Idorsia Ltd. · SIX:IDIA
Idorsia — Q1 2023 Earnings Presentation
26 slides from Idorsia's earnings presentation, Apr 25, 2023
Slide 1: First Quarter 2023 Financial Reporting
Financial Reporting 20 FIRST QUARTER 23 1 First Quarter 2023 Financial Reporting | 25 Apr 2023
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 on strategic priorities
“The company continues to deliver on the strategic priorities and make progress on many fronts.” Jean-Paul Clozel Chief Executive Officer 3 First Quarter 2023 Financial Reporting | 25 Apr 2023
Slide 4: Our objectives for QUVIVIQ
Our objectives for QUVIVIQ Expand the medical utility Establish QUVIVIQ of QUVIVIQ 5 as the leading brand in insomnia in Europe Establish 4 QUVIVIQ as the leading brand 2 3 Change the treatment paradigm in insomnia in insomnia in Expand the US reimbursement 1 4 First Quarter 2023 Financial Reporting
Slide 5: QUVIVIQ leading insomnia brand in US commercial market
“It’s great to see QUVIVIQ is now the leading insomnia brand in the US commercial market.” Simon Jose Chief Commercial Officer 5 First Quarter 2023 Financial Reporting | 25 Apr 2023
Slide 6: QUVIVIQ net sales in Q1 2023
QUVIVIQ™ (daridorexant) CHF 4.3 million net sales in Q1 2023* *in the US, Germany, and Italy; US net sales do not reflect the volume of prescriptions dispensed due to patient assistance and coupon programs Daridorexant is available in the US, Germany, and Italy under the tradename QUVIVIQ. In additi
Slide 7: Strong demand in the last quarter
Strong demand in the last quarter QUVIVIQ Monthly TRxs by Strength QUVIVIQ Monthly TRxs by Source 25'000 25mg 50mg Total QUVIVIQ VitaCare IQVIA 20'000 15'000 73% 73% 10'000 69% 71% 72% 70% 70% 5'000 72% 73% 27% 31% 27% 72% 30% 30% 28% 29% 78% 28% 0 22% 28% 27% May.22 Jun.22 Jul.22 Aug.22 Sep.22 Oct.
Slide 8: QUVIVIQ leading branded insomnia medicine in NBRx
QUVIVIQ is the leading branded insomnia medicine in NBRx – with accelerating CBRx New to brand prescriptions (NBRx) Continued brand prescriptions (CBRx) 14'000 14000 12'000 12000 10'000 10000 Belsomra 8'000 8000 6'000 QUVIVIQ 6000 4'000 4000 2'000 Dayvigo 2000 0 0 Jan- Feb- Mar- Apr- May- Jun- Jul-
Slide 9: QUVIVIQ leading branded insomnia medicine in TRxs
QUVIVIQ is the leading branded insomnia medicine in TRxs – where we can compete Commercial DORA TRxs* 16000 Mar-23 Share 14000 QUVIVIQ Commercial Rxs + 39% Consignment (VitaCare Commercial Patient) Rxs 12000 36% Belsomra Commercial Rxs 10000 Dayvigo Commercial Rxs 8000 25% 6000 4000 2000 0 May Jun J
Slide 10: QUVIVIQ is growing the DORA class and taking share
QUVIVIQ is growing the DORA class and taking share DORA TRx DORA NBRx 250'000 60'000 +93% +42% Class share: 50'000 200'000 25% 19% 3% 12% 43% QUVIVIQ 40'000 41% 150'000 21% 20% 34% 28% 24% 30% 30'000 12% 13% Dayvigo 25% 17% 14% 100'000 37% 20'000 69% 64% 60% 56% 70% 50'000 45% 43% Belsomra 10'000 63
Slide 11: Progress in expanding reimbursement
Progress in expanding reimbursement Total insomnia market1 Key payer contracts for QUVIVIQ Cash 3% National Preferred Formulary 23.1 MM Lives 2 Medicaid 15% Uniform Formulary 9.0 MM Lives 2 Commercial 46% Medicare Part D Key deals in progress… 36% Downstream Accounts 1. IQVIA Q1 2023, TRx Plantrak 2
Slide 12: QUVIVIQ demand continues to grow in Europe
QUVIVIQ demand continues to grow in Europe Volume of standard units (tablets) purchased by pharmacies in Germany and Italy 35'000 30'000 25'000 20'000 15'000 10'000 5'000 0 W45 W46 W47 W48 W49 W50 W51 W52 W1 W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13 For Italy: IQVIA weekly wholesalers to pharmacy proj
Slide 13: Preparing for more launches in Europe
Preparing for more launches in Europe • NICE review in progress • Launch planned for H2 2023 • Launched in November 2022 • AMNOG pricing and reimbursement process and GB-A review of 4-week prescribing limitation (Anlage III) on-going • Reimbursement process on-going • Private market launch planned i
Slide 14: PIVLAZ (clazosentan)
PIVLAZ® (clazosentan) Clazosentan is only marketed in Japan under the tradename PIVLAZ® 14 First Quarter 2023 Financial Reporting | 25 Apr 2023
Slide 15: PIVLAZ patients treated in Japan and net sales
>5,000 patients treated in Japan within a year of launch CHF 13.5 million >95% ~27% net sales in Awareness of PIVLAZ of aSAH patients Q1 2023 among target treated with Neurosurgeons PIVLAZ in March 2023 Clazosentan is only marketed in Japan under the tradename PIVLAZ® 15 First Quarter 2023 Financial
Slide 16: CFO quote on extending cash runway
“We are actively working to extend the cash runway.” André C. Muller Chief Financial Officer 16 First Quarter 2023 Financial Reporting | 25 Apr 2023
Slide 17: US GAAP net results
US GAAP net results 20 FIRST QUARTER in CHF millions, rounding differences may occur 23 Non-GAAP US GAAP Financial results as of March 31, 2023 17 First Quarter 2023 Financial Reporting | 25 Apr 2023
Slide 18: Non-GAAP operating expenses
Non-GAAP operating expenses 20 FIRST QUARTER in CHF millions, rounding differences may occur 23 0 -1 -30 -28 -59 -56 -188 -202 -99 3M 2022 -117 3M 2023 Cost of sales Research Development SG&A Non-GAAP operating expenses Financial results as of March 31, 2023 18 First Quarter 2023 Financial Reporting
Slide 19: Cash flow
Cash flow 20 FIRST QUARTER in CHF millions, rounding differences may occur 23 Financial results as of March 31, 2023 19 First Quarter 2023 Financial Reporting | 25 Apr 2023
Slide 20: Liquidity
Liquidity 20 FIRST QUARTER in CHF millions, rounding differences may occur 23 466 466 14 146 116 Cash and Other FX Cash equivalents Cash deposits USD 212 < 12 months 212 26 Cash deposits CHF 320 336 48 > 12 months 212 138 Liquidity @ Liquidity @ Liquidity @ Liquidity @ Dec 31, 2022 Mar 31, 2023 Dec
Slide 21: Financial Guidance for 2023
Financial Guidance for 2023* US GAAP operating loss of around CHF 735 million and non-GAAP operating loss of around CHF 650 million *Excluding unforeseen events Non-GAAP metrics do not include Depreciation and Amortization, and Shared-Based Compensation 21 First Quarter 2023 Financial Reporting | 25
Slide 22: Profitability target
Profitability target The company is committed to reach sustainable profitability in 2025 with global revenue above CHF 1 billion Based on: • Sales of QUVIVIQ • Sales of PIVLAZ in Japan • Tiered royalties on aprocitentan Excluding unforeseen events 22 First Quarter 2023 Financial Reporting | 25 Apr 2
Slide 23: We must continue to innovate!
“We must continue to innovate!” Jean-Paul Clozel Chief Executive Officer 23 First Quarter 2023 Financial Reporting | 25 Apr 2023
Slide 24: Late-stage pipeline assets
Late-stage pipeline assets Aprocitentan Selatogrel Cenerimod PDUFA > 4,500 patients Phase 3 program 19 December 2023 recruited recruiting 24 First Quarter 2023 Financial Reporting | 25 Apr 2023
Slide 25: Momentum building catalysts in 2023
Momentum building catalysts in 2023 2023 1H 1H 1H 1H mid- 2H 2H end- Aprocitentan QUVIVIQ FDA decision QUVIVIQ NDA in US QUVIVIQ QUVIVIQ Lucerastat Launch submission Launch Regulatory Future path in UK in Japan Aprocitentan in Switzerland QUVIVIQ decision decision MAA Secure broader submission in Ca
Slide 26: Building momentum in 2023
Building momentum in 2023 26 First Quarter 2023 Financial Reporting | 25 Apr 2023