Idorsia reports strong 2025 results with QUVIVIQ sales more than doubling – further sales growth ahead with multiple pipeline catalysts in 2026

Core Insights - Idorsia Ltd reported strong financial and operational results for the full year 2025, setting a foundation for future growth and a catalyst-rich 2026 [1][2] Financial Performance - Net sales for 2025 reached CHF 221 million, a significant increase from CHF 113 million in 2024, driven by product sales of CHF 134 million and contract revenues of CHF 79 million [9] - Operating expenses decreased to CHF 268 million in 2025 from CHF 351 million in 2024, influenced by a one-off gain from a deal amendment [10] - The net loss for 2025 was CHF 112 million, an improvement from a net loss of CHF 264 million in 2024, resulting in a net loss per share of CHF 0.52 compared to CHF 1.45 in the previous year [11][12] Product Highlights - QUVIVIQ sales more than doubled, contributing significantly to the revenue growth and positioning the product for blockbuster status [2][6] - TRYVIO/JERAYGO has been approved in multiple regions and is showing promising results in hypertension treatment, with ongoing discussions for partnerships to maximize its global value [7][10] - The company is advancing its pipeline, including the upcoming pediatric insomnia study for daridorexant and the registration program for lucerastat in Fabry disease [6][8] Strategic Outlook - The guidance for 2026 anticipates continued growth in QUVIVIQ sales, projected to increase by approximately 50%, alongside investments in the lucerastat registration program and the immunology portfolio [8] - The company aims to transform the treatment paradigm in pediatric insomnia, with results expected in Q2 2026 [7] - Idorsia's operational restructuring initiated in Q4 2024 has contributed to improved financial performance and a strengthened balance sheet [11][13] Human Resources - The company reduced its workforce by over 200 positions in 2025, bringing the total number of permanent employees to 487 [20]