PhD | Director Therapeutic Innovation and BaseLaunch
Tel. +41 61 295 50 17stephan. emmerth@baselarea. swiss
Pharmaceutical research company Idorsia can look back on a successful 2017 fourth quarter. It now aims to bring new compounds into Phase 3 development and turn itself into a profitable company.
Idorsia demerged from Actelion in mid-June 2017, which means that its 2017 financial results are based on its business activities for the past six and a half months. These show that the Basel-based company made revenues in the amount of 158 million Swiss francs. It had a US-GAAP operating loss of 8 million francs and non-GAAP operating income of 8 million francs. In the fourth quarter alone, the company recorded an operating income of 71 million francs (US-GAAP) or 79 million francs (non-GAAP). Non-GAAP operating expenses for 2017 came in at 150 million francs.
“We have a diverse pipeline with unique assets that offer significant potential to patients and investors alike. We must invest in this pipeline now in order to make Idorsia a profitable company, in a sustainable manner, as quickly as possible,” said CFO André C. Muller.
“With this in mind, unforeseen events and potential milestone expenses excluded, we expect non-GAAP operating expenses for 2018 to be around 390 million Swiss francs, mainly depending on when each of the different Phase 3 programs commences.”
Four compounds are now ready to move into Phase 3 development: aprocitentan to manage hypertension, ACT-541468 to treat insomnia, clazosentan to treat vascular diseases, and lucerastat to treat the metabolic disease Morbus Fabry.
“We have made great progress in establishing Idorsia, while simultaneously advancing our pipeline without any loss of momentum,” said CEO Jean-Paul Clozel, who also referred to partnerships with Roche and Janssen Biotech.
“Looking ahead, I am very excited by the prospect of advancing four compounds into Phase 3 development this year. With our substantial pipeline and these strong partnerships, we have every reason to be optimistic about our future.”