Idorsia's 2024: A Year of Resilience and Progress

Idorsia Ltd, a biopharmaceutical company based in Allschwil, Switzerland, recently announced its financial results for 2024. Despite facing challenges, the company demonstrated resilience and made significant progress in its business and pipeline. Here's a closer look at Idorsia's 2024 performance and the key drivers behind it.



Idorsia's net revenue for 2024 was CHF 113 million, a decrease from the previous year's CHF 152 million. This decrease can be attributed to the absence of one-off incomes in 2024, such as PIVLAZ sales in Japan and the APAC (ex-China) Nxera deal, which contributed to CHF 107 million in 2023. However, QUVIVIQ product sales in 2024 were CHF 61 million, compared to CHF 31 million in 2023, indicating a strong performance for the product.

US GAAP operating expenses in 2024 were CHF 351 million, compared to CHF 409 million in 2023. This decrease was mainly driven by lower R&D expenses of CHF 144 million in 2024, compared to CHF 294 million in 2023, and lower SG&A expenses of CHF 273 million in 2024, compared to CHF 392 million in 2023. The reduction in operating expenses is mainly a result of the restructuring initiative from 2023, which became fully cost-effective in 2024, and the Viatris deal, which relieved the group from Phase 3 development costs related to selatogrel and cenerimod.

US GAAP net loss in 2024 was CHF 264 million, compared to CHF 298 million in 2023. The net loss was favorably impacted by the one-off income related to the Viatris deal and lower operating expenses throughout all functions.

Non-GAAP operating loss in 2024 was CHF 308 million, compared to CHF 342 million in 2023. This decrease was mainly driven by lower operating expenses throughout all functions.

Idorsia's business and pipeline highlights significantly contributed to the company's financial results in 2024. The Viatris collaboration, QUVIVIQ's outstanding launch dynamic, and the approval and commercial availability of TRYVIO and JERAYGO expanded Idorsia's product portfolio and contributed to the company's revenue. The marketing authorization application for JERAYGO was also under review in Switzerland and Canada, indicating further potential for growth.



Idorsia's restructuring efforts, including the convertible bond debt restructuring and the Viatris collaboration, had a significant impact on the company's financial situation and future prospects. The convertible bond debt restructuring allowed Idorsia to secure additional funding for future operations, while the Viatris collaboration relieved the group from Phase 3 development costs related to selatogrel and cenerimod. These initiatives helped Idorsia reduce its total indebtedness and advance its pipeline, with commercial profitability forecast for 2026 and overall profitability forecast for 2027.

In conclusion, Idorsia's 2024 financial results reflect the company's resilience and progress in the face of challenges. Despite the absence of one-off incomes and lower operating expenses, Idorsia demonstrated strong performance in QUVIVIQ product sales and made significant strides in its business and pipeline. With commercial profitability forecast for 2026 and overall profitability forecast for 2027, Idorsia is well-positioned for future success.