Idorsia Ltd (IDRSF) (Q4 2024) Earnings Call Highlights: Strategic Moves and Financial Resilience

• Net Sales (EUCAN Region): CHF32 million in 2024.

• QUVIVIQ Sales (US): Over CHF28 million in 2024.

• QUVIVIQ Tablets Distributed (EUCAN Region): More than 15 million in 2024.

• QUVIVIQ Prescriptions (US): Over 550,000 prescriptions dispensed by end of 2024.

• Non-GAAP Operating Loss: CHF308 million in 2024, a reduction of almost 50% compared to 2023.

• Cash Balance: CHF106 million at the end of 2024.

• Convertible Bonds Restructuring: Extended by 10 years, with CHF200 million due in 2034 and CHF600 million due in 2038.

• 2025 Financial Guidance: Expected non-GAAP EBIT loss of CHF215 million.

• QUVIVIQ Sales Forecast (2025): Expected to reach CHF110 million.

Release Date: March 04, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• QUVIVIQ sales have shown significant growth, particularly in the EUCAN region, achieving CHF32 million in net sales for 2024.

• Idorsia Ltd (IDRSF) has secured full reimbursement for QUVIVIQ in key markets like Germany, France, and the UK, which has positively impacted sales.

• The company has successfully restructured its convertible bond debt, extending maturity dates and securing a CHF150 million new money facility, providing financial relief.

• TRYVIO has been approved in the US and EU, addressing a significant unmet need in resistant hypertension, with promising initial feedback from key opinion leaders and payers.

• Idorsia Ltd (IDRSF) has reduced its R&D cost commitments by USD100 million for 2025, alleviating financial pressure and extending its cash runway into 2026.

• The out-licensing agreement for aprocitentan fell through, requiring Idorsia Ltd (IDRSF) to seek alternative partners, which could delay potential revenue streams.

• Despite growth, QUVIVIQ sales in the US have been limited due to reduced marketing investments and the need for de-scheduling under the Controlled Substances Act.

• The company is operating under tight financial constraints, necessitating careful prioritization of R&D activities and potential asset partnerships.

• Idorsia Ltd (IDRSF) faces challenges in maintaining US sales for QUVIVIQ with a reduced sales force and a shift to a virtual sales model.

• The company’s financial outlook for 2025 still projects a non-GAAP EBIT loss of CHF200 million, indicating ongoing financial challenges.

Q: Could you give us some timelines for the de-scheduling of QUVIVIQ in the US or any tangible next steps that you could share? Also, for TRYVIO, could you talk us through payer discussions and access levels and any conversations you’ve had so far? Lastly, what do you consider to be the most important data point looking into the next 12 months? A: Michael Moye, President, US: On de-scheduling, we have benchmarked other products that have gone through this process, and we project that within the next year or so would be consistent with those benchmarks. On TRYVIO, discussions with payers have been positive, as the product addresses a significant unmet need for patients with resistant hypertension. Andre Muller, CFO: Our priorities include achieving CHF110 million in sales for QUVIVIQ in Europe and Canada, securing a partner for aprocitentan, and advancing our innovative pipeline.