Idorsia announces financial results for the first nine months of
2023 – adapting the company to create sustainable value
Ad hoc announcement pursuant to Art. 53 LR
Allschwil, Switzerland – October 24, 2023
Idorsia Ltd (SIX: IDIA) today announced its financial results
for the first nine months of 2023.
Business highlights
- Transaction with Sosei
Heptares (hereafter referred as the “Sosei
Deal”): Idorsia sold its Asia Pacific (ex-China)
operations on July 20 – including selected license rights to
products – for a total consideration of CHF 400 million.
- Cost reduction initiative targeting a
reduction of the fixed cost base at headquarters by approximately
50% expected to become fully effective in early 2024.
- Management change in the US: Tausif ‘Tosh’
Butt joined as President and General Manager of Idorsia US in
September 2023.
- Aprocitentan: Worldwide rights reacquired from
Janssen – agreement now effective following clearance by US
antitrust authorities.
Commercial highlights
- QUVIVIQ™ (daridorexant): Total net sales of
CHF 20 million in the first nine months of 2023.
- QUVIVIQ in the US: With CVS and Express
Scripts, QUVIVIQ is covered by two of the largest commercial
insurance plans. Bids for Medicare Part-D have been submitted with
first coverage expected in the new year. The team in the US
continues to focus on generating demand and converting it into
sales.
- QUVIVIQ in Europe: Demand continues to grow in
Germany, Italy, and Switzerland. Product made available in Spain in
Sept 2023. Launched in the UK in Oct 2023 – NICE Technology
appraisal guidance published Oct 2023. Four-week prescription
limitation (Anlage III) lifted by GBA in Germany – official
publication expected in coming weeks.
Pipeline highlights
- Daridorexant – Phase 3 study with daridorexant
in Chinese patients initiated by Simcere.
- Aprocitentan – NDA under review with the US
FDA – new PDUFA date of March 19, 2024 – MAA under review with the
European Medicines Agency.
- Portfolio review ongoing – The review is made
in connection with potential partnership discussions, and a main
objective to prioritize assets that can be advanced rapidly and
with reasonable financial investment.
Financial highlights (as reported)
- Net revenue 9M 2023 at CHF 131 million.
- US GAAP operating expenses 9M 2023 at CHF 275
million and non-GAAP operating expenses 9M 2023 at
CHF 517 million.
- US GAAP operating loss 9M 2023 of CHF 181
million and non-GAAP operating loss of
CHF 420 million.
- The Sosei Deal: The sale led to a one-off
profit of CHF 363 million of which CHF 68 m are recorded
as contract revenue, CHF 302 million recorded as gains on sale of
disposal group and CHF 7 million recorded as impairment
of intangible assets.
Financial highlights (on the scope excluding the Sosei
Deal and related APAC operations in 2023 until
closing)
- Net revenue 9M 2023 at CHF 29 million, of
which CHF 20 million net sales with QUVIVIQ in the US and Europe
(Germany, Italy, Switzerland) and CHF 9 million contract
revenues.
- US GAAP operating expenses 9M 2023 at CHF 537
million and non-GAAP operating expenses 9M 2023 at
CHF 486 million.
- US GAAP operating loss 9M 2023 of CHF 509
million and non-GAAP operating loss of
CHF 455 million.
Updated guidance for 2023:The accounting for
the Sosei Deal, which led to a one-off profit of CHF 363 million,
impacts US GAAP and non-GAAP numbers, therefore, Idorsia’s guidance
excludes the Sosei Deal and related APAC operations in 2023 until
closing. This gives a better view of the scope of operations that
the company is currently operating.
Following the Sosei Deal, the cost reduction initiative, the
portfolio review and the first nine months operations, the company
is updating its full year 2023 financial guidance and expects a US
GAAP operating loss of around CHF 670 million (previously CHF 735
million) and non-GAAP operating loss of around CHF 600 million
(previously CHF 650 million) for 2023, 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 exclude any unforeseen events.
Jean-Paul Clozel, MD and Chief Executive Officer,
commented:“In the third quarter we have implemented
numerous measures to adapt the company. We sold our APAC (ex-China)
business for 400 million Swiss francs, we reduced the workforce at
headquarters by around 50%, we changed the leadership of our US
commercial operations, and very importantly, we reacquired the
worldwide rights to aprocitentan. I am fully aware that these
measures need underpinning with additional funding in the coming
months.”
Jean-Paul continued:“With QUVIVIQ, we have a
sleep therapy – which has demonstrated an outstanding safety and
efficacy profile – on the market in the US and EU. With
aprocitentan, we have the first antihypertensive working on a new
pathway for 30 years under review with US and EU regulatory
authorities, which we hope to see approved in the first half of
2024. With selatogrel and cenerimod, we have two compounds in Phase
3 development with the potential to transform treatment in their
target indications, and we have several innovative assets in early
development. All this gives us strategic flexibility and multiple
avenues to explore potential fundraising.”
André C. Muller, Chief Financial Officer,
commented:“The Sosei Deal, in conjunction with the almost
complete cost reduction initiative at headquarters and the ongoing
portfolio prioritization, allows us to both extend our cash runway
well into the first quarter of 2024 and improve our guidance for
2023 with a lower spend. Our short-term priority is to further
extend our cash runway and we are actively reviewing all avenues
including potential out-license deals with a few balls in the air
that we expect to catch in the upcoming months.”
Financial results (as reported)
US GAAP results |
Nine Months |
Third Quarter |
in CHF millions, except EPS (CHF) and number of shares
(millions) |
2023 |
2022 |
2023 |
2022 |
Net revenues |
131 |
43 |
80 |
21 |
Operating expenses |
(275) |
(653) |
150 |
(227) |
Operating income (loss) |
(144) |
(610) |
231 |
(206) |
Net income (loss) |
(181) |
(635) |
224 |
(216) |
Basic EPS |
(1.02) |
(3.58) |
1.26 |
(1.22) |
Basic weighted average number of shares |
178.2 |
177.4 |
178.4 |
177.5 |
Diluted EPS |
(1.02) |
(3.58) |
0.96 |
(1.22) |
Diluted weighted average number of shares |
178.2 |
177.4 |
232.5 |
177.5 |
US GAAP net revenue of CHF 131 million in the first nine months
of 2023 (CHF 43 million in the first nine months of 2022) consisted
of product sales of QUVIVIQ (CHF 20 million) and PIVLAZ (CHF 34
million; until the closing on July 19, 2023 of the Sosei Deal – See
below), the one-off impact of the Sosei Deal (CHF 68 million), and
other contract revenues mainly Mochida (CHF 4 million), Johnson
& Johnson (CHF 4 million) and Neurocrine (CHF 2
million).
US GAAP operating expenses in the first nine months of 2023
amounted to CHF 275 million (CHF 653 million in the first nine
months of 2022), of which CHF 7 million related to cost of sales
(CHF 4 million in the first nine months of 2022), CHF 235 million
to R&D expenses (CHF 278 million in the first nine months of
2022), CHF 318 million to SG&A expenses (CHF 372 million in the
first nine months of 2022), CHF 11 million restructuring charges
and a one-off income of CHF 295 million relating to the Sosei
Deal.
US GAAP net loss in the first nine months of 2023 amounted to
CHF 181 million (CHF 635 million in the first nine months of 2022).
The decrease of the net loss is mainly attributable to the one-off
income related to the Sosei Deal but was also driven by higher
revenues and lower operating expenses throughout all functions.
The US GAAP net loss resulted in a net loss per share of CHF
1.02 (basic and diluted) in the first nine months of 2023, compared
to a net loss per share of CHF 3.58 (basic and diluted) in the
first nine months of 2022.
Non-GAAP* measures |
Nine Months |
Third Quarter |
in CHF millions, except EPS (CHF) and number of shares
(millions) |
2023 |
2022 |
2023 |
2022 |
Net revenues |
131 |
43 |
80 |
21 |
Operating expenses |
(517) |
(621) |
(124) |
(214) |
Operating income (loss) |
(386) |
(577) |
(44) |
(193) |
Net income (loss) |
(420) |
(597) |
(51) |
(202) |
Basic EPS |
(2.36) |
(3.36) |
(0.29) |
(1.14) |
Basic weighted average number of shares |
178.2 |
177.4 |
178.4 |
177.5 |
Diluted EPS |
(2.36) |
(3.36) |
(0.29) |
(1.14) |
Diluted weighted average number of shares |
178.2 |
177.4 |
178.4 |
177.5 |
* Idorsia measures, reports and issues guidance on non-GAAP
operating performance. Idorsia believes that these non-GAAP
financial measurements more accurately reflect the underlying
business performance and therefore provide useful supplementary
information to investors. These non-GAAP measures are reported in
addition to, not as a substitute for, US GAAP financial
performance.
Non-GAAP net loss in the first nine months of 2023 amounted to
CHF 420 million: The CHF 239 million difference versus US GAAP net
loss was mainly due to the one-off effect of the Sosei Deal (CHF
295 million income), depreciation and amortization (CHF 15
million), share-based compensation (CHF 26 million), restructuring
charges (CHF 11 million) and a loss on marketable securities (CHF 4
million).
The non-GAAP net loss resulted in a net loss per share of CHF
2.36 (basic and diluted) in the first nine months of 2023, compared
to a net loss per share of CHF 3.36 (basic and diluted) in the
first nine months of 2022.
Transaction with Sosei Heptares “Sosei Deal”On
July 20, 2023, Idorsia sold its operating businesses in the Asia
Pacific (ex-China) region to Sosei Heptares for a total
consideration of CHF 400 million. The territories within the scope
of the transaction are Australia, Brunei, Cambodia, Indonesia,
Japan, Laos, Malaysia, Myanmar, New Zealand, Philippines,
Singapore, South Korea, Thailand, Taiwan, and Vietnam, hereafter
the “Territories”.
The Sosei Deal includes the sale of Idorsia’s Japanese and South
Korean affiliates, the assignment of the license for PIVLAZ
(clazosentan) for the Territories, the co-exclusive license for
daridorexant for the Territories and the assignment of all
potential milestones in connection with the co-exclusive license of
daridorexant granted to Mochida Pharmaceutical. The Sosei Deal also
includes an option for Sosei to license cenerimod and lucerastat
for the development and commercialization in the Territories, with
an option fee of CHF 3 million and 7 million respectively and a
subsequent payment of high single digit royalties on net sales in
the Territories.
In addition to the US GAAP and Non-GAAP measures presented
above, the company has prepared proforma figures corresponding to
the scope of operations that the company currently operates
excluding the APAC operations in 2023 until the closing of the
Sosei Deal and the one-off impact of such transaction, as shown in
the table below.
Proforma figures excluding the APAC
operations in 2023 and the Sosei Deal |
Nine Months |
Third Quarter |
in CHF millions* |
2023 |
2022 |
2023 |
2022 |
Net sales |
20 |
2 |
8 |
2 |
Contract revenues |
9 |
16 |
2 |
6 |
Proforma revenues |
29 |
18 |
11 |
7 |
Cost of sales |
(4) |
(2) |
(1) |
(1) |
Research |
(74) |
(86) |
(20) |
(27) |
Development |
(130) |
(148) |
(38) |
(46) |
Selling |
(228) |
(270) |
(54) |
(102) |
General and administrative |
(49) |
(63) |
(7) |
(23) |
Proforma “Non-GAAP” operating expenses |
(486) |
(569) |
(122) |
(199) |
Proforma “Non-GAAP” operating loss |
(455) |
(549) |
(111) |
(191) |
Depreciation and amortization |
(14) |
(13) |
(7) |
(4) |
Share-based compensation |
(26) |
(18) |
(2) |
(8) |
Restructuring charges |
(11) |
- |
(11) |
- |
Proforma other operating expenses |
(52) |
(31) |
(20) |
(12) |
Proforma total operating expenses |
(537) |
(600) |
(142) |
(211) |
Proforma total operating loss |
(509) |
(580) |
(132) |
(204) |
*rounding differences may occurCost reduction
initiativeOn July 21, 2023, Idorsia announced that it has
launched a cost reduction initiative with the target to reduce its
fixed cost base at headquarters by approximately 50%.
Approximately 475 positions at headquarters in Allschwil,
Switzerland, have been made redundant through a combination of
canceling open positions, not replacing people who are known to
leave (outside the mass dismissal), and up to 300 terminations
mainly in Research & Development and the associated support
functions. The majority of the affected employees were informed
during the third quarter. The reduction of positions has resulted
in a restructuring charge of CHF 11 million.
Idorsia intends to conclude the initiative before the end of
2023 with the reduction of costs becoming fully effective early in
2024.
Reacquisition of aprocitentan rightsIdorsia has
reacquired the development and commercialization rights for
aprocitentan from Janssen. In return, Idorsia will pay Janssen a
conditional consideration up to a total cap of CHF 306 million,
depending on Idorsia’s revenues, as follows:
- 30% of any consideration received by Idorsia from a potential
out-licensing or divestment of aprocitentan,
- 10% of any consideration received by Idorsia from a potential
out-licensing or the divestment of any other Idorsia product,
following the first approval of aprocitentan, and
- low- to mid-single digit royalties on total group product net
sales, beginning from the quarter after first aprocitentan
approval.
The agreement is now in effect following the clearance relating
to the United States Hart-Scott Rodino Antitrust Improvements Act
of 1976.
Janssen funding obligations to aprocitentan have ceased. Janssen
licenses to aprocitentan IP (excluding pulmonary hypertension) have
terminated and Janssen has transferred the brand name and relating
commercial materials to Idorsia. Janssen will retain licenses in
the pulmonary hypertension field.
The agreement also eliminates the revenue-sharing agreement in
respect of ponesimod.
Profitability TargetThe company has suspended
its 2025 profitability target following the sale of the APAC
(ex-China) business to Sosei, as there are many moving parts that
might impact the scope that the company will operate in the context
of slower than expected ramp-up of QUVIVIQ sales, reacquisition of
aprocitentan rights and its potential market approvals in 2024 and
ongoing out-license discussions with potential partners.
Financial outlook 2023The 2023 financial
outlook is calculated based on: QUVIVIQ (daridorexant) being
available in the US, Germany, Italy, Switzerland, Spain, and the
UK; Regulatory applications for aprocitentan being under review by
the US FDA and the EMA; and the Phase 3 studies with selatogrel and
cenerimod expected to continue to actively recruit in the second
half of 2023.
The accounting for the Sosei Deal, which led to a one-off profit
of CHF 363 million, impacts US GAAP and non-GAAP numbers,
therefore, Idorsia’s guidance excludes the Sosei Deal and related
APAC operations in 2023 until closing. This gives a better view of
the scope of operations that the company is currently
operating.
Following the Sosei Deal, the cost reduction initiative, the
portfolio review and the first nine months operations, the company
is updating its full year 2023 financial guidance and expects a US
GAAP operating loss of around CHF 670 million (previously CHF 735
million) and non-GAAP operating loss of around CHF 600 million
(previously CHF 650 million) for 2023, 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 exclude any unforeseen events.
Liquidity and indebtednessAt the end of the
first nine months of 2023, Idorsia’s liquidity amounted to CHF 255
million.
(in CHF millions) |
Sep 30, 2023 |
Jun 30, 2023 |
Dec 31, 2022 |
Liquidity |
|
|
|
Cash and cash equivalents |
205 |
33 |
146 |
Short-term deposits |
50 |
- |
320 |
Total liquidity* |
255 |
33 |
466 |
|
|
|
|
Indebtedness |
|
|
|
Convertible loan |
335 |
335 |
335 |
Convertible bond |
796 |
796 |
795 |
Other financial debt |
162 |
192 |
162 |
Total indebtedness |
1,292 |
1,322 |
1,292 |
*rounding differences may occur
Commercial operationsIn the first nine months
of 2023, QUVIVIQ™ (daridorexant) in the US, Germany, Italy,
Switzerland, and Spain, and PIVLAZ® (clazosentan) in Japan (until
July 19, 2023), generated total product sales of CHF 54
million.
United States
Product |
Mechanism of action |
Indication |
Commercially available since |
|
Dual orexin receptor antagonist |
Treatment of adult patients with insomnia, characterized by
difficulties with sleep onset and/or sleep maintenance |
May 2022 |
QUVIVIQ (daridorexant) net sales in the first
nine months of 2023 reached CHF 15 million in the US. This net
sales number encompasses the QUVIVIQ copay program aimed at driving
demand and product uptake, and thus does not reflect the actual
dispensed prescriptions and product demand.
As access increased during the third quarter of 2023, the
commercial approach was adjusted, successfully switching from a
consignment model of providing substantially reduced or free
prescriptions (implemented to drive initial volume), to a payer
paid model. In the third quarter, paid prescriptions increased to
48% of total, an 11%-point increase from the previous quarter.
Having achieved the required access, the team has transitioned
its specialty pharmacy partner from VitaCare (VPS) to KnippeRx,
which is better positioned to pull through paid prescriptions.
Temporary product volume volatility was experienced during this
transition period, as can be expected from a major business model
adjustment. However, QUVIVIQ prescription volume is now returning
to modest growth, and is expected to accelerate from this new
prescription volume baseline.
Regarding insurance coverage, in July, QUVIVIQ was added to the
CVS national formulary which covers 20 million lives. Additionally,
the company anticipates first Medicare Part D coverage to begin in
January 2024, potentially opening an entirely new channel which
would substantially improve product access and paid
prescriptions.
For more information about QUVIVIQ in the US, see the Full
Prescribing Information (PI and Medication Guide).
Tausif ‘Tosh’ Butt, President and General Manager of
Idorsia US, commented:“Since the launch of QUVIVIQ, more
than 275,000 prescriptions of QUVIVIQ have been dispensed –
providing approximately 100,000 Americans with chronic insomnia
with better sleep at night, leading to better days. The team has
done an excellent job in transitioning to a specialty pharmacy
partner who is better positioned to pull through paid
prescriptions. Going into the fourth quarter we are seeing, not
only QUVIVIQ prescription volumes rising, but also a significant
increase in paid prescriptions. Encouragingly, continued growth in
access is expected to result in continued growth in the percentage
of paid prescriptions.”
Europe and Canada
Product |
Mechanism of action |
Indication |
Commercially available |
|
Dual orexin receptor antagonist |
Treatment of adult patients with insomnia characterised by symptoms
present for at least three months and considerable impact on
daytime functioning |
UK: Oct 2023Spain: Sep 2023Switzerland: Jun 2023Germany: Nov
2022Italy: Nov 2022 |
In April 2022, marketing authorization for QUVIVIQ for the
treatment of adult patients with insomnia characterised by symptoms
present for at least three months and considerable impact on
daytime functioning, was granted by the European Commission and
subsequently by the Medicines and Healthcare products Regulatory
Agency (MHRA) in Great Britain. In November 2022, QUVIVIQ was
launched in Italy and Germany, followed by Spain in September 2023
and UK in October 2023. For more information about QUVIVIQ in the
EU, see the Summary of Product Characteristics.
Marketing authorization for QUVIVIQ for the treatment of adult
patients with insomnia characterized by symptoms present for at
least three months and considerable impact on daytime functioning,
was also granted by Swissmedic in December 2022, and the company
made QUVIVIQ available to patients in Switzerland in June 2023. For
more information about QUVIVIQ in Switzerland, see the Patient
Information and Information for Healthcare Professionals.
Health Canada granted market authorization for QUVIVIQ for the
management of adult patients with insomnia, characterized by
difficulties with sleep onset and/or sleep maintenance in April
2023, and the company aims to make it available to patients in
Canada by year-end. For more information on the marketing
authorization of QUVIVIQ in Canada, see the Product
Monograph.
The launches of Europe’s first and only dual orexin receptor
antagonist in Germany, Italy, and Switzerland are progressing well
with increasing volumes and continued positive feedback from
physicians and patients on the differentiated profile of QUVIVIQ.
The company has also recently expanded the availability of QUVIVIQ
adding Spain for the self-pay market and the UK where the National
Institute for Health and Care Excellence (NICE) Technology
appraisal guidance was published in October 2023 allowing the
transition to local access discussions. Following 2023 ASMR IV
rating, recognizing the added value that QUVIVIQ brings to the
current treatment landscape, launch preparations are underway in
France, with a target launch in the first half of 2024.
Net sales in the first nine months of 2023 in Germany, Italy,
Switzerland, and Spain were CHF 5 million.
Jean-Yves Chatelan, President of Europe and Canada
region, commented:“QUVIVIQ, the first and only dual orexin
receptor antagonist in Europe is now available in five European
countries, and volumes continue to increase in all markets. At the
same time, pricing and reimbursement processes are progressing well
in key European markets. In the UK, the recently published final
guidance from NICE means that patients in England and Wales will
have broad, unrestricted access to QUVIVIQ on the NHS. While in
Germany we saw the four-week prescription limitation lifted and we
anticipate the official publication in the coming weeks making
QUVIVIQ the only sleep medication that can be prescribed for
long-term treatment. This great progress enables patients with
chronic insomnia to fully benefit from a treatment that has robust
clinical data demonstrating improvements in sleep quality and
quantity as well as daytime functioning.”
Clinical developmentIdorsia has a diversified
and balanced clinical development pipeline – covering multiple
therapeutic areas, including CNS, cardiovascular and immunological
disorders, as well as orphan diseases.
As part of the cost reduction initiative announced on July 21,
2023, and expected to be implemented by the end of 2023, Idorsia
will review the research and development pipeline and product
portfolio with the objective to prioritize assets that can be
advanced rapidly and with reasonable financial investment.
Following the portfolio review, those projects not aligned to the
company priorities will be either paused or prepared for
partnership or out-licensing.
Idorsia’s portfolio
Product / compound |
Mechanism of action |
Therapeutic area |
Status |
QUVIVIQ™ (daridorexant) |
Dual orexin receptor antagonist |
Insomnia |
Commercially available in the US Germany, Italy,
Switzerland, Spain, and the UK;Approved in the EU and Canada;Filing
in Japan expected in H2 2023;Phase 2 in pediatric insomnia –
recruiting |
Aprocitentan |
Dual endothelin receptor antagonist |
Difficult-to-control (resistant) hypertension |
NDA under review in the US, MAA under review in the EU, other
filings in preparation |
Lucerastat |
Glucosylceramide synthase inhibitor |
Fabry disease |
Phase 3 primary endpoint not met, open-label extension study
ongoing |
Selatogrel |
P2Y12 inhibitor |
Suspected acute myocardial infarction |
Phase 3 recruiting |
Cenerimod |
S1P1 receptor modulator |
Systemic lupus erythematosus |
Phase 3 recruiting |
ACT-1004-1239 |
ACKR3 / CXCR7 antagonist |
Multiple sclerosis and other demyelinating diseases |
Phase 2 in preparation |
Sinbaglustat |
GBA2/GCS inhibitor |
Rare lysosomal storage disorders |
Phase 1 complete |
ACT-1014-6470 |
C5aR1 antagonist |
Immune-mediated disorders |
Phase 1 |
ACT-777991 |
CXCR3 antagonist |
Recent-onset Type 1 diabetes |
Phase 1 |
IDOR-1117-2520 |
Undisclosed |
Immune-mediated disorders |
Phase 1 |
IDO-090 |
Synthetic glycan vaccine |
Clostridium difficile infection |
Phase 1 in preparation |
Neurocrine Biosciences has a global license to develop and
commercialize ACT-709478 (NBI-827104), Idorsia's novel T-type
calcium channel blocker.
On July 20, 2023, Idorsia sold its operating businesses in the
Asia Pacific (ex-China) region to Sosei Heptares, including the
assignment of the license for PIVLAZ (clazosentan) for the Asia
Pacific (ex-China) region. Idorsia retains the rights to
clazosentan in the rest of the world.Further details including the
current status of each project in our portfolio can be found in our
innovation fact sheet.
Nine-Month Financial ReportA full financial
update is available in Idorsia's 2023 Nine-Month Financial Report,
at www.idorsia.com/investors/corporate-reports.
Results Day CenterInvestor community: To make
your job easier, we provide all relevant documentation via the
Results Day Center on our corporate website:
www.idorsia.com/results-day-center.
Upcoming Financial Updates
- Full-Year 2023 Financial Results reporting on February 6,
2024
- Annual General Meeting of Shareholders on April 11, 2024
- First Quarter 2024 Financial Results reporting on April 25,
2024
- Half-Year 2024 Financial Results reporting on July 25,
2024
Notes to the editor
About IdorsiaIdorsia Ltd is reaching out for
more – We have more ideas, we see more opportunities and we want to
help more patients. In order to achieve this, we will develop
Idorsia into a leading biopharmaceutical company, with a strong
scientific core.
Headquartered near Basel, Switzerland – a European biotech-hub –
Idorsia is specialized in the discovery, development and
commercialization of small molecules to transform the horizon of
therapeutic options. Idorsia has a 20-year heritage of drug
discovery, a broad portfolio of innovative drugs in the pipeline,
an experienced team of professionals covering all disciplines from
bench to bedside, and commercial operations in Europe and North
America – the ideal constellation for bringing innovative medicines
to patients.
Idorsia was listed on the SIX Swiss Exchange (ticker symbol:
IDIA) in June 2017 and has over 800 highly qualified specialists
dedicated to realizing our ambitious targets.
For further information, please contactAndrew
C. WeissSenior Vice President, Head of Investor Relations &
Corporate CommunicationsIdorsia Pharmaceuticals Ltd,
Hegenheimermattweg 91, CH-4123 Allschwil+41 58 844 10
10investor.relations@idorsia.commedia.relations@idorsia.comwww.idorsia.com
The above 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", "pending"
or "anticipates" or similar expressions, or by discussions of
strategy, plans or intentions. Such statements include descriptions
of the company's investment and research and development programs
and anticipated expenditures in connection therewith, descriptions
of new products expected to be introduced by the company and
anticipated customer demand for such products and products in the
company's existing portfolio. Such statements reflect the current
views of the company with respect to future events and are subject
to certain risks, uncertainties and assumptions. Many factors could
cause the actual results, performance or achievements of the
company to be materially different from any future results,
performances or achievements that may be expressed or implied by
such forward-looking statements. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
described herein as anticipated, believed, estimated or
expected.
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