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Idorsia announces financial results for the first quarter 2019

Nachrichtenquelle: GlobeNewswire
18.04.2019, 07:00  |  260   |   |   

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.

Key figures

  • 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."

Financial results

US GAAP results   First Quarter
in CHF millions, except EPS (CHF) and number of shares (millions)     2019 2018
Revenues     7 7
Operating expenses     (125) (81)
Operating income (loss)     (119) (74)
Net income (loss)     (106) (79)
Basic EPS     (0.81) (0.66)
Basic weighted average number of shares     131.1 119.1
Diluted EPS     (0.81) (0.66)
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.

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