Idorsia Ltd. · SIX:IDIA
Idorsia — 9M 2023 Earnings Presentation
23 slides from Idorsia's earnings presentation, Oct 24, 2023
Slide 1: Nine-Month 2023 Financial Reporting
Financial Reporting 20 NINE-MONTH 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: In Q3 we have implemented numerous measures
“In Q3 we have implemented numerous measures to adapt the company, targeting sustainable value creation.” Jean-Paul Clozel Chief Executive Officer 3 9M 2023 Financial Reporting | 24 Oct 2023
Slide 4: Adapting the company to create sustainable value
Adapting the company to create sustainable value Transaction with Cost reduction Management Aprocitentan Sosei Heptares at headquarters change in the US reacquired CHF 400 million almost complete Welcome Tosh Butt Worldwide rights – portfolio return to Idorsia review ongoing 4 9M 2023 Financial Repo
Slide 5: Worldwide rights to aprocitentan reacquired
Worldwide rights to aprocitentan reacquired* Up to a total cap of CHF 306 million conditional payments to Janssen Current status • Aprocitentan, Idorsia’s oral, dual endothelin receptor antagonist, is currently under review with health authorities for the treatment of patients with resistant hyperte
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 Sep 2023 Formulary “Show Demand” for Payer Coverage Medicare Part D CVS – Parity Access Access anticipated Q3 2023 to other DORA
Slide 7: QUVIVIQ demand with increasing volume coming from retail
QUVIVIQ demand with increasing volume coming from retail QUVIVIQ Quarterly TRxs by Strength QUVIVIQ Quarterly TRxs by Source 80’000 25mg 50mg Total QUVIVIQ VitaCare IQVIA +23% +1% 70’000 60’000 +40% 50’000 +80% 74% 76% 40’000 72% 30’000 71% 20’000 72% 10’000 26% 28% 24% 29% 28% 0 2Q22 3Q22 4Q22 1Q23
Slide 8: Transitioning proportion of paid claims
Transitioning proportion of paid claims Payer Paid Idorsia Paid - Consignment Idorsia Paid - Denial Conversion 100% 90% 17% 18% 17% 17% 16% 80% 70% 35% 60% 46% 56% 52% 50% 59% 40% 30% 48% 20% 37% 26% 31% 10% 24% 0% Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Source: IQVIA + VitaCare + KnippeRx Pharmacy Services D
Slide 9: Successful third quarter for QUVIVIQ in Europe
Successful third quarter for QUVIVIQ in Europe France UK Germany France Switzerland ASMR IV – SMR NICE approved and AMNOG 1 price Price negotiation Launched (self-pay) Moderate launched Anlage III exemption with CEPS Q3 Q4 Italy Spain Canada Canada Reimbursement Launched (self-pay) Reimbursement Pri
Slide 10: Demand is growing in Europe
Demand is growing in Europe Quarterly standard units 603K >45’000 445K patient months 314K of treatment since launch 1Q 2Q 3Q Source: 100% sales record from wholesaler to pharmacy – IQVIA Midas Jan-Aug 2023, Sep estimated from internal sales Daridorexant is available in the US, Germany, Italy, Spain
Slide 11: Multiple opportunities to partner one or a combination of products
Multiple opportunities to partner one or a combination of products Compound Mechanism of action Target indication Status Commercially available as QUVIVIQ in the US, Germany, Italy, QUVIVIQ™ Dual orexin receptor antagonist Insomnia Switzerland, Spain, and the UK; approved in the EU and Canada; Filin
Slide 12: CFO quote: financing of Idorsia's future
“The financing of Idorsia's future continues to be my primary focus.” André C. Muller Chief Financial Officer 12 9M 2023 Financial Reporting | 24 Oct 2023
Slide 13: US GAAP/Non-GAAP Net Sales
US GAAP/Non-GAAP Net Sales in CHF millions, rounding differences may occur Nine Q1 Q2 Q3 months United States 3.0 5.8 6.2 15.0 Germany, Italy, Spain and 1.3 1.6 2.2 5.1 Switzerland QUVIVIQ™ 4.3 7.4 8.4 20.2 PIVLAZ® (Japan) 13.5 18.9 1.3 33.7 Net Sales 17.7 26.4 9.7 53.9 13 9M 2023 Financial Reportin
Slide 14: Impact from Sosei deal
Impact from Sosei deal in CHF millions, rounding differences may occur Initial cash received 396 Approx. cash to be received 4 Total cash from Sosei Deal 400 Gains on sale of disposal group 302 Contract revenue from QUVIVIQ license 68 Impairment of intangible assets (7) Total profit from Sosei Deal
Slide 15: Non-GAAP operating results
Non-GAAP operating results in CHF millions, rounding differences may occur as reported proforma 131 29 -7 -4 -138 -130 -74 -74 -387 -456 -299 -277 Revenue Cost of sales Research Development SG&A Non-GAAP operating results Financial results as of September 30, 2023 15 9M 2023 Financial Reporting | 24
Slide 16: US GAAP operating results
US GAAP operating results in CHF millions, rounding differences may occur as reported proforma 295 0 -15 -14 -27 -26 -11 -11 -145 -387 -456 -507 Non-GAAP Depreciation & Share-based Restructuring Sosei Deal US-GAAP operating Amortization compensation operating results results Financial results as of
Slide 17: Proforma Non-GAAP operating results
Proforma Non-GAAP operating results in CHF millions, rounding differences may occur 9M 2022 9M 2023 18 29 -2 -4 -148 -130 -86 -74 -456 -551 -277 -333 Revenue Cost of sales Research Development SG&A Non-GAAP operating results Financial results as of September 30, 2023 17 9M 2023 Financial Reporting |
Slide 18: Proforma US GAAP operating results
Proforma US GAAP operating results in CHF millions, rounding differences may occur 9M 2022 9M 2023 -13 -14 -18 0 -11 -26 -456 -507 -551 -582 Non-GAAP Depreciation & Share-based Restructuring US-GAAP operating Amortization compensation operating results results Financial results as of September 30, 2
Slide 19: Cash flow
Cash flow in CHF millions, rounding differences may occur Financial results as of September 30, 2023 19 9M 2023 Financial Reporting | 24 Oct 2023
Slide 20: Indebtedness
Indebtedness in CHF millions, rounding differences may occur *Total Indebtedness does not include conditional payments to J&J of up Financial results as of September 30, 2023 to CHF 306 m for the reacquisition of worldwide rights to aprocitentan 20 9M 2023 Financial Reporting | 24 Oct 2023
Slide 21: Reacquisition of aprocitentan rights
Reacquisition of aprocitentan rights • Idorsia reacquired all worldwide rights to aprocitentan • Johnson & Johnson entitled up to CHF 306 million − If aprocitentan is approved in the US (90%) − If aprocitentan is approved in EU (10%) • Idorsia to pay J&J − 30% on aprocitentan out-license deal − 10%
Slide 22: Financial Guidance for 2023
Financial Guidance for 2023* US GAAP operating loss of around CHF 670 million and non-GAAP operating loss of around CHF 600 million *Both metrics include the restructuring charge, exclude APAC operations in 2023 until the closing of the Sosei Deal and the one-off impact of such transaction, and excl
Slide 23: Adapting the company to create sustainable value
Adapting the company to create sustainable value 23 9M 2023 Financial Reporting | 24 Oct 2023