Key Updates
Business updates
- Janssen submitted New Drug Application to the U.S. FDA and European Marketing Authorization Application for ponesimod for treatment of adults with relapsing multiple sclerosis – Idorsia has a revenue-sharing agreement in respect to ponesimod
- Positive results in the first Phase 3 study of daridorexant with improved overall sleep and daytime performance of patients with insomnia
Financial updates
- US GAAP operating expenses in Q1 2020 at CHF 116 million
- Non-GAAP operating expenses in Q1 2020 at CHF 106 million
- Updated guidance for 2020: US GAAP operating expenses below CHF 540 million and non-GAAP operating expenses below CHF 500 million (both measures exclude any potential milestone payments)
Financial Results as of March 31, 2020
US GAAP results
|
|
First Quarter |
|
|
in CHF millions, except EPS (CHF) and number of shares (millions) |
2020 |
2019 |
|
Revenues |
5 |
7 |
|
Operating expenses |
(116) |
(125) |
|
Operating income (loss) |
(111) |
(119) |
|
Net income (loss) |
(120) |
(106) |
|
Basic EPS |
(0.91) |
(0.81) |
|
Basic weighted average number of shares |
131.3 |
131.1 |
|
Diluted EPS |
(0.91) |
(0.81) |
|
Diluted weighted average number of shares |
131.3 |
131.1 |
US GAAP revenue of CHF 5 million in the first quarter of 2020 related to deferred contract revenue recognized in connection to the collaboration agreements with Janssen (CHF 3 million), Roche (CHF 1 million) and Mochida (CHF 1 million), compared to a revenue of CHF 7 million in the first quarter of 2019.
US GAAP operating expenses in the first quarter of 2020 amounted to CHF 116 million (of which CHF 97 million R&D and CHF 19 million SG&A expenses), whilst operating expenses in the first quarter of 2019 amounted to CHF 125 million (of which CHF 110 million R&D and CHF 16 million SG&A expenses).
US GAAP net loss in the first quarter of 2020 amounted to CHF 120 million compared to CHF 106 million in the first quarter of 2019. The increase of the net loss was mainly driven by financial expenses and partially offset by lower operating costs.
The US GAAP net loss resulted in a net loss per share of CHF 0.91 (basic and diluted) in the first quarter of 2020 compared to a net loss per share of CHF 0.81 (basic and diluted) in the first quarter of 2019.
Non-GAAP* measures
|
|
First Quarter |
|
|
in CHF millions, except EPS (CHF) and number of shares (millions) |
2020 |
2019 |
|
Revenues |
5 |
7 |
|
Operating expenses |
(106) |
(117) |
|
Operating income (loss) |
(101) |
(110) |
|
Net income (loss) |
(102) |
(108) |
|
Basic EPS |
(0.78) |
(0.82) |
|
Basic weighted average number of shares |
131.3 |
131.1 |
|
Diluted EPS |
(0.78) |
(0.82) |
|
Diluted weighted average number of shares |
131.3 |
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 the first quarter of 2020 amounted to CHF 102 million: the CHF 18 million difference versus US GAAP net loss was mainly due to depreciation and amortization (CHF 5 million), share-based compensation (CHF 6 million) and a negative non-cash financial result (CHF 7 million).
The non-GAAP net loss resulted in a net loss per share of CHF 0.78 (basic and diluted) in the first quarter of 2020 compared to a net loss per share of CHF 0.82 (basic and diluted) in the first quarter of 2019.
