Idorsia Ltd. · SIX:IDIA
Idorsia — Idorsia Pharmaceuticals — Q4 2025 Earnings Presentation
23 slides from Idorsia's earnings presentation, Feb 26, 2026
Slide 1: Financial Reporting
Financial Reporting February 2026, Investor webcast
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: 2025 was a pivotal year for Idorsia
2025 was a pivotal year for Idorsia CHF million Non-GAAP operating results Completed debt Idorsia-led QUVIVIQ sales restructuring – sequestered debt in 134 asset-backed vehicle -100 New financing 61 -308 from equity and debt investors 31 -501 Access to liquidity of 2023 2024 2025 2023 2024 2025 CHF
Slide 4: Value creation across near-term revenue and long-term innovation
Value creation across near-term revenue and long-term innovation Two products Pipeline poised to deliver entering value- the next generation of acceleration phase breakthrough medicines 4 FY 2025 Financial Reporting | February 2026
Slide 5: Only QUVIVIQ offers restorative sleep and revitalized days
Only QUVIVIQ offers restorative sleep and revitalized days 5 FY 2025 Financial Reporting | February 2026
Slide 6: Clear path to global blockbuster scale
Clear path to global blockbuster scale Idorsia-led product sales CHF million 1 Market expansion in Europe and Canada 200* 134 2 Unlock value in the US 61 31 3 Continue building the global brand 2023 2024 2025 2026 * 2026 sales guidance US exclusivity to at least 2036 EU exclusivity to at least 2037
Slide 7: Market expansion in Europe and Canada
Market expansion in Europe and Canada Secure public reimbursement to expand access & improve the patient experience Invest in specialty promotion Daytime functioning benefit and use with co-morbid conditions are unique value proposition for prescribers, patients, & payers Expand to primary care incl
Slide 8: Unlocking value in the world's largest insomnia market
Unlocking value in the world’s largest insomnia market Potential descheduling of the DORA class to expand access & improve the patient experience US label-enhancing study Inclusion of daytime functioning benefit – unique value proposition for prescribers, patients, & payers Adoption of new sales and
Slide 9: We are building QUVIVIQ into a global brand
We are building QUVIVIQ into a global brand Europe Allschwil, Switzerland Paris, France Munich, Germany Milan, Italy Madrid, Spain Stockholm, Sweden London, United Kingdom Idorsia-led North America Licensed Radnor, Pennsylvania USA Montreal, Canada Priority targets 9 FY 2025 Financial Reporting | Fe
Slide 10: Daridorexant: A potential first-in-class option for pediatric insomnia
Daridorexant: A potential first-in-class option for pediatric insomnia Significant unmet need Phase 2 dose-finding study • No medications approved for the estimated • Pediatric Investigational Plan (PIP) with EMA and 12 million children in the US Initial Pediatric Study Plan (iPSP) with FDA • Only D
Slide 11: The first and only antihypertensive targeting the endothelin system
The first and only 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
Slide 12: TRYVIO/JERAYGO is uniquely placed in the treatment landscape
TRYVIO/JERAYGO is uniquely placed in the treatment landscape PRECISION First and only dual ERA approved Clinical differentiation Study conducted in patients with for systemic hypertension Indicated Excellent efficacy & safety – truly resistant hypertension for patients not adequately consistent acro
Slide 13: Excellent feedback from the prescribers
Excellent feedback from the prescribers US Utilized in 25 Top hypertension centers We are seeing utilization from hypertension experts and physicians at key institutions we I’m seeing ~10 to 15 mmHg drop in BP. It’s well tolerated, and I “ Resistant hypertension has complexities... One patient had a
Slide 14: 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 15: 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 Regulatory pathway to registration agreed with the FDA and in line with the feedback Oral potential for organ protection received from EMA. The program is expected to sup
Slide 16: 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 17: Registration program targeting monotherapy for all adult patients
Registration program targeting monotherapy for all adult patients 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 lucerastat versus established • De
Slide 18: We have increased sales significantly while materially lowering OPEX
We have increased sales significantly while materially lowering OPEX in CHF millions, Non-GAAP operating results* rounding differences may occur 214 2024 2025 113 6 15 -36 -21 -128 -93 -100 -215 -263 -308 Net revenue Cost of sales R&D SG&A Other income Non-GAAP operating results * as of Dec 31, 2025
Slide 19: Successful equity financing resulted in strong liquidity at year-end
Successful equity financing resulted in strong liquidity at year-end in CHF millions, Liquidity rounding differences may occur 142 -215 169** 106 68 -93 70 89 11 Liquidity Product SG&A R&D Other 1st tranche Sale of Liquidity Jan 1, 2025 sales OPEX OPEX New Money shares* Dec 31, 2025 Facility * Inclu
Slide 20: Strong performance against upgraded guidance
Strong performance against upgraded guidance Status: February 2026 Guidance Performance CHF million 2025 2025* REVENUE 205 214 Idorsia-led product revenue 130 134 Product sales to partners 7 Contract revenue 75 72 COGS -15 -21 SG&A OPEX -200 -215 R&D OPEX -90 -93 • Strong QUVIVIQ sales Other income
Slide 21: Continued QUVIVIQ sales growth with focused investments
Continued QUVIVIQ sales growth with focused investments Status: February 2026 CHF million Guidance 2026* Idorsia-led QUVIVIQ sales 200 Positive commercial Operating expenses -330 contribution and Non-GAAP EBIT -120 focused investment in US-GAAP EBIT -160 value-driving pipeline * Excluding unforeseen
Slide 22: Clear areas of focus and multiple catalysts upcoming in 2026
Clear areas of focus and multiple catalysts upcoming in 2026 Adoption of new sales and distribution models for QUVIVIQ Active areas of • • Continued global expansion of QUVIVIQ through partnerships focus • QUVIVIQ descheduling in the US • Maximize the value of TRYVIO/JERAYGO • Expand BD efforts R&D
Slide 23: 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 • QUVIVIQ 3 Idorsia-discovered drugs approved • TRYVIO/JERAYGO • PIVLAZ* • Lucerastat Becoming the global standard of care for insomnia 3 in Phase 3 since founding i
Idorsia Pharmaceuticals — Q4 2025 Earnings Presentation on 6ix