Idorsia Ltd

Net revenue was CHF 214 million, including CHF 134 million of QUVIVIQ product sales excluding partner sales, versus CHF 61 million in 2024. QUVIVIQ sales in Europe/Canada increased from CHF 32 million to CHF 108 million, while U.S. sales were flat. Non-GAAP contract revenue was CHF 72 million, including a CHF 40 million milestone from Simcere and recognition of a USD 35 million exclusivity fee from Q4 2024. Non-GAAP operating loss improved to CHF 100 million from CHF 308 million a year earlier; U.S. GAAP EBIT loss was CHF 33 million and U.S. GAAP net loss was CHF 112 million. On cash flow, the company started 2025 with CHF 106 million in cash, ended with CHF 89 million, and said CHF 169 million was available including CHF 80 million remaining from the new money facility. For 2026, management guided QUVIVIQ sales to around CHF 200 million and said OpEx, including cost of goods sold, will be flat versus 2025, with losses expected to go down.

Srishti Gupta framed 2025 as a year of stabilization and preparation after financial pressure, saying the company is now stronger and more focused. She emphasized three priorities: expand QUVIVIQ in Europe and Canada, unlock U.S. value through descheduling, a label-enhancing study, and a direct-to-patient model, and pursue partnerships for TRYVIO/JERAYGO while advancing the pipeline. Her tone was confident and strategic, but she repeatedly stressed that 2026 is a shaping year with multiple inflection points.

Arno Groenewoud highlighted the financial turnaround driven by QUVIVIQ sales, contract revenue, and cost discipline. He cited more than CHF 80 million of savings versus 2024, a non-GAAP operating loss improvement to CHF 100 million, and a U.S. GAAP net loss of CHF 112 million that included CHF 72 million of financial expenses, including a CHF 61 million noncash charge related to convertible bond restructuring and the new money facility. He said liquidity ended at CHF 89 million, with CHF 169 million available in total, and reiterated 2026 guidance for CHF 200 million of QUVIVIQ sales and flat OpEx versus 2025.

Analysts focused on the planned U.S. direct-to-patient model for QUVIVIQ, how it could affect sales and efficiency, and whether it could be used for future products; management said it is being explored first for QUVIVIQ as a pilot in 2026 and could add sales momentum and lower OpEx over time. Questions also centered on TRYVIO/JERAYGO partnership timing and why talks are still ongoing; management said the issue is finding the right commercial fit and deal structure for a commercial-stage asset in a complex U.S. payer environment, and noted they are pursuing both global and regional options. On pipeline, analysts asked about pediatric QUVIVIQ, Fabry/lucerastat study design, and descheduling; management said pediatric data are expected in early Q2 2026, the Fabry pivotal biopsy study should start this year, and the next public descheduling update should be the DEA public comment period.