In 2024, Idorsia Ltd (IDRSF) demonstrated significant progress in both its financial restructuring and market expansion efforts. The company achieved notable sales growth for QUVIVIQ, particularly in the EUCAN region and the US, while successfully addressing financial challenges through debt restructuring and strategic cost management. Despite ongoing financial constraints, Idorsia remains focused on advancing its innovative pipeline and securing partnerships to drive future growth.

Boosting Sales and Market Penetration

The company has made substantial strides in expanding its market presence for QUVIVIQ. With over 15 million tablets distributed in the EUCAN region and more than 550,000 prescriptions dispensed in the US by the end of 2024, Idorsia has secured full reimbursement in key European markets like Germany, France, and the UK. This strategic move has positively impacted sales, with net sales reaching CHF32 million in the EUCAN region and surpassing CHF28 million in the US. Additionally, TRYVIO’s approval in the US and EU has addressed a significant unmet need in resistant hypertension, garnering positive feedback from key opinion leaders and payers.

Despite these achievements, Idorsia faces challenges in maintaining US sales due to reduced marketing investments and the need for de-scheduling under the Controlled Substances Act. The company is working towards de-scheduling within the next year, which could alleviate some of these constraints. Furthermore, initial discussions with payers for TRYVIO have been promising, indicating strong potential for broader market acceptance. As Idorsia continues to expand its reach, the company aims to achieve CHF110 million in QUVIVIQ sales in Europe and Canada in 2025, reinforcing its commitment to market leadership.

Navigating Financial Challenges and Strategic Priorities

Idorsia has taken decisive steps to address its financial challenges, including restructuring convertible bonds and reducing R&D commitments. By extending bond maturities by 10 years and securing a CHF150 million new money facility, the company has alleviated immediate financial pressures. This restructuring has extended Idorsia’s cash runway into 2026, providing greater flexibility for operational priorities. Despite projecting a non-GAAP EBIT loss of CHF200 million in 2025, Idorsia remains committed to optimizing its financial position and pursuing strategic partnerships to enhance value.

Key priorities for 2025 include finding a partner for aprocitentan, accelerating QUVIVIQ’s success in the EUCAN region, and pursuing the de-scheduling of the DORA class in the US. The company is also focusing on leveraging its innovative portfolio by targeting development and partnering assets. With a clear roadmap and strategic focus, Idorsia aims to navigate its financial challenges while positioning itself for long-term growth. The creation of a special purpose vehicle (SPV) to manage certain assets further underscores Idorsia’s commitment to financial prudence and maximizing shareholder value. Moving forward, funding will primarily come from QUVIVIQ sales, the new money facility, and potential R&D deals, ensuring sustained operational momentum.