Key Updates
- US GAAP operating expenses 9M 2019 at CHF 375 million
- Non-GAAP operating expenses 9M 2019 at CHF 347 million
Financial Results as of September 30, 2019
US GAAP results
|
|
Nine Months |
Third Quarter | ||
|
in CHF millions, except EPS (CHF) and number of shares (millions) |
2019 |
2018 |
2019 |
2018 |
|
Revenues |
20 |
20 |
7 |
7 |
|
Operating expenses |
(375) |
(290) |
(123) |
(122) |
|
Operating income (loss) |
(355) | (271) | (116) | (115) |
|
Net income (loss) |
(352) | (278) | (120) | (119) |
|
Basic EPS |
(2.68) | (2.27) | (0.91) | (0.92) |
|
Basic weighted average number of shares |
131.2 | 122.7 | 131.2 | 129.6 |
|
Diluted EPS |
(2.68) | (2.27) | (0.91) | (0.92) |
|
Diluted weighted average number of shares |
131.2 | 122.7 | 131.2 | 129.6 |
US GAAP revenue of CHF 20 million in the first nine months of 2019 as well as 2018 related to deferred contract revenue recognized in connection to the collaboration agreements with Janssen (CHF 15.9 million) and Roche (CHF 3.8 million).
US GAAP operating expenses in the first nine months of 2019 amounted to CHF 375 million (of which CHF 327 million R&D and CHF 48 million SG&A expenses), whilst operating expenses in the first nine months of 2018 amounted to CHF 290 million (of which CHF 245 million R&D and CHF 45 million SG&A expenses).
US GAAP net loss in the first nine months of 2019 amounted to CHF 352 million compared to CHF 278 million for the first nine months of 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 2.68 (basic and diluted) for the first nine months of 2019 compared to a net loss per share of CHF 2.27 (basic and diluted) for the first nine months of 2018.
Non-GAAP* measures
|
|
Nine Months |
Third Quarter | ||
|
in CHF millions, except EPS (CHF) and number of shares (millions) |
2019 |
2018 |
2019 |
2018 |
|
Revenues |
20 | 20 | 7 | 7 |
|
Operating expenses |
(347) | (266) | (113) | (114) |
|
Operating income (loss) |
(328) | (247) | (107) | (107) |
|
Net income (loss) |
(326) | (249) | (104) | (109) |
|
Basic EPS |
(2.49) | (2.03) | (0.79) | (0.84) |
|
Basic weighted average number of shares |
131.2 | 122.7 | 131.2 | 129.6 |
|
Diluted EPS |
(2.49) | (2.03) | (0.79) | (0.84) |
|
Diluted weighted average number of shares |
131.2 | 122.7 | 131.2 | 129.6 |
* 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 nine months of 2019 amounted to CHF 326 million: the difference versus US GAAP net loss was mainly due to depreciation and amortization (CHF 15 million), share-based compensation (CHF 13 million), and positive non-cash financial result (CHF 3 million).
The non-GAAP net loss resulted in a net loss per share of CHF 2.49 (basic and diluted) for the first nine months of 2019 compared to a net loss per share of CHF 2.03 (basic and diluted) for the first nine months of 2018.
