Idorsia announces financial results for the first quarter 2019
Idorsia Pharmaceuticals Ltd. / Idorsia announces financial results for the first quarter 2019 . Processed and transmitted by West Corporation. The issuer is solely responsible for the content of this announcement.
Allschwil, Switzerland - April 18, 2019
Idorsia Ltd (SIX: IDIA) today announced its financial results for the first quarter of 2019.
US GAAP operating expenses in Q1 2019 at CHF 125 million
Non-GAAP operating expenses in Q1 2019 at CHF 117 million
Unchanged guidance for 2019: US GAAP operating expenses of around CHF 570 million and non-GAAP operating expenses of around CHF 530 million (both measures exclude any potential milestone payments)
Jean-Paul Clozel, MD and Chief Executive Officer, commented:
"Our focus in 2019 must be on delivering on our strategic priorities by advancing at full steam with our key clinical activities. This will enable us to begin reading out late stage clinical trials next year. Keep in mind that for every Phase 3 program, there are activities ongoing across the whole company to prepare the comprehensive dossier required by the health authorities. I'm very fortunate that at Idorsia, we have the right professionals who know exactly what it takes to register a drug and to market it successfully."
|US GAAP results||First Quarter|
|in CHF millions, except EPS (CHF) and number of shares (millions)||2019||2018|
|Operating income (loss)||(119)||(74)|
|Net income (loss)||(106)||(79)|
|Basic weighted average number of shares||131.1||119.1|
|Diluted weighted average number of shares||131.1||119.1|
For the first quarter 2019, US GAAP net loss amounted to CHF 106 million compared to CHF 79 million for the period ending March 31, 2018. The increase of the net loss was mainly driven by higher operating costs.