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Financial Reporting February 2026, Investor webcast
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The information in this presentation contains certain "forward-looking statements", relating to the company's business, which can be identified by the use of forward-looking terminology such as “intend”, "estimates", "believes", "expects", "may", "are expected to", "will", "will continue", "should", "would be", "seeks", "pending" or "anticipates" or similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company's investment and research and development programs, milestones, business development activities and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company's existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. Rounding differences in the numbers presented may occur. Idorsia has transferred its rights for aprocitentan, cenerimod and selatogrel to Idorsia Investments SARL to allow the repayment of notes issued in connection with the repurchase offer completed in August 2025. More details on the transfer can be found in the press release issued on May 21, 2025, and on the exchange offer in the press release issued on August 27, 2025. Forward-looking statements FY 2025 Financial Reporting | February 20262
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– sequestered debt in asset-backed vehicle 2025 was a pivotal year for Idorsia from equity and debt investors CHF 169M Access to liquidity of New financing Completed debt restructuring CHF million 134 61 31 202520242023 Idorsia -led QUVIVIQ sales -100 -308 -501 202520242023 Non-GAAP operating results at year-end 2025 FY 2025 Financial Reporting | February 20263
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Value creation across near-term revenue and long-term innovation Two products entering value- acceleration phase Pipeline poised to deliver the next generation of breakthrough medicines FY 2025 Financial Reporting | February 20264
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Only QUVIVIQ offers restorative sleep and revitalized days FY 2025 Financial Reporting | February 20265
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Clear path to global blockbuster scale FY 2025 Financial Reporting | February 20266 * 2026 sales guidance CHF million 134 61 31 202520242023 Idorsia -led product sales 2026 200* US exclusivity to at least 2036 EU exclusivity to at least 2037 Market expansion in Europe and Canada Continue building the global brand Unlock value in the US 1 2 3
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Market expansion in Europe and Canada FY 2025 Financial Reporting | February 20267 Secure public reimbursement to expand access & improve the patient experience Expand to primary care including digital engagement & online prescription fulfillment Invest in specialty promotion Daytime functioning benefit and use with co-morbid conditions are unique value proposition for prescribers, patients, & payers
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Unlocking value in the world’s largest insomnia market Potential descheduling of the DORA class to expand access & improve the patient experience Adoption of new sales and distribution models including digital engagement & online prescription fulfillment US label -enhancing study Inclusion of daytime functioning benefit – unique value proposition for prescribers, patients, & payers FY 2025 Financial Reporting | February 20268
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Europe Allschwil, Switzerland Paris, France Munich, Germany Milan, Italy Madrid, Spain Stockholm, Sweden London, United Kingdom North America Radnor, Pennsylvania USA Montreal, Canada Idorsia -led Licensed Priority targets We are building QUVIVIQ into a global brand FY 2025 Financial Reporting | February 20269
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Daridorexant: A potential first-in-class option for pediatric insomnia Phase 2 dose -finding studySignificant unmet need • No medications approved for the estimated 12 million children in the US • Only DORA under pediatric investigation • Pediatric Investigational Plan (PIP) with EMA and Initial Pediatric Study Plan (iPSP) with FDA • Efficacy and safety of three doses in pediatric patients aged 10 to <18 • Enrolled patients with insomnia including patients with Autism Spectrum Disorder (ASD) and Attention-Deficit/Hyperactivity Disorder (ADHD) *Medalie L et al. Pediatric sleep medicine, Springer, 2021. 333-339 Estimated prevalence of 10% to 30% in the US alone* Fully recruited – results expected in early Q2 2026 Daridorexant for pediatric use is investigational and not approved or marketed in any countries FY 2025 Financial Reporting | February 202610
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The first and only antihypertensive targeting the endothelin system Now approved in US, EU, UK, Switzerland, and Canada The rights for aprocitentan are transferred to Idorsia Investments SARL to allow the repayment of notes issued in connection with the repurchase offer completed in August 2025. More details on the transfer can be found in the press release issued on May 21, 2025, and on the exchange offer in the press release issued on August 27, 2025. Aprocitentan is only available in the US under the tradename TRYVIO and is approved in the European Union, the UK, Switzerland, and Canada under the tradename JERAYGO . FY 2025 Financial Reporting | February 202611
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TRYVIO/JERAYGO is uniquely placed in the treatment landscape Aprocitentan is only available in the US under the tradename TRYVIO and is approved in the European Union, the UK, Switzerland, and Canada under the tradename JERAYGO . PRECISION Study conducted in patients with truly resistant hypertension First and only dual ERA approved for systemic hypertension Indicated for patients not adequately controlled on other drugs Clinical differentiation Excellent efficacy & safety – consistent across all patient subgroups • Broad inclusion including CKD patients with eGFR as low as 15 mL/min • All patients on 3, 4, 5+ BP drugs at screening • 15.4 mmHg systolic BP reduction at 4 weeks on top of standardized therapy • No increased risk of hyperkalemia, decline in eGFR, or orthostatic hypotension • MOA allows for safe addition to therapies targeting RAAS pathway FY 2025 Financial Reporting | February 202612
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Excellent feedback from the prescribers Utilized in 25 Top hypertension centers We are seeing utilization from hypertension experts and physicians at key institutions we are engaged with, including Columbia, Cedars Sinai, Stanford, and Duke “ ” — Nephrologist — Cardiologist Prescriber feedback confirms PRECISION-like double -digit BP reductions and the tolerability profile across patient groups Aprocitentan is only available in the US under the tradename TRYVIO and is approved in the European Union, the UK, Switzerland, and Canada under the tradename JERAYGO . I’m seeing ~10 to 15 mmHg drop in BP. It’s well tolerated , and I plan to expand use within CKD population. Resistant hypertension has complexities... One patient had a clear need for additional medication, he normalized by adding TRYVIO! Now with TRYVIO we have for the first time the option to treat patients down to an eGFR of 15 and not worry about hyperkalemia. ~10 to 15 mmHg drop in BP. Patients on multiple other medications are tolerating TRYVIO well. — Primary Care Physician — Nephrologist US FY 2025 Financial Reporting | February 202613
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Positive patient experience This has translated into real-world prescriptions with a smooth prior authorization process US Eligible patient population Uncontrolled HTN despite treatment with 2 or more antihypertensives Uncontrolled HTN despite treatment with 3 or more antihypertensives Uncontrolled HTN with comorbidities inc. obesity, diabetes, metabolic syndrome Uncontrolled HTN with chronic kidney disease Aprocitentan is only available in the US under the tradename TRYVIO and is approved in the European Union, the UK, Switzerland, and Canada under the tradename JERAYGO . FY 2025 Financial Reporting | February 202614 Initial, identifiable patient populations driving early utilization
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A pipeline of first- or best-in-class drugs Compound / Mechanism of action / Target indication Phase 1 Phase 2 Phase 3 Lucerastat Oral potential for organ protection in Fabry disease Regulatory pathway to registration agreed with the FDA and in line with the feedback received from EMA. The program is expected to support a potential regulatory filing as early as 2029 IDOR-1117-2520 First-in-class selective CCR6 receptor antagonist psoriasis Proof-of-concept recruiting, readout expected in Q1 2027 ACT-1004-1239 First-in-class CXCR7 receptor antagonist progressive multiple sclerosis Proof-of-concept in preparation. Initiate in Q1 2026, readout expected in Q2 2028 ACT-777991 First-in-class CXCR3 receptor antagonist vitiligo Proof-of-concept in preparation. Initiate around mid-2026, readout expected in 2027 IDOR-1134-2831 Synthetic glycan vaccine Clostridioides difficile infection Phase 1 data showing safety and immunogenicity – clinical validation for Idorsia’s revolutionary synthetic glycan vaccine technology More information on other Idorsia portfolio assets is available on www.idorsia.com Lucerastat, IDOR-1117-2520, ACT-1004-1239, ACT-777991, and IDOR-1134-2831 are investigational, in development and not approved or marketed in any country. FY 2025 Financial Reporting | February 202615
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Lucerastat has the potential to redefine the treatment of Fabry disease Paradigm shift: Oral therapy with potential for end-organ protection All mutations: Treat all patients irrespective of the gene mutation Oral: Alternative to intravenous ERT ~16K people affected: Predicted to rise to ~21K in key markets by 2034 representing a $4 Billion market Phase 3 MODIFY -OLE study: Some patients treated >6 years provides rationale for further investigation Lucerastat is investigational, in development and not approved or marketed in any country. Novel mechanism of action Orphan exclusivity FY 2025 Financial Reporting | February 202616
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Pivotal kidney biopsy study (n≈16) Renal function active -comparative study (n≈74) Registration program targeting monotherapy for all adult patients The program is expected to support a potential regulatory filing as early as 2029 • Adult males with Fabry disease, treatment-naïve or pseudo-naïve • Designed to show a decrease from baseline in renal Gb3 burden after 18 months of treatment • Adult patients with Fabry disease • Assessment of lucerastat versus established enzyme replacement therapies (agalsidase beta, pegunigalsidase alfa) • Designed to reinforce lucerastat as the first oral therapy suitable for all patients with Fabry disease, irrespective of their mutation type FY 2025 Financial Reporting | February 202617
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113 -36 -128 -263 6 -308 214 -21 -93 -215 15 -100 Net revenue Cost of sales R&D SG&A Other income Non-GAAP operating results We have increased sales significantly while materially lowering OPEX in CHF millions, rounding differences may occur 2024 2025 Non-GAAP operating results * * as of Dec 31, 2025 FY 2025 Financial Reporting | February 202618
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Successful equity financing resulted in strong liquidity at year-end * Includes the equity raise in October 2025, and sale of treasury shares to bondholders. ** Includes the remaining CHF 80 million available under the new money facility. 142 106 -93 Liquidity Jan 1, 2025 Liquidity Dec 31, 2025 Product sales R&D OPEX SG&A OPEX Other 169** 70 -215 11 Sale of shares* 89 in CHF millions, rounding differences may occurLiquidity 1st tranche New Money Facility 68 FY 2025 Financial Reporting | February 202619
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Strong performance against upgraded guidance Status: February 2026 CHF million Guidance 2025 Performance 2025* REVENUE 205 214 Idorsia-led product revenue 130 134 Product sales to partners 7 Contract revenue 75 72 COGS -15 -21 SG&A OPEX -200 -215 R&D OPEX -90 -93 Other income 15 Non-GAAP EBIT -100 -100 D&A -25 -21 SBC -20 -6 Viatris Deal & other items 90 94 US-GAAP EBIT -55 -33 * Simplified illustration to read in connection the Consolidated Financial Statements 2025 ** Excluding unforeseen events • Strong QUVIVIQ sales growth • Disciplined investment • Significantly improved bottom line FY 2025 Financial Reporting | February 202620
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Continued QUVIVIQ sales growth with focused investments Status: February 2026 CHF million Guidance 2026* Idorsia-led QUVIVIQ sales 200 Operating expenses -330 Non-GAAP EBIT -120 US-GAAP EBIT -160 Positive commercial contribution and focused investment in value-driving pipeline assets* Excluding unforeseen events FY 2025 Financial Reporting | February 202621
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Clear areas of focus and multiple catalysts upcoming in 2026 Q1 Lucerastat Phase 3 OLE data and registration path shared at WORLDSymposium 2026 CXCR7 antagonist PoC initiation in MS C.diff vaccine Deliver results High-dose cohort CXCR3 antagonist PoC initiation in vitiligo Cenerimod Deliver results (Viatris) registration study R&D milestones IDSIQ: Insomnia daytime symptoms and impacts questionnaire Daridorexant Deliver results Phase 2 pediatric insomnia Active areas of focus • Adoption of new sales and distribution models for QUVIVIQ • Continued global expansion of QUVIVIQ through partnerships • QUVIVIQ descheduling in the US • Maximize the value of TRYVIO/JERAYGO • Expand BD efforts Q2 Q3 Q4 Daridorexant Initiate US label-enhancing IDSIQ study FY 2025 Financial Reporting | February 202622
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Idorsia is a unique opportunity for value creation Two products with blockbuster potential A pipeline of first - or best-in-class drugs Multiple assets designed for multi- billion $ peak sales potential Becoming the global standard of care for insomnia 1st and only systemic hypertension therapy targeting the endothelin system 3 Idorsia-discovered drugs approved • QUVIVIQ • TRYVIO/JERAYGO • PIVLAZ* *In 2023, Idorsia assigned license to PIVLAZ to Nxera. **In 2024, Idorsia partnered selatogrel and cenerimod with Viatris 3 in Phase 3 since founding in 2017 • Lucerastat • Selatogrel** • Cenerimod** 3 Proof-of-concepts trials initiating • CCR6 antagonist • CXCR7 antagonist • CXCR3 antagonist FY 2025 Financial Reporting | February 202623