared to CHF 79 million for the period ending March 31, 2018. The increase of the net loss was mainly driven by higher operating costs.

US GAAP revenue of CHF 7 million in the first quarter 2019 as well as 2018 related to deferred contract revenue recognized in connection to the collaboration agreements with Janssen (CHF 5.3 million) and Roche (CHF 1.3 million).

US GAAP operating expenses in the first quarter 2019 amounted to CHF 125 million (of which CHF 110 million R&D and CHF 16 million SG&A expenses) whilst operating expenses in the first quarter 2018 amounted to CHF 81 million (of which CHF 67 million R&D and CHF 14 million SG&A expenses).

The US GAAP net loss resulted in a net loss per share of CHF 0.81 (basic and diluted) for the first quarter 2019 compared to a net loss per share of CHF 0.66 (basic and diluted) for the period ending March 31, 2018.

Non-GAAP* measures

 

First Quarter

in CHF millions, except EPS (CHF) and number of shares (millions)

2019

2018

Revenues

7 7

Operating expenses

(117) (73)

Operating income (loss)

(110) (67)

Net income (loss)

(108) (69)

Basic EPS

(0.82) (0.58)

Basic weighted average number of shares

131.1 119.1

Diluted EPS

(0.82) (0.58)

Diluted weighted average number of shares

131.1 119.1

* 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.

For the first quarter 2019, non-GAAP net loss amounted to CHF 108 million: the difference versus US GAAP net loss was mainly due to depreciation and amortization (CHF 5 million), share-based compensation (CHF 3 million) and non-cash financial gain (CHF 9 million).

Non-GAAP net loss per share amounted to CHF 0.82 (basic and diluted) for the first quarter 2019 compared to a net loss per share of CHF 0.58 (basic and diluted) for the period ending March 31, 2018.

Financial Guidance

“We are diligently advancing our diversified pipeline, focusing our efforts on recruiting patients for our four Phase 3 assets. Since projects are on track, expenses are in line with expectations. Therefore, the financial guidance for 2019 remains unchanged, excluding unforeseen events and potential milestone payments, we expect non-GAAP operating expenses for 2019 to be around CHF 530 million.”

André C. Muller
Chief Financial Officer

Financial Charts - Q1

Financial charts for the first quarter 2019 are presented in the latest company presentation.