Idorsia Ltd. · SIX:IDIA
Idorsia — Investor Presentation (October 2026)
48 slides from Idorsia's investor presentation, October 2026
Slide 1: Investor company presentation
Investor company presentation October 2026
Slide 2: Forward-looking statements
Forward-looking statements The information in this presentation contains certain "forward-looking statements", relating to the company's business, which can be identified by the use of forward-looking terminology such as “intend”, "estimates", "believes", "expects", "may", "are expected to", "will",
Slide 3: Idorsia is a unique opportunity for value creation
Idorsia is a unique opportunity for value creation Two products with A pipeline of first- or blockbuster potential best-in-class drugs • 3 QUVIVIQ Idorsia-discovered • TRYVIO/JERAYGO drugs approved • PIVLAZ* • 3 Lucerastat Becoming the global in Phase 3 since • Selatogrel** standard of care for inso
Slide 4: Strong performance in 9M 2026 – well on track
Strong performance in 9M 2026 – well on track New CEO Roland Wandeler joined CHF million October 1st Idorsia-led QUVIVIQ sales 200* 134 Financing of CHF 250 m from Pharmakon 9M 61 142 2026 31 Full-year 2026 2023 2024 2025 2026 guidance reaffirmed * Guidance for 2026 4 Investor presentation | October
Slide 5: Advancing four key drivers of growth
Advancing four key drivers of growth 1 Maximize the current QUVIVIQ® opportunity in insomnia 2 Unlock the value of TRYVIO / JERAYGO 3 Expand the long-term value of daridorexant beyond insomnia 4 Advance innovation and the pipeline Driving simultaneous initiatives to unlock substantial long-term valu
Slide 6: Only QUVIVIQ offers restorative sleep and revitalized days
Only QUVIVIQ offers restorative sleep and revitalized days 6 Investor presentation | October 2026
Slide 7: Insomnia significantly impacts productivity and public health
Insomnia significantly impacts productivity and public health $207.5 B US 75–88% increase in the $170.6 B EU12 odds of an accident 39-45 days of $19.6 B Canada presenteeism leading to permanent $417 B $19.2 B Australia annually work disability Global annual GDP loss ...and an escalating public healt
Slide 8: QUVIVIQ works differently to treatments that sedate the brain
QUVIVIQ works differently to treatments that sedate the brain Orexin stimulates many orexin wake-promoting pathways Dopamine (VTA) Histamine (TMN) Acetylcholine (LDT, PPT) Serotonin QUVIVIQ is a dual (raphe) Norepinephrine (LC) orexin receptor antagonist that LHA / PH Orexin suppresses the wake LC O
Slide 9: Better by design
Better by design 1000 Plasma concentrations Night Day (ng/ml) > 600 Optimal sleep 600 drug profile Optimized pharmacokinetic profile 400 Night Day 200 Sub-optimal sleep drug profile 0 Somnolence 0 24 48 72 96 120 144 168 Excessive duration results in somnolence Night Day • Fast absorption • Optimal
Slide 10: Patients fall asleep faster – stay asleep longer
Patients fall asleep faster – stay asleep longer and QUVIVIQ works throughout the night 2 Change from baseline in WASO (min) 0 • Daridorexant 50 mg significantly improved the objective sleep parameters LPS and WASO -2 vs placebo at months 1 and 3 -4 • Daridorexant 50 mg significantly improved -6 sel
Slide 11: Safety profile comparable with placebo
Safety profile comparable with placebo Reported Adverse Reactions in Overall Population (Study 1)1,2,a aRates of adverse reactions reported in ≥2% of QUVIVIQ 25 mg QUVIVIQ 50 Placebo QUVIVIQ-treated patients and greater than in placebo- treated patients (Study 1); (n = 310) mg (n = 309) bHeadache in
Slide 12: QUVIVIQ is the only therapy to demonstrate improvement in daytime functioning
QUVIVIQ is the only therapy to demonstrate improvement in daytime functioning IDSIQ© sleepiness domain IDSIQ© alert/cognition domain IDSIQ© mood domain 24 35 22 Placebo (n=310) Daridorexant 50 mg (n=310) Mean of observed values Mean of observed values Mean of observed values 20 22 (min) [± SEM] (min
Slide 13: Maximize the current opportunity in insomnia
Maximize the current opportunity in insomnia 1 Commercial momentum 2 Expanding geographical reach 3 Expanding access to patients 4 Expanding reach into primary care 5 Reinforcing differentiation 13 Investor presentation | October 2026
Slide 14: QUVIVIQ growth remains strong
QUVIVIQ growth remains strong EUCAN QUVIVIQ Volume (million tabs) Secure public reimbursement to expand access & improve the patient experience 34 29 Invest in specialty promotion 24 Inclusion of daytime functioning benefit – unique 18 value proposition for prescribers, patients, & payers 14 Expand
Slide 15: QUVIVIQ market share is growing
QUVIVIQ market share is growing Growth in the top 3 markets May 2026 • Insomnia is a condition primarily managed by primary 10.0% care physicians • Accelerating awareness and 7.9% adoption in primary care Co-promotion Co-promotion Co-promotion 3.1% Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oc
Slide 16: Expanding geographical reach
Expanding geographical reach C & E Europe Negotiations ongoing Potential launch 2H 2026 Greater China Out-licenced to Simcere in 2022 • China: launched 09/25 • Hong Kong: launched 11/25 Idorsia-led Licensed Priority targets Japan & Asia Pacific Out-licenced to Nxera in 2023 • Japan: launched 09/24 p
Slide 17: Expanding access to patients
Expanding access to patients Public reimbursement Private access Out of Pocket Expansion opportunity 17 Investor presentation | October 2026
Slide 18: Expanding reach into primary care
Expanding reach into primary care Co-promotion partner 18 Investor presentation | October 2026
Slide 19: US QUVIVIQ sales return to growth
US QUVIVIQ sales return to growth CHF million US QUVIVIQ sales Scalable, profitable growth model A sharper and more focused commercial 9.3 strategy balancing near-term execution with 9.0 long-term profitability 7.4 Streamlined execution 6.0 6.1 Resources concentrated where we see the greatest return
Slide 20: Unlocking further profitable growth
Unlocking further profitable growth Maximize the value of the growing Transform market access body of clinical evidence in insomnia Maximize the impact of emerging data Enhanced evidence package E.g., pediatric, menopause, nocturia data Negotiate improved access, optimize rebate strengthen different
Slide 21: The end-to-end DTP experience
The end-to-end DTP experience Patient experience Your doctor prescribed Your prescription is Your prescription is Your medication will Don't miss your Your appointment sent to pharmacy approved by be delivered to your Quviviq dose insurance and lowest home for free Your supply may be cost applied en
Slide 22: Reinforcing differentiation through investigator sponsored studies
Reinforcing differentiation through investigator sponsored studies in insomnia and beyond 2026 2027 2028 2029 & Later Cognitive Performance Smoking Withdrawal Post-Traumatic Major Depressive Disorder Claudio Liguori Barbara Sorg, Stress Disorder Sara Lakis Granel University of Rome "Tor Vergata“ Leg
Slide 23: Daridorexant: A potential first-in-class option for pediatric insomnia
Daridorexant: A potential first-in-class option for pediatric insomnia Phase 2 dose-finding study Next steps • Efficacy and safety of three doses in pediatric patients aged 10 to <18. • Phase 2 dose-finding study is part of an agreed Pediatric Investigational Plan • Enrolled patients with insomnia i
Slide 24: Expand the long-term value of daridorexant beyond insomnia
Expand the long-term value of daridorexant beyond insomnia • In a Phase 2 study in pediatric patients with insomnia disorder, daridorexant 50 mg showed an unexpected pattern of improvement in affect and behavior, cognition, and daily activities in participants with autism spectrum disorder (ASD) or
Slide 25: The first antihypertensive targeting the endothelin system
The first antihypertensive targeting the endothelin system Now approved in US, EU, UK, Switzerland, and Canada Aprocitentan is only available in the US under the tradename TRYVIO and is approved in the European Union, the UK, Switzerland, and Canada under the tradename JERAYGO . The rights for aproc
Slide 26: Uncontrolled hypertension: a multi-billion-dollar market opportunity
Uncontrolled hypertension: a multi-billion-dollar market opportunity Many patients will never be 1.4 billion controlled unless underlying globally living with pathology of endothelin- hypertension1 mediated hypertension is addressed ~26 million When uncontrolled, hypertension leads to higher US pati
Slide 27: TRYVIO/JERAYGO is uniquely placed in the treatment landscape
TRYVIO/JERAYGO is uniquely placed in the treatment landscape Distinct Pathway "Strong & Proven" efficacy profile 15.4 TRYVIO offers different mechanism mmHg Proven efficacy of 15.4 mmHg SBP of action, addressing an important reduction in patients receiving more pathway not offered by the RAAS than o
Slide 28: Patients achieved rapid and durable blood pressure reductions
Patients achieved rapid and durable blood pressure reductions Key secondary Randomization Re-randomization endpoint after 4 weeks PART 1 PART 2 PART 3 of withdrawal 155 Double- Single-blind Double-blind 25 mg* vs placebo: SiSBP (mm Hg) +/- SE blind withdrawal 150 - 5.8 mmHg, P<0.0001 @week 40 of tre
Slide 29: Excellent feedback from the market
Excellent feedback from the market US Utilized in 25 Top hypertension centers Early advocacy at key institutions we are engaged with, including Columbia, Cedars I’m seeing ~10 to 15 mmHg drop in BP. It’s well tolerated, and I “ Resistant hypertension has complexities... One patient had Sinai, Stanfo
Slide 30: Positive patient experience
Positive patient experience US Eligible patient population Uncontrolled HTN despite treatment with 2 or more antihypertensives Initial, identifiable patient populations driving early utilization Uncontrolled HTN despite Uncontrolled HTN with Uncontrolled HTN with treatment with 3 or more comorbiditi
Slide 31: Late-stage pipeline partnership with Viatris enables long-term value creation
Late-stage pipeline partnership with Viatris enables long-term value creation Selatogrel for acute Cenerimod for systemic lupus myocardial infarction erythematosus and lupus nephritis • A potent, fast-acting, reversible, and highly • A highly selective S1P1 receptor modulator selective P2Y12 inhibit
Slide 32: A pipeline of first- or best-in-class drugs
A pipeline of first- or best-in-class drugs Compound / Mechanism of action Phase 1 Phase 2 Phase 3 / Target indication Lucerastat FAB-KLEAR, the pivotal Phase 3 kidney biopsy study, is currently recruiting. Oral potential for organ protection Together with FAB-SWITCH, the Phase 3 program is expected
Slide 33: Lucerastat has the potential to redefine the treatment of Fabry disease
Lucerastat has the potential to redefine the treatment of Fabry disease ~16K people affected: Phase 3 MODIFY-OLE study: Predicted to rise to ~21K in Some patients treated >6 key markets by 2034 years provides rationale for Novel representing a $4 Billion further investigation mechanism market of act
Slide 34: The Gb3 cycle – cause and treatment of Fabry disease
The Gb3 cycle – cause and treatment of Fabry disease Symptoms of Fabry Disease Biosynthesis Degradation Biosynthesis Degradation Biosynthesis Degradation Biosynthesis Degradation of Gb3 of Gb3 of Gb3 of Gb3 of Gb3 of Gb3 of Gb3 of Gb3 Replace: Enzyme Replacement Inhibit: Dysfunction Therapy Lucerast
Slide 35: Lucerastat has been characterized over >6 years
Lucerastat has been characterized over >6 years 6-7 weeks 6 months Screening Treatment Open, uncontrolled, Extension (OLE) Randomization Primary/secondary 24m interim analysis 42m interim analysis Today 2:1 efficacy endpoints Lucerastat Lucerastat Placebo 118 107 84 55 Patients Patients Patients Pat
Slide 36: MODIFY and MODIFY OLE analysis
• Nature Communications details MODIFY and MODIFY OLE analysis at 12 months • Open-label treatment at 42 months and kidney biopsy sub-study shared Improved average eGFR slope in patients at WORLDSymposium Long-term effect on Gb3 biomarker levels with renal impairment* − Improvement in eGFR slope and
Slide 37: Lucerastat improved kidney function compared to historical data
Lucerastat improved kidney function compared to historical data eGFR slope N=93 m2m per year) Interim analysis of the 2 open-label extension at (mL/min/1.73 (mL/min/1.73 -1.64 42 months per year) Kidney function in overall slope slope population eGFR eGFR -3.5 Pre-treatmentl Lucerastat Wallace E., e
Slide 38: Marked attenuation of kidney function loss in patients with severe disease course
Marked attenuation of kidney function loss in patients with severe disease course Male patients with classic Fabry Patients with renal impairment Male patients with anti-drug antibody disease to enzyme replacement therapy eGFR slope N=43 eGFR slope N=30 eGFR slope N=16 eGFR slope (mL/min/1.73 m2 per
Slide 39: Good long-term tolerability and safety
Good long-term tolerability and safety Interim analysis of the open-label extension at 42 months • Safety profile is consistent with MODIFY and MODIFY OLE analysis at 12 months as reported in Nature Communications • 399 patient-years exposure (median exposure of 48 months) • Most commonly reported A
Slide 40: Lucerastat registration program targeting monotherapy for all adult patients
Lucerastat registration program targeting monotherapy for all adult patients with Fabry disease Pivotal kidney biopsy study Renal function active-comparative (n≈16) study (n≈74) • Adult males with Fabry disease, • Adult patients with Fabry disease treatment-naïve or pseudo-naïve • Assessment of luce
Slide 41: CXCR7 antagonist for progressive MS
CXCR7 antagonist for progressive MS First-in-class, brain-penetrating drug with unique potential to transform the treatment paradigm in MS by remyelination and restoration of neuronal function in addition to reducing neuroinflammation Patient population Idorsia innovation Differentiator Development
Slide 42: CXCR3 receptor antagonist for vitiligo
CXCR3 receptor antagonist for vitiligo A first-in-class targeted systemic therapy for effective and safer treatment of immuno-dermatology and autoimmune disorders such as vitiligo Patient population Idorsia innovation Differentiator Development so far Phase 2 study 34 million diagnosed First-in-clas
Slide 43: We have increased sales significantly and kept OPEX stable
We have increased sales significantly and kept OPEX stable in CHF millions, Non-GAAP operating results* rounding differences may occur 9M 2025 142 9M 2026 92 72 12 12 1 -12 -33 -68 -71 -53 -85 -153 -147 Product sales** Contract Cost of sales R&D SG&A Other income Non-GAAP revenue operating results *
Slide 44: Continued QUVIVIQ sales growth with focused investments
Continued QUVIVIQ sales growth with focused investments Status: October 2026 CHF million Guidance 2026* QUVIVIQ sales 200 Positive commercial Operating expenses ~330 contribution and Non-GAAP operating loss ~120 focused investment in US GAAP operating loss ~140 value-driving pipeline * Excluding unf
Slide 45: Strong liquidity at the end of Q3
Strong liquidity at the end of Q3 Liquidity in CHF millions, rounding differences may occur 142 -147 6 -117 185* 35 146 89 -71 85 -6 1st tranche 2 tranche Warrants Repayment Liquidity nd Liquidity Product SG&A R&D Other secured New exercise New Jan 1, sales OPEX OPEX Sep 30, term loan Money Money 20
Slide 46: No near-term cash relevant debt maturities
No near-term cash relevant debt maturities Indebtedness Nominal amount Maturity Comment as of Sep 30, 2026, round differences may occur (in CHF millions) Total 1,424 “Pay-as-you-can” debt notes secured with o Debt notes in Idorsia Investments SARL* 790 2048/2050 aprocitentan, selatogrel, and cenerim
Slide 47: Debt notes sequestered in an asset-backed SPV
Debt notes sequestered in an asset-backed SPV Idorsia Ltd, Parent / Listed on SIX (IDIA)* Idorsia Pharmaceuticals Ltd, Operating company** Idorsia Investments SARL***, IP Company QUVIVIQ Selatogrel CHF 150 m Notes at CHF 790 m R&D Pipeline secured term loan Cenerimod due in 2048/2050 IP Company asse
Slide 48: Curious to learn more? Reach out to us.
Curious to learn more? Reach out to us. Kevin Boss Director, Investor Relations Phone +41 58 844 10 10 [email protected] 48 Investor presentation | October 2026