Idorsia Ltd. · SIX:IDIA
Idorsia — H1 2023 Earnings Presentation
21 slides from Idorsia's earnings presentation, Jul 25, 2023
Slide 1: Half Year 2023 Financial Reporting
Financial Reporting 20 HALF YEAR 23
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: CEO quote: ongoing adaptations to the company
“The ongoing adaptations to the company will extend the time we have to create sustainable value.” Jean-Paul Clozel Chief Executive Officer 3 First Half 2023 Financial Reporting | 25 Jul 2023
Slide 4: CHF 400 million deal with Sosei Heptares
CHF 400 million deal with SALE of PIVLAZ (clazosentan) Daridorexant Option Idorsia's assignment of co-exclusive license to exclusive affiliates in Roche's license in the Territory and license lucerastat Japan and Korea in the Territory assignment of all and cenerimod potential milestones in the Terr
Slide 5: Global reduction in cash burn to give us time to realize commercial success
Global reduction in cash burn to give us time to realize commercial success Ongoing initiative at HQ Full portfolio Ongoing consultation of targeting cost reduction review and employee representatives by approx. 50% potential out- at headquarters licensing deals To become fully effective Up to 500 p
Slide 6: Demand and payer coverage enable conversion to paid scripts
Demand and payer coverage enable conversion to paid scripts Revenue Inflection points ahead Q1 2024 Key Developments in the past CVS NDC Block Q4 2023 Removed ESI National Q4 2023 Formulary “Show Demand” for Payer Coverage Medicare Part D CVS – Parity Access Access anticipated Q3 2023 to other DORAs
Slide 7: Strong demand with more volume coming from Retail vs. consignment in Q2 2023
Strong demand with more volume coming from Retail vs. consignment in Q2 2023 QUVIVIQ Quarterly TRxs by Strength QUVIVIQ Quarterly TRxs by Source 80'000 25mg 50mg Total Consignment Retail 70'000 60'000 50'000 74% 40'000 72% 30'000 71% 20'000 72% 10'000 26% 28% 29% 28% 0 2Q22 3Q22 4Q22 1Q23 2Q23 2Q22
Slide 8: Positive patient experience results in refills driving growth
Positive patient experience results in refills driving growth… Continued brand prescriptions (CBRx) Vitacare CBRxCBRx Consignment Retail CBRx 50'000 45'000 40'000 35'000 51% 30'000 25'000 44% 20'000 39% 15'000 10'000 49% 56% 28% 61% 5'000 72% 0 2Q22 3Q22 4Q22 1Q23 2Q23 Source: IQVIA + VitaCare Pharm
Slide 9: QUVIVIQ writers continue to grow since launch
QUVIVIQ writers continue to grow since launch Cumulative QUVIVIQ Writers By Quarter 35'000 30'478 30'000 25'000 23'646 20'000 15'925 15'000 10'000 8'476 5'000 2'350 0 2022-Q2 2022-Q3 2022-Q4 2023-Q1 2023-Q2 Source: Retail+ Consignment dispenses through Jun 30, 2023 Daridorexant is available in the U
Slide 10: Successful QUVIVIQ start in EUCAN region
Successful QUVIVIQ start in EUCAN region 2022 2023 2024 Italy Germany Germany Germany Reimbursement submission AMNOG 1 price AMNOG 2 submission Launched Anlage III exemption France Italy Switzerland Switzerland Launch Launched (self-pay) Launch (self-pay) Reimbursement Canada UK UK Launch NICE in pr
Slide 11: Demand is growing in Germany
Demand is growing in Germany National volume (Packs) from wholesalers to pharmacies Actual packs Equivalent packs of 30 pills 16’458 10’972 12’476 35% 8’317 35% 25 mg x 20 36% 25 mg Eq 30 36% 65% 65% 50 mg x 20 64% 50 mg Eq 30 64% Q1 23 Q2 23 Q1 23 Q2 23 Source: IQVIA Midas Jan-May 2023, June estima
Slide 12: Demand is growing in Italy
Demand is growing in Italy National volume (Packs) from wholesalers to pharmacies Actual packs Equivalent packs of 30 pills 5’061 2’383 14% 30% 1’641 3’213 33% 25 mg x 30 20% 25 mg Eq 30 39% 50 mg x 30 31% 70% 53% 50 mg Eq 30 61% 50 mg x 10 49% Q1 23 Q2 23 Q1 23 Q2 23 Source: IQVIA Midas Jan-May 202
Slide 13: CFO quote: cash runway extended to early 2024
“Cash runway extended to early 2024 – Several initiatives ongoing to raise cash in H2 2023 as well as reduce our cost base.” André C. Muller Chief Financial Officer 13 First Half 2023 Financial Reporting | 25 Jul 2023
Slide 14: US GAAP/Non-GAAP Net Sales
US GAAP/Non-GAAP Net Sales in CHF millions, rounding differences may occur Q1 Q2 H1 United States 3.0 5.8 8.8 Germany & Italy 1.3 1.6 2.9 QUVIVIQ™ 4.3 7.4 11.7 PIVLAZ® (Japan) 13.5 18.9 32.4 Net Sales 17.7 26.4 44.1 14 First Half 2023 Financial Reporting | 25 Jul 2023
Slide 15: US GAAP net results
US GAAP net results in CHF millions, rounding differences may occur Non-GAAP US GAAP Financial results as of June 30, 2023 15 First Half 2023 Financial Reporting | 25 Jul 2023
Slide 16: Non-GAAP operating expenses
Non-GAAP operating expenses in CHF millions, rounding differences may occur -1 -5 -60 -54 -99 -120 -407 -393 6M 2022 -226 -235 6M 2023 Cost of sales Research Development SG&A Non-GAAP operating expenses Financial results as of June 30, 2023 16 First Half 2023 Financial Reporting | 25 Jul 2023
Slide 17: H1 impact Sosei deal for FY results publication
H1 impact Sosei deal for FY results publication H1 Est. impact Est. H1 for FY results (in CHF millions, unless otherwise indicated) as reported of Sosei-Deal* publication Product sales 44 32 12 Contract revenue 7 - 7 Operating expenses Cost of sales (5) (3) (2) Research and development (153) (6) (14
Slide 18: Cash flow
Cash flow in CHF millions, rounding differences may occur Financial results as of June 30, 2023 18 First Half 2023 Financial Reporting | 25 Jul 2023
Slide 19: Liquidity
Liquidity in CHF millions, rounding differences may occur 466 Liquidity @ June 30, 2023 - Includes 146 Cash and - CHF 10m from Sosei Heptares Cash equivalents - CHF 20m bridge loan - Excludes Cash deposits < 12 months - CHF 11m held at Idorsia Japan (reported in "assets held for sale") Cash deposits
Slide 20: Financial Guidance for 2023
Financial Guidance for 2023* US GAAP operating loss of around CHF 735 million and non-GAAP operating loss of around CHF 650 million * Excluding unforeseen events and Japan and Korea contribution from 1 Jan to 21 July, 2023 Non-GAAP metrics do not include Depreciation and Amortization, and Shared-Bas
Slide 21: Adapting the company to create sustainable value
Adapting the company to create sustainable value 21 First Half 2023 Financial Reporting | 25 Jul 2023