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Financial Report Full Year 2017

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Financial Report Full Year 2017 Financial Report 20 ANNUAL REPORT 17 The purpose of Idorsia is to discover, develop and bring more, innovative medicines to patients. We have more ideas, we see more opportunities and we want to help more patients. 2 Contents 4 Finance in Brief 8 Financial Review Consolidated 18 Financial Statements Holding Company 60 Financial Statements Contents navigation > Contents Finance in Brief Financial Review Consolidated Financial Statements Holding Company Financial Statements 3 Finance in Brief 4 Idorsia is off to a good start Idorsia achieved key milestones in clinical Idorsia achieved key milestones in Idorsia was legally incorporated on March 3, development preclinical development 2017 but became fully operational on June Idorsia announced key results for some On December 20, 2017 Idorsia announced 15, 2017 when it was demerged from clinical compounds. that it has entered into a research Actelion Ltd (“Actelion”) as part of the collaboration with Roche providing Roche transaction (“Transaction”) by Johnson & Janssen Biotech Inc. (“Janssen”) exercised its with an exclusive option to develop and Johnson (“J&J”) to acquire all publicly held option to enter into a collaboration market first-in-class compounds for a registered shares of Actelion: Idorsia shares agreement on aprocitentan (ACT-132577), promising new approach the field of cancer were distributed to Actelion shareholders an orally active dual endothelin receptor immunotherapy and other potential and concomitantly listed on the SIX Swiss antagonist. Idorsia received a USD 230 m indications. exchange (ticker: IDIA). one-time milestone payment which was recognized as contract revenue of Roche will pay an upfront milestone Further information on the demerger CHF 158 m in the fourth quarter of 2017; the payment of CHF 15 m which is expected to process is available on the Idorsia website at: remaining CHF 69 m is expected to be be recognized as contract revenue over the https://www.idorsia.com/investors/financial- recognized over the next 39 months. next three years unless a clinical candidate is information/financial-archive For further information regarding this selected by Roche before the end of the collaboration please see Note 5 in the planned term of this collaboration which Idorsia commenced operations with a rich Consolidated Financial Statements. would then trigger accelerated recognition clinical development pipeline comprising 10 of the milestone. assets in Phase 1 and 2, an established drug All clinical assets advanced, with four discovery engine, state-of-the-art facilities, compounds moving to Phase 3 during 2018, For further information regarding this almost 650 employees, a cash balance of with aprocitentan in the management of collaboration please see Note 5 in the CHF 1 billion and a CHF 243 m credit facility resistant hypertension, Lucerastat in Fabry Consolidated Financial Statements. provided by an affiliate of J&J. disease, Clazosentan in vasospasm associated with aneurysmal subarachnoid hemorrhage and ACT-541468 in insomnia. Contents For further information please refer to the navigation Business Report. Contents > Finance in Brief Financial Review Consolidated Financial Statements Holding Company Financial Statements 5 Idorsia made significant progress towards Idorsia 2017 – Operating performance US GAAP operating loss was CHF 8 m. operational independence All amounts relating to the full-year 2017 At demerger, Idorsia and Actelion entered represent 6 ½ months of activity since the Non-GAAP operating income amounted to into a series of transitional and long-term demerger on June 15, 2017. CHF 8 m. service agreements, mainly relating to the facilities in Allschwil and IT systems, to Idorsia almost reached break-even thanks to US GAAP net loss was CHF 14 m. ensure uninterrupted operations. the recognition of CHF 158 m of the one- time USD 230 m milestone received from Idorsia 2017 – Liquidity Idorsia is on track to exit all transitional Janssen as contract revenue in connection Idorsia started with CHF 1 billion in cash at services by the end of 2018 as planned. with the collaboration agreement on the demerger with CHF 420 m from the spin- Long-term service agreements will last until aprocitentan. No contract revenue was off from Actelion and CHF 580 m from the mid-2020, unless renewed by both parties. recognized in 2017 relating to the one-time convertible loan provided by Cilag. CHF 15 m milestone for the research Idorsia’s strong investor base should allow collaboration with Roche in the field of Idorsia closed 2017 with CHF 1.091 billion of the Group to deliver on its strategy cancer immunotherapy. liquidity, consisting of cash (CHF 622 m) and Cilag Holding AG (“Cilag”), an affiliate of J&J, deposits (CHF 469 m). owned 9.9% of Idorsia’s share capital at year- US GAAP operating expenses amounted to end 2017, following the conversion of the CHF 166 m including non-GAAP operating The CHF 91 m increase in liquidity was first tranche (CHF 135 m) of a convertible expenses of CHF 150 m, depreciation and mainly driven by the upfront milestone of loan of CHF 580 m. The remaining portion amortization of CHF 10 m and stock-based CHF 227 m received from Janssen and (CHF 445 m) allows Cilag to increase its compensation of CHF 6 m relating to the operating expenses of CHF 150 m. equity stake in Idorsia up to 32%, subject to initial grant of 4.9 million share options to all certain conditions. employees and members of the Board of Idorsia can use a credit facility of CHF 243 m For further information please see Note 14 Directors of Idorsia. committed by Cilag under certain conditions in the Consolidated Financial Statements. (see Note 14 in the Consolidated Financial Non-GAAP operating expenses of CHF 150 m Statements). Idorsia did not use this credit Jean-Paul and Martine Clozel significantly were below the guidance of CHF 160/170 m facility in 2017, due to its strong cash Contents increased their equity stake in Idorsia just mainly due to delayed phasing of some position. navigation after the IPO, jointly owning 28.4% of clinical trials, with Research & Development Idorsia’s share capital at year-end 2017. Contents expenditure of CHF 123 m and G&A of CHF 27 m. > Finance in Brief Financial Review Consolidated Financial Statements Holding Company Financial Statements 6 Idorsia 2017 – Indebtedness Idorsia 2017 – Share count Idorsia 2017 – TSR Idorsia’s indebtedness of CHF 365 m Idorsia’s issued share capital at year-end Idorsia’s Total Shareholder Return for the corresponds to the remaining carrying consisted of 119.1 million shares 6 ½ months since IPO was 255%, taking into amount of the convertible loan corresponding to 107.4 million shares at account the first listing price of CHF 10.00 underwritten by Cilag. demerger and 11.7 million shares following on June 16, 2017 and the closing price of For further information please see Note 14 the conversion by Cilag of the first tranche CHF 25.45 at year-end. in the Consolidated Financial Statements. of the convertible loan. The share count for US GAAP basic EPS calculation is based on the weighted-average share count since incorporation of Idorsia. Potential dilutive instruments at year-end consisted of 38.7 million shares in connection with the remaining convertible loan issued to Cilag and 4.8 million share-options granted to all employees and Board members of Idorsia. Hence, potential issued shares total 162.6 million. No dilutive shares were considered for the US GAAP diluted EPS calculation due to the net loss incurred in 2017. Contents navigation Contents > Finance in Brief Disclaimer and notes to this financial report: Idorsia measures and reports its non-GAAP operating performance, which management believes more accurately reflects the underlying business performance. The Group believes that Financial Review these non-GAAP financial measurements provide useful supplementary information to investors. These non-GAAP measures are reported in addition to, not as a substitute for, US GAAP financial performance. Consolidated Rounding differences may occur Financial Statements nm = not meaningful Holding Company Financial Statements 7 Financial Review 8 Idorsia’s key numbers Profit and loss Period ended Dec 31, Fourth quarter 2017 2017 (in CHF millions, except EPS) US GAAP Non-GAAP US GAAP Non-GAAP Net revenue Product sales - --- Contract revenue - royalties - --- Contract revenue - milestones 158 158 158 158 Contract revenue - others - --- Operating expenses Research and development (135) (123) (71) (65) General and administration (31) (27) (16) (14) Net results Operating income (loss) (8) 8 71 79 Net income (loss) (14) 5 68 77 Basic EPS (0.13) 0.04 0.57 0.65 Diluted EPS (0.13) 0.03 0.43 0.49 Cash flow Liquidity and indebtedness Period ended Dec 31, Fourth quarter Dec 31, Sep 30, Jun 30, (in CHF millions) 2017 2017 (in CHF millions) 2017 2017 2017 Cash flow Liquidity Operating cash flow 95 146 Cash and cash equivalents 622 552 607 Capital expenditure (8) (7) Short-term deposits 218 150 150 Contents Free cash flow 88 139 Long-term deposits 250 250 250 navigation Total Liquidity 1,091 952 1,007 Shares Contents Indebtedness Dec 31, Sep 30, Jun 30, Convertible loan 365 363 361 Finance in Brief (in millions) 2017 2017 2017 Other financial debt - - - Total indebtedness 365 363 361 > Financial Review Share count Issued common shares 119.1 119.1 119.1 Consolidated Equity derivatives 38.7 38.7 38.7 Financial Statements Equity instruments 4.8 4.9 - Total potential issued shares 162.6 162.7 157.8 Holding Company Financial Statements 9 Revenue Operating expenses Revenue Operating expenses Revenue of CHF 158 m consisted of contract revenue in connection Period ended Dec 31, Fourth quarter with the USD 230 m milestone received after Janssen exercised its (in CHF millions) 2017 2017 option to enter into a collaboration agreement on aprocitentan.
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