Idorsia Ltd. · SIX:IDIA
Idorsia — Q1 2024 Earnings Presentation
25 slides from Idorsia's earnings presentation, May 21, 2024
Slide 1: Financial Reporting FY 2023 and 1st Quarter 2024 Investor webcast
Financial 20 20 Reporting 23 24 FULL YEAR 1st QUARTER Investor webcast – May 2024
Slide 2: Forward-looking statements
The following information contains certain “forward-looking statements”, relating to the company’s business, which can be identified by the use of forward-looking terminology such as “estimates”, “believes”, “expects”, “may”, “are expected to”, “will”, “will continue”, “should”, “would be”, “seeks”,
Slide 3: What have we achieved in the past 7 years
Brought 3 Created a late-stage drugs to the pipeline and continued market to discover new drugs Built a global Re-acquired marketing aprocitentan from organization Johnson & Johnson What have we Launched QUVIVIQ Secured financing in the US and main achieved in the for all these European countries pa
Slide 4: What needs to be done this year
What needs Continue to increase to be done Continue to innovate sales of QUVIVIQ this year Prepare for the launch Extend the cash runway of TRYVIO in the US 4 FY 2023 and Q1 2024 Financial Reporting | 21 May 2024
Slide 5: Idorsia is entering into a new phase
Idorsia is entering into a new phase with the objective to reach financial sustainability ASAP 5 FY 2023 and Q1 2024 Financial Reporting | 21 May 2024
Slide 6: Idorsia Executive Committee
Idorsia Executive Committee As of June 13, 2024 Alberto Gimona Julien Gander André C. Muller Martine Clozel Arno Groenewoud Head of Global Clinical Group General Counsel Chief Executive Officer Chief Scientific Officer Chief Financial Officer Development & Medical Affairs 6 FY 2023 and Q1 2024 Finan
Slide 7: Recent impactful events
Recent impactful Transaction with events Viatris partnership Nxera Pharma for selatogrel and CHF 400 million cenerimod Reacquired worldwide rights for aprocitentan Approval for Cost reduction TRYVIO at headquarters Adapted convertible with adapted bonds 2024 – time to portfolio extend cash runway 7
Slide 8: 2023 operating performance
2023 operating performance Operational performance as reported1 Operational performance proforma2 CHF million Idorsia Partnered Global Idorsia Partnered Global business business Business business business Business REVENUE 65 88 152 32 19 51 COGS -7 – -7 -4 – -4 SG&A OPEX -378 – -378 -357 – -358 R&D
Slide 9: 2023 quarterly proforma performance
2023 quarterly proforma performance Operational performance proforma1 Idorsia business 1Q-23 2Q-23 3Q-23 4Q-23 FY-23 CHF million NET SALES 4 8 8 11 32 COGS – -3 -1 – -4 SG&A OPEX -109 -107 -61 -80 -357 R&D OPEX -80 -66 -59 -57 -262 Non-GAAP EBIT -184 -168 -113 -126 -592 D&A -4 -3 -7 -4 -18 SBC -11 -
Slide 10: 2023 cash development
2023 cash development* in CHF millions, rounding differences may occur 32 466 400 145 -358 Liquidity Liquidity Jan 1, 2023 -261 Dec 31, 2023 -84 -50 Product SG&A R&D WCR & Other Nxera Deal sales OPEX OPEX CAPEX * Based on proforma Non-GAAP performance 10 FY 2023 and Q1 2024 Financial Reporting | 21
Slide 11: 3M 2024 operating performance
3M 2024 operating performance 3M 2024 performance as reported 3M 2023 performance proforma1 CHF million Idorsia Partnered Global Idorsia Partnered Global business business Business business business Business REVENUE 10 – 10 4 3 8 COGS -4 – -4 – – – SG&A OPEX -64 – -64 -109 – -109 R&D OPEX -29 – -29
Slide 12: 3M 2024 cash development
3M 2024 cash development* in CHF millions, rounding differences may occur 308 335 10 145 -64 -29 -34 -1 Liquidity Product SG&A R&D WCR & Other Viatris Deal Liquidity Jan 1, 2024 sales OPEX OPEX CAPEX Mar 31, 2024 * Based on proforma Non-GAAP performance 12 FY 2023 and Q1 2024 Financial Reporting | 2
Slide 13: Unlocking value for Idorsia
Unlocking value for Idorsia Exploring best avenues to maximize aprocitentan value TRYVIO (aprocitentan) JERAYGO (aprocitentan) 12.5 mg approved in 12.5 mg & 25 mg March 2024 recommended in April 2024 Aprocitentan is only approved in the US under the tradename TRYVIO where it will be made available l
Slide 14: Preparing the TRYVIO US launch
Preparing the TRYVIO US launch Re-acquisition of aprocitentan from J&J in September 2023 • Target product availability in Q4 2024 − Distribution network setup − WAC price published: $775 per month − REMS program being establishing − Access: payer discussions initiated − Hiring and training of MSLs u
Slide 15: Demand outpaces field force changes
Demand outpaces field force changes QUVIVIQ Quarterly TRxs by Strength QUVIVIQ Field Force Changes 80'000 25mg 50mg 500 Occupied Terrs +23% +1% 450 70'000 -9% -9% -3% 400 -7% +40% 60'000 -9% 350 -6% 50'000 300 -14% +80% -8% 74% 76% 40'000 76% 250 77% -15% 72% 200 30'000 71% 150 20'000 100 72% 10'000
Slide 16: Transitioning proportion of paid claims
Transitioning proportion of paid claims Payer Paid Idorsia Paid - Consignment Idorsia Paid - Denial Conversion 100% 8% 90% 17% 17% 18% 17% 80% 20% 20% 70% 24% 60% 43% 50% 50% 40% 73% 30% 57% 63% 20% 40% 33% 10% 0% Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Source: IQVIA + VitaCare + KnippeRx Pharm
Slide 17: US net sales
US net sales CHF million 9.4 6.2 6.5 5.8 3.0 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Daridorexant is available in the US, Germany, Italy, Spain, Switzerland, the UK and Canada under the tradename QUVIVIQ. In addition, daridorexant is approved throughout the European Union. 17 FY 2023 and Q1 2024 Fin
Slide 18: Scheduling under discussion
Scheduling under discussion Citizen’s Petition requesting de-scheduling of the DORA class of medicines progressing Daridorexant is available in the US, Germany, Italy, Spain, Switzerland, the UK and Canada under the tradename QUVIVIQ. In addition, daridorexant is approved throughout the European Uni
Slide 19: EUCAN: Growing demand
EUCAN: Growing demand 1’540 Anlage III Standard units (1’000s) 978 598 445 314 72 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Launch Source: 100% sales record from wholesaler to pharmacy DE, IT, ES, CH, FR, CA – IQVIA UK - AAH Daridorexant is available in the US, Germany, Italy, Spain, Switzerla
Slide 20: EUCAN net sales
EUCAN net sales 3.5 CHF million 2.2 AMNOG 1 1.6 1.3 1.3 1.0 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Daridorexant is available in the US, Germany, Italy, Spain, Switzerland, the UK and Canada under the tradename QUVIVIQ. In addition, daridorexant is approved throughout the European Union. 20
Slide 21: Financial outlook
Financial outlook Guidance for 2024 CHF million Idorsia Partnered Global business business Business REVENUE 55 15 70 COGS -10 -10 -20 SG&A OPEX -300 – -300 R&D OPEX -165 0 -165 Non-GAAP EBIT -420 5 -415 D&A -15 – -15 SBC -35 – -35 Other – 125 125 US-GAAP EBIT -470 130 -340 Excluding unforeseen event
Slide 22: Idorsia-led portfolio
Idorsia-led portfolio Compound / Mechanism of action / Target indication Phase 1 Phase 2 Phase 3 Registration Commercially available QUVIVIQ (daridorexant) Dual orexin receptor antagonist Commercially available as QUVIVIQ in the US, Germany, Italy, Switzerland, Spain, the UK, Canada, Austria, and Fr
Slide 23: Partner-led portfolio
Partner-led portfolio Compound / Mechanism of action / Target indication Partner Phase 1 Phase 2 Phase 3 Registration Commercially available Daridorexant Dual orexin receptor antagonist Nxera Pharm: license to develop and commercialize for Asia-Pacific region (excluding China)* Insomnia NDA submitte
Slide 24: Be prepared for more...
Be prepared for more... 2024 – The start of a new phase for Idorsia 24 FY 2023 and Q1 2024 Financial Reporting | 21 May 2024
Slide 25: More questions?
More questions? 25 FY 2023 and Q1 2024 Financial Reporting | 21 May 2024