Idorsia

What Idorsia does

Idorsia Pharmaceuticals Ltd is a Swiss biopharmaceutical company founded in 2017 through the demerger of Actelion's drug discovery and early-stage clinical pipeline into a publicly listed entity on the SIX Swiss Exchange (ticker: IDIA). Headquartered in Allschwil, the company employs approximately 500 staff across 14 sites in Europe, North America, and Asia, and operates a research, development, and commercialization platform focused on small-molecule medicines for central nervous system, cardiovascular, immunological, and rare diseases. Idorsia's core technology centers on novel mechanisms of action, including dual orexin receptor antagonism (daridorexant), dual endothelin receptor antagonism (aprocitentan), and a synthetic glycan-based glycoconjugate vaccine platform.

The company has transitioned from an R&D-stage to a commercial-stage biopharmaceutical, with three core marketed brands: QUVIVIQ (daridorexant) for chronic insomnia, approved in the US, EU, Canada, Switzerland, China, and 13 European countries; TRYVIO (aprocitentan) in the US; and JERAYGO (aprocitentan) in the EU/UK/Switzerland for resistant hypertension. Idorsia generates revenue from direct product sales in the US, Canada, and major European markets, complemented by a layered partnership model: Syneos Health operates approximately 20 US virtual sales representatives, Menarini/Berlin-Chemie extend reach to general practitioners in Europe, while Nxera Pharma (APAC ex-China), Simcere (China), Pharmalink (GCC), and EMS (LATAM) handle regional commercialization. A second revenue stream comprises licensing milestones and royalties, including a USD 350 million upfront and development cost-sharing under the Viatris collaboration for selatogrel and cenerimod, plus tiered royalties on Simcere's QUVIVIQ sales in China and Santhera vamorolone royalties.

FY2025 total revenue reached CHF 214 million (+89% YoY), driven by QUVIVIQ net product sales of CHF 134 million (more than double the CHF 61 million in 2024) and 2026 QUVIVIQ sales are guided to CHF 200 million. The company continues to operate at a net loss, though the US GAAP net loss narrowed sharply to CHF 112 million in 2025 from CHF 264 million in 2024, and non-GAAP operating loss improved 67% to CHF 100 million. Capital structure remains leveraged, with CHF 1,395 million of total indebtedness and CHF 95 million of liquidity as of March 31, 2026, partially offset by a new CHF 250 million Pharmakon/BioPharma Credit senior secured facility maturing in June 2031 and a CHF 65.6 million equity raise completed in October 2025.

Name

Idorsia

Legal name

Idorsia Pharmaceuticals Ltd

Website

https://idorsia.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Idorsia Pharmaceuticals is a Swiss biopharmaceutical company that discovers, develops, and commercializes small-molecule drugs for insomnia, resistant hypertension, Fabry disease, and rare disorders, with marketed products QUVIVIQ, TRYVIO, and JERAYGO sold globally via direct affiliates and regional partners.

Ownership category

akta.pro rank

Product category

Specialty Pharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Cardiology & Vascular Specialty Pharmaceuticals (HLAIACAG)

akta.pro secondary industry

Transplant & Immunosuppression Specialty Pharmaceuticals (HLAIACAJ)

Keywords

• Insomnia therapeutics
• Hypertension treatments
• Rare disease therapies
• Small molecule drugs
• CNS pharmaceuticals

Headquarters

HQ city

Allschwil

HQ country

Switzerland

HQ region

Europe

Offices13 records

Markets served

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Supply Chain, Operations

Revenue model

1. Product Sales - QUVIVIQ (daridorexant): Direct product sales of QUVIVIQ for insomnia in markets where Idorsia has commercial operations (US, major European countries, Canada). Net sales reached CHF 134 million in 2025, with projected sales of CHF 200 million in 2026.
2. Product Sales - TRYVIO/JERAYGO (aprocitentan): Sales of aprocitentan for hypertension in the US (TRYVIO) and Europe (JERAYGO for resistant hypertension).
3. Licensing and Milestone Payments: Upfront payments, development and regulatory milestones, and sales milestones from partners including Viatris (selatogrel, cenerimod), Simcere (daridorexant in China), Nxera Pharma (Asia Pacific), and others. Received USD 350 million upfront from Viatris, USD 230 million milestone from Janssen for aprocitentan approval.
4. Royalty Revenue: Royalties from partnered products including low- to mid-single digit royalties on aprocitentan net sales, tiered royalties on daridorexant sales in China (low- to high-single digit), and royalties on vamorolone sales from Santhera.
5. Contract Revenue: Revenue from development cost-sharing arrangements with partners, such as the Viatris collaboration for selatogrel and cenerimod development.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels5 records

Core offering

Idorsia is a Swiss biopharmaceutical company that discovers, develops, and commercializes innovative small-molecule medicines with novel mechanisms of action across CNS, cardiovascular, and rare disease therapeutic areas. Its commercial products include QUVIVIQ (daridorexant) for chronic insomnia and TRYVIO/JERAYGO (aprocitentan) for resistant hypertension, with a pipeline spanning Fabry disease (lucerastat), systemic lupus erythematosus (cenerimod), acute myocardial infarction (selatogrel), and synthetic glycan-based vaccines.

Differentiator

Problem solved

Functional benefit

Brands

• QUVIVIQ (daridorexant): Dual orexin receptor antagonist for treatment of insomnia; approved in US, Europe, Canada, and multiple other countries
• TRYVIO (aprocitentan)
• JERAYGO (aprocitentan)

Products and services

• QUVIVIQ (daridorexant)
• TRYVIO (aprocitentan)
• JERAYGO (aprocitentan)
• Lucerastat

Quantifiable outcome

• QUVIVIQ demonstrated statistically significant dose-dependent improvement in total sleep time (p=0.0185) in pediatric patients aged 10-17 years with insomnia disorder
• +4 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered regional, major, core and strategic.

• PharmalinkregionalChannel Partner/ Reseller/ Distributor · 1 March 2026Exclusive agreement with Pharmalink Drug Store for distribution and commercialization of QUVIVIQ in Kuwait, Oman, Qatar, Bahrain, and UAE. Idorsia retains marketing authorizations, receives upfront payment, and supplies finished product at pre-determined price. Pharmalink handles local sales, promotion, and distribution.
• EMS S.A.regionalChannel Partner/ Reseller/ Distributor · 1 January 2026Partnership with EMS S.A. to bring QUVIVIQ to Latin America following regulatory submission in Brazil. Collaboration includes responsibilities for registration, commercialization, and milestone payments as part of Idorsia's global expansion.
• Menarini FrancemajorChannel Partner/ Reseller/ Distributor · 1 October 2025Commercial partnership with Menarini in France for QUVIVIQ, expanding reach from specialist prescribers to general practitioners in October 2024. Partnership substantially increased sales quarter on quarter, with France becoming one of the main drivers of sales growth in the EUCAN region.
• Berlin Chemie (Menarini Group)majorChannel Partner/ Reseller/ Distributor · 1 April 2025Commercial partnership with Berlin-Chemie, a wholly owned subsidiary of Menarini Group, for QUVIVIQ commercialization from specialist to general practitioner channels beginning early April 2025.
• ViatriscoreStrategic or Co-development Partner · 1 March 2024Global R&D collaboration with Viatris for development and commercialization rights to selatogrel (acute myocardial infarction) and cenerimod (systemic lupus erythematosus). Idorsia received USD 350 million upfront with obligation to contribute USD 200 million for development. Updated terms in February 2025 reduced Idorsia's contribution to USD 100 million with USD 250 million reduction in future milestone payments and expanded territorial rights for cenerimod to Viatris.
• OwkinstrategicTechnology or Integration · 1 January 2024Owkin has global license to develop and commercialize ACT-1002-4391, Idorsia's novel EP2/EP4 receptor antagonist with antitumor efficacy. Owkin will use its proprietary AI-based data-mining platform to generate clinical trial designs and identify patients who may benefit.
• Nxera PharmacoreChannel Partner/ Reseller/ Distributor · 1 January 2023Idorsia sold its Asia Pacific (ex-China) operations to Nxera Pharma for total consideration of CHF 400 million. Transaction includes acquisition of affiliates in Japan and South Korea, assignment of PIVLAZ license, co-exclusive license for daridorexant in the territory, and option to license lucerastat. Territory: Australia, Brunei, Cambodia, Indonesia, Japan, South Korea, Malaysia, Myanmar, New Zealand, Philippines, Singapore, Thailand, Taiwan, Vietnam.
• SimcerecoreChannel Partner/ Reseller/ Distributor · 1 January 2022Exclusive licensing agreement for daridorexant in Greater China region. Simcere received USD 30 million upfront and successfully commercialized Sanbexin for acute ischemic stroke. In June 2025, Simcere received Chinese NMPA approval for QUVIVIQ and Idorsia received USD 50 million approval milestone. Updated terms include milestone payments up to USD 93 million and low- to high-single digit tiered royalties on future net sales.
• Syneos HealthmajorChannel Partner/ Reseller/ Distributor · 1 January 2020Innovative commercial partnership for US launch of QUVIVIQ. Syneos Health provides approximately 20 virtual sales representatives operating with data-driven targeted call plans, replacing approximately 100 field force reps. Expanded in January 2022 to support potential launch in Europe and Canada. Syneos executes marketing, focused digital media, data analytics, and market access activities.
• Johnson & Johnson Innovative Medicine (Janssen)coreStrategic or Co-development Partner · 1 December 2017Collaboration agreement with Janssen Biotech for jointly developing aprocitentan and derivative compounds. Janssen had sole worldwide commercialization rights. In September 2023, Idorsia reacquired development and commercialization rights from Janssen. Idorsia paid USD 230 million milestone and will pay conditional consideration up to CHF 306 million (30% of out-licensing consideration, 10% of other product considerations, low- to mid-single digit royalties on net sales). Janssen retains licenses in pulmonary hypertension.

Scale indicators14 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Eisai: Eisai markets Dayvigo (lemborexant), another dual orexin receptor antagonist for insomnia that directly competes with Idorsia's QUVIVIQ. Both companies target the same patient population and prescriber base (sleep specialists and primary care), with Eisai having a larger established commercial infrastructure in the US and Japan.
• Lundbeck: Lundbeck is a Danish specialty pharmaceutical company focused on CNS disorders including insomnia, depression, and neurology. Its portfolio overlaps directly with Idorsia's CNS focus, and its European commercial scale provides a comparable benchmark for QUVIVIQ's European rollout and CNS market dynamics.
• Jazz Pharmaceuticals: Jazz Pharmaceuticals is a specialty pharma company with CNS and rare disease franchises including sleep disorder treatments. Its commercial model for narcolepsy drugs (Xywav, Xyrem) and CNS specialty focus makes it directly comparable to Idorsia's QUVIVIQ franchise in the sleep medicine specialist channel.
• BioMarin Pharmaceutical: BioMarin is a rare disease specialty pharmaceutical company with comparable size and therapeutic focus on genetic disorders. Its commercial execution in orphan diseases provides a relevant benchmark for Idorsia's Fabry disease and rare disease strategy.
• Amicus Therapeutics: Amicus markets Galafold (migalastat) for Fabry disease, directly competing with Idorsia's lucerastat in the same rare disease indication. Both companies target Fabry patients with novel oral mechanisms, providing a direct comparable for market sizing, pricing dynamics, and rare disease commercial execution.

Broad incumbents

• Sanofi: Sanofi markets Fabrazyme (agalsidase beta) for Fabry disease, directly competing with lucerastat, and has broader cardiovascular and rare disease franchises overlapping with aprocitentan. As a top-5 global pharma, Sanofi represents a broad incumbent comparable for Idorsia's specialty therapeutic areas.
• Bayer: Bayer is a major player in cardiovascular pharmaceuticals with established hypertension franchises (Xarelto, Adempas). As a broad incumbent in cardiovascular medicine, Bayer provides a relevant comparable for aprocitentan's market opportunity and commercial dynamics in resistant hypertension.

Regional players

• Sumitomo Pharma: Sumitomo Pharma (formerly Sumitomo Dainippon) markets sleep disorder and CNS therapeutics in Japan and APAC markets. Its regional focus in APAC mirrors Idorsia's APAC partnership with Nxera Pharma and provides comparable insights into Japanese insomnia market dynamics.
• Recordati: Recordati is a European specialty pharmaceutical company with established cardiovascular and rare disease franchises. Its primary geographic focus on Europe mirrors Idorsia's EUCAN commercial operations and provides a relevant benchmark for European specialty pharma execution.

Emerging players

• Viatris: Viatris is Idorsia's R&D collaboration partner for selatogrel and cenerimod, providing comparable scale in specialty pharmaceuticals. As a global specialty pharma formed from Mylan/Pfizer Upjohn combination, Viatris offers insights into commercial scaling and pricing dynamics in Idorsia's target therapeutic areas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/idorsia
• Facebookfacebook.com/idorsia

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries13 records

Funding overview

Funding rounds10 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Idorsia