Strong sales acceleration of QUVIVIQ drives Idorsia toward profitability

Core Insights - Idorsia Ltd has reported a significant operational turnaround driven by the commercial acceleration of QUVIVIQ and financial discipline, aiming for overall profitability by the end of 2027 [2][3][4] Commercial Operations - QUVIVIQ generated total product sales of CHF 56 million in the first half of 2025, representing over a 140% increase compared to the same period in 2024 [5] - In the EUCAN region, QUVIVIQ net sales reached CHF 44 million, nearly four times the CHF 9 million recorded in the first half of 2024 [6] - QUVIVIQ is positioned to become the standard of care for insomnia in Europe, with a focus on securing public reimbursement and expanding promotional efforts [7] Financial Performance - Total net revenue for H1 2025 was CHF 131 million, significantly up from CHF 26 million in H1 2024, driven by QUVIVIQ sales and contract revenues [24][25] - US GAAP operating income for H1 2025 was CHF 64 million, compared to an operating loss of CHF 64 million in H1 2024 [24] - Net income for H1 2025 was CHF 52 million, a substantial improvement from a net loss of CHF 79 million in H1 2024 [27][28] Funding and Liquidity - The company secured a new money facility of CHF 150 million, extending its cash runway through the end of 2026 [4][32] - At the end of H1 2025, Idorsia's liquidity amounted to CHF 72 million, with total indebtedness of CHF 1.37 billion [33][34] Research and Development - Idorsia is advancing multiple investigational clinical assets, including a Phase 2 study for daridorexant in pediatric insomnia and ongoing discussions with the FDA regarding lucerastat for Fabry disease [15][17][19] - The company is also developing a bacterial vaccine targeting Clostridioides difficile, with initial data showing positive results [23] Financial Guidance - For 2025, Idorsia expects continued acceleration of QUVIVIQ with net sales around CHF 130 million and anticipates a non-GAAP operating loss of approximately CHF 175 million [35][36]