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Advancing four drivers of growth July 2026, Investor webcast HY 2026
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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 HY 2026 Financial Reporting | July 20262
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“There is significant untapped value in Idorsia.” Jean-Paul Clozel, MD, interim CEO and Chairman HY 2026 Financial Reporting | July 20263
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guidance reaffirmed Strong performance in H1 2026 – well on track of CHF 250 m from Pharmakon New CEO Financing Full-year 2026 CHF million 134 61 31 202520242023 Idorsia-led QUVIVIQ sales appointed – Roland Wandeler to join October 1st 200* 2026 * Guidance for 2026 H1 202691 HY 2026 Financial Reporting | July 20264
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Advancing four key drivers of growth Maximize the current QUVIVIQ® opportunity in insomnia Driving simultaneous initiatives to unlock substantial long-term value Expand the long-term value of daridorexant beyond insomnia Unlock the value of TRYVIO / JERAYGO 1 2 3 Advance innovation and the pipeline4 HY 2026 Financial Reporting | July 20265
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Maximize the current opportunity in insomnia Commercial momentum Expanding geographical reach2 Expanding access to patients3 Expanding reach into primary care4 1 HY 2026 Financial Reporting | July 20266 Reinforcing differentiation5
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“QUVIVIQ continues to reshape the insomnia treatment landscape, and Idorsia is investing to accelerate its trajectory toward blockbuster status.” Benjamin Limal, Head of Europe and International Markets HY 2026 Financial Reporting | July 20267
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QUVIVIQ growth remains strong 24 18 14 Q2 2025 EUCAN QUVIVIQ Volume (million tabs) 29 34 Q3 2025 Q4 2025 Q1 2026 Q2 2026 HY 2026 Financial Reporting | July 20268 Secure public reimbursement to expand access & improve the patient experience Expand to primary care including digital engagement & online prescription fulfillment Invest in specialty promotion Inclusion of daytime functioning benefit – unique value proposition for prescribers, patients, & payers
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• Insomnia is a condition primarily managed by primary care physicians • Accelerating awareness and adoption in primary care Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Germany UK France QUVIVIQ market share is growing Co-promotion Co-promotion Co-promotion 7.9% 10.0% 3.1% 100% sales record from wholesaler to pharmacy (DE, CA, FR, CH, IT, ES, AT, SE, FL, NO) IQVIA Midas May 2026 100% sales from AAH UK wholesaler – May’26 Growth in the top 3 markets May 2026 HY 2026 Financial Reporting | July 20269
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Expanding geographical reach Idorsia-led Licensed Priority targets MENA • Israel, CTS: launched 04/26 • UAE & GCC, Pharmalink: launch end-2026 • Saudi & Levant, JamJoom: launch Q1 2027 Japan & Asia Pacific Out-licenced to Nxera in 2023 • Japan: launched 09/24 partner Shionogi • Taiwan: approved 03/26, partner Holling Greater China Out-licenced to Simcere in 2022 • China: launched 09/25 • Hong Kong: launched 11/25 C & E Europe Negotiations ongoing Potential launch 2H 2026 HY 2026 Financial Reporting | July 202610 Latin America EMS S.A.: Submitted for approval in Brazil Sublicensing discussions ongoing in other geographies
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Expanding access to patients Public reimbursement Private access Out of Pocket Expansion opportunity HY 2026 Financial Reporting | July 202611
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Expanding reach into primary care Co-promotion partner HY 2026 Financial Reporting | July 202612
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“We can accelerate QUVIVIQ profitable growth in the US.” Shal Jacobovitz President Idorsia US HY 2026 Financial Reporting | July 202613
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US QUVIVIQ sales return to growth Scalable, profitable growth model A sharper and more focused commercial strategy balancing near-term execution with long-term profitability QUVIVIQ: The Drug of Choice Expanding advocacy for QUVIVIQ 50 mg while deepening engagement with high- value prescribers Streamlined execution Resources concentrated where we see the greatest return CHF million 9.0 6.16.0 Q2 2025 US QUVIVIQ sales 7.4 9.3 Q3 2025 Q4 2025 Q1 2026 Q2 2026 HY 2026 Financial Reporting | July 202614
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Unlocking further profitable growth Potential descheduling of the DORA class Expanding access & improving the patient experience Enhanced evidence package Negotiate improved access, optimize rebate strategies, and further differentiate QUVIVIQ US label-enhancing study Goal to include daytime functioning benefit – unique value proposition for prescribers, patients, & payers Transform market access Maximize the value of the growing body of clinical evidence in insomnia Maximize the impact of emerging data E.g., pediatric, menopause, nocturia data strengthen differentiation Innovative patient access models E.g., Direct-to-patient (DTP) model to launch imminently HY 2026 Financial Reporting | July 202615
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Your prescription is sent to pharmacy The end-to-end DTP experience Tech capabilities HIPPAA Compliant Platform Delivers seamless patient experience from clinical intake and consent management to provider matching and scheduling. Telehealth consults provided in partnership with Virtual Care Provider. Digital Pharmacy Partnership Both cash-pay and insurance supported pharmacy model coupled with access support and direct to home delivery enables an easy and streamlined path to first fill and beyond. Your appointment Your doctor prescribed Your prescription is approved by insurance and lowest cost applied Your medication will be delivered to your home for free Don't miss your Quviviq dose Your supply may be ending soon Patient experience Reaching sleep- deprived patients Guided sleep assessment begins Seamless virtual doctor connection Proactive refill & adherence support Treatment prescribed Prescription routed to pharmacy Insurance optimized for lowest cost Fast, trackable home delivery Pharmacy HY 2026 Financial Reporting | July 202616
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“We are leveraging our deep expertise in orexin biology to maximize the therapeutic potential of this targeted system.” Martine Clozel, MD, Chief Scientific Officer & Head of Research HY 2026 Financial Reporting | July 202617
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HY 2026 Financial Reporting | July 202618 Reinforcing differentiation through investigator sponsored studies in insomnia 2026 2027 2028 2029 & Later Psychiatric Comorbidities Neurological Comorbidities Substance Use Disorders Cognition/Delirium Others Alzheimer Disease Prevention Sylvia Villeneuve StoP-Alzheimer Centre - Research Centre Vancouver - CAN Major Depressive Disorder Sara Lakis Granel Hospital Universitari de Bellvitge Barcelona, SP Post-Traumatic Stress Disorder Elyse Katz, US Army/DoD US COMISA Jean-Louis Pepin Clinique Universitaire de Physiologie Grenoble, FR Menopause Suzanne Bertisch, The Brigham And Women's Hospital, Boston, US Cognitive Performance Claudio Liguori University of Rome "Tor Vergata“ Rome, IT Opioid Use Disorder Markus Heilig Center for Social and Affective Neuroscience LInköping, SW Alcohol Use Disorder Patrick Bach Central Institute of Mental Health Mannheim, GE Alzheimer Disease Yves Dâuvilliers Centre Administratif André Bénech Montpellier FR Smoking Withdrawal Barbara Sorg, Legacy Emanuel Hospital Portland, US (estimated data availability)
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• 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). • Outstanding Phase 2 results demonstrated a statistically significant dose-dependent increase in total sleep time and clinically meaningful improvements across multiple sleep measures. • Efficacy was particularly pronounced in children with co- morbid neurodevelopmental disorders. • Favorable safety and tolerability including at the highest adult-recommended 50 mg dose. Daridorexant: A potential first-in-class option for pediatric insomnia Next steps Daridorexant for pediatric use is investigational and not approved or marketed in any country • Phase 2 dose-finding study is part of an agreed Pediatric Investigational Plan (PIP) with EMA and Pediatric Study Plan (PSP) with FDA. • Engaging with health authorities to discuss next steps for pediatric insomnia. • Detailed results will be shared at upcoming congresses and in peer- reviewed publications. HY 2026 Financial Reporting | July 202619 Phase 2 dose-finding study
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Expand the long-term value of daridorexant beyond insomnia • The results from the pediatric study suggest that orexin signaling may play a broader role in children with neurodevelopmental disorders. • Detailed results will be shared at upcoming congresses and in peer- reviewed publications. • A clinical development program for daridorexant in a neurodevelopmental disorder beyond insomnia is being designed. Daridorexant for pediatric use is investigational and not approved or marketed in any country HY 2026 Financial Reporting | July 202620 Potentially opening an entirely new therapeutic avenue for patients
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“We are advancing towards the launch of TRYVIO / JERAYGO – unlocking considerable value.” Dominique Le Terrier, Global Commercial Strategy & New Product Planning HY 2026 Financial Reporting | July 202621 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 .
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TRYVIO/JERAYGO is uniquely placed in the treatment landscape TRYVIO offers different mechanism of action, addressing an important pathway not offered by the RAAS drugs – the first and only dual ERA for systemic hypertension Distinct Pathway Studied in comorbid patients including patients with CKD with an eGFR as low as 15 mL/min/1.73 m 2, obesity, diabetes, and African American and older patients Clinical value in comorbid patients including CKD Proven efficacy of 15.4 mmHg SBP reduction in patients receiving more than or equal to 3 anti-hypertensive agents with >63% patients on 4 or more drugs "Strong & Proven" efficacy profile No potential for DDIs, mild / transient peripheral edema and an expected decrease in hemoglobin from plasma volume expansion – no evidence of hyperkalemia, no hypotension, and no hyponatremia Well tolerated safety profile 15.4 mmHg 48 weeks HY 2026 Financial Reporting | July 202622
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Dedicated financing • An offer to commit financing to commercialize TRYVIO / JERAYGO in co-promotion partnership in the US and Europe has been made by investors in Idorsia Investments SARL, the special purpose vehicle (SPV) holding the rights to aprocitentan. • Enable launch and patient access initiatives without allocating capital from Idorsia. • Fully backstopped by existing SPV investors while all existing SPV noteholders could participate. Co-promotion partner • Ongoing discussions with potential co-promotion partners in the US and Europe to expand commercial reach. Planning in parallel to ongoing partnering discussions Capital-efficient commercialization model Enabling launch and patient access initiatives without allocating capital from Idorsia HY 2026 Financial Reporting | July 202623 The rights for aprocitentan were 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.
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“We are advancing an exciting pipeline with creative and efficient programs.” Amer Joseph, MD, Chief Medical Officer & Head of Global Clinical Development HY 2026 Financial Reporting | July 202624
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Late-stage pipeline partnership with Viatris enables long-term value creation Cenerimod for systemic lupus erythematosus and lupus nephritis • A highly selective S1P1 receptor modulator developed as a novel approach for the treatment of SLE • Two Phase 3 studies ongoing with read- out in H1 2027 Selatogrel for acute myocardial infarction • A potent, fast-acting, reversible, and highly selective P2Y12 inhibitor, being developed as a self-administered treatment of AMI • Phase 3 event-driven study expected to complete enrolling by end of 2026 HY 2026 Financial Reporting | July 202625
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Pivotal kidney biopsy study (n≈16) Renal function active-comparative study (n≈74) Lucerastat registration program targeting monotherapy for all adult patients with Fabry disease 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 HY 2026 Financial Reporting | July 202626
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CCR6 receptor antagonist proof-of-mechanism Oral selective CCR6 antagonist blocking the CCL20/CCR6 axis, a key driver of Th17 cell recruitment to inflamed skin. Selective inhibition of pathogenic immune cell trafficking to skin lesions, in contrast to anti-IL-17A neutralizing Abs. Idorsia innovation Differentiator Phase 2 studyDevelopment so far Preclinical PoM IDOR-1117-2520 shows biologic- like efficacy in a skin inflammation models; Demonstrated inhibition of Th17 cell migration and skin infiltration. Phase 1 study Favorable safety and tolerability Predictable PK/PD profile supporting once-daily oral dosing. To evaluate the efficacy and safety of the CCR6 antagonist in adults with moderate-to-severe plaque psoriasis. To establish clinical proof-of-mechanism opening the way to multiple Th17-mediated immune disorders: psoriasis, psoriatic arthritis, rheumatoid arthritis, and inflammatory bowel disease. IDOR-1117-2520 is investigational and not approved or marketed in any countries First-in-class, oral CCR6 antagonist targeting the Th17 axis with potential to redefine treatment by selectively reducing pathogenic immune cell migration while preserving systemic immune function HY 2026 Financial Reporting | July 202627
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First-in-class, brain-penetrating drug with unique potential to transform the treatment paradigm in MS by remyelination and restoration of neuronal function in addition to reducing neuroinflammation CXCR7 antagonist for progressive MS 2.9 million people have multiple sclerosis worldwide (1 million people in the US). First-in-class, oral, atypical chemokine receptor 3 (ACKR3 / CXCR7) antagonist. Potential for re- myelination and anti-inflammatory effect. Patient population Idorsia innovation Differentiator Phase 2 studyDevelopment so far Preclinical PoM • Promising efficacy in immune- and non-immune-mediated demyelinating models as well as CNS target engagement in multiple species. • Biomarkers show dose- dependent target engagement (increased plasma CXCL11 and CXCL12). Phase 1 study • Favorable clinical pharmacology, safety & tolerability profile, and a low propensity for DDI. To evaluate remyelination and axonal neuroprotection in patients with progressive MS – initiated in Q1 2026, readout expected in Q2 2028. ACT-1004-1239 is investigational and not approved or marketed in any countries HY 2026 Financial Reporting | July 202628
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A first-in-class targeted systemic therapy for effective and safer treatment of immuno-dermatology and autoimmune disorders such as vitiligo CXCR3 receptor antagonist for vitiligo 34 million diagnosed prevalent cases of vitiligo in 2024 in 16 major markets. First-in-class, oral, potent and selective CXCR3 antagonist. CXCR3 is primarily implicated in the migration of CD8+ T cells, responsible for targeting and destroying melanocytes. Only oral non-JAK candidate in clinical development with potential as systemic treatment for vitiligo. Topical JAK inhibitors include “Warning: serious infections, mortality, malignancy, major adverse cardiovascular events (MACE), and thrombosis.” Patient population Idorsia innovation Differentiator Phase 2 studyDevelopment so far Preclinical PoC Strong scientific rationale to target autoimmune/ inflammatory diseases where the CXCR3 axis plays a major pathogenic role e.g., vitiligo, alopecia areata, psoriatic arthritis, type 1 diabetes, and more... Phase 1 study Favorable clinical pharmacology, safety & tolerability profile (maximum tolerated dose was not reached). Proof-of-concept study to evaluate effect in patients with vitiligo. Initiation activities are ongoing across US and European sites. Readout expected in 2027. ACT-777991 is investigational and not approved or marketed in any countries HY 2026 Financial Reporting | July 202629
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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 / proof-of-mechanism fully enrolled– results expected in Q4 2026. ACT-1004-1239 First-in-class CXCR7 receptor antagonist progressive multiple sclerosis Proof-of-concept / proof-of-mechanism initiated. Readout expected in Q2 2028. ACT-777991 First-in-class CXCR3 receptor antagonist vitiligo Initiation activities for the proof-of-concept / proof-of-mechanism underway. Readout expected in 2027. IDOR-1134-2831 Synthetic glycan vaccine Clostridioides difficile infection Phase 1 data showing safety and dose-dependent immunogenicity – partnership discussions activated. 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. HY 2026 Financial Reporting | July 202630
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“Increasing our top-line growth is our priority.” Arno Groenewoud Chief Financial Officer HY 2026 Financial Reporting | July 202631
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56 72 -6 -46 -101 8 -15 91 8 -19 -45 -96 1 -54 Product sales** Contract revenue Cost of sales R&D SG&A Other income Non-GAAP operating results We have increased sales significantly and kept OPEX stable in CHF millions, rounding differences may occur H1 2025 H1 2026 Non-GAAP operating results* * as of June 30, 2026 **Excluding sales to partners CHF 2 m and CHF 6 m for the period H1 2025 and H1 2026 respectively HY 2026 Financial Reporting | July 202632
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Strong liquidity at the end of H1 * Includes the remaining CHF 100 million available under the Pharmakon loan facility. ** Mainly driven by CHF 10.5 million payment of liability relating to Project Ivory with Viatris, CHF 16.4 m net working capital cash outflow, CHF 4.5 million purchase of intangible and CHF 6.6 m cash inflow from milestone payments. 97 89 -45 Liquidity Jan 1, 2026 Liquidity Jun 30, 2026 Product sales R&D OPEX SG&A OPEX Other** 189*-96 in CHF millions, rounding differences may occurLiquidity 1st tranche secured term loan 6 -27 89 Warrants exercise Repayment New Money Facility -117 147 2nd tranche New Money Facility 35 HY 2026 Financial Reporting | July 202633
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No near-term cash relevant debt maturities Indebtedness as of June 30, 2026 Nominal amount (in CHF millions) Maturity Comment Total 1,411 o Debt notes in Idorsia Investments SARL* 774 2048/2050 “Pay-as-you-can” debt notes secured with aprocitentan, selatogrel, and cenerimod Idorsia 637 o Convertible loan (Cilag) 250 June 15, 2027 Will convert into 21.7 m shares at maturity (7.6% shareholding on a diluted basis) o Secured term loan (Pharmakon) 150 June 25, 2031 Additional CHF 100 m can be drawn o Convertible bond 2034 16 July 17, 2034 Conversion price of CHF 6.00 o Convertible bond 2038 33 August 4, 2038 Conversion price of CHF 31.54 o Other financial debt 188 None Non-cash; Sale and lease back obligation 164 m and royalty monetization liability CHF 24 m * The debt notes issued by Idorsia Investments SARL are senior secured with the shares in Idorsia Investments SARL. The A Not es only (CHF 375 million) benefit from a limited and subordinated Swiss-law governed guarantee by Idorsia Ltd; 30% of aprocitentan proceeds, 3 -5% of net sales, and 10% of contract revenue to be paid to Johnson & Johnson for contingent liability to up to CHF 277 m (Idorsia Ltd combined with Idorsia Investments SARL). HY 2026 Financial Reporting | July 202634
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Continued QUVIVIQ sales growth with focused investments Status: July 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 HY 2026 Financial Reporting | July 202635
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Advancing four key drivers of growth Maximize the current QUVIVIQ® opportunity in insomnia Driving simultaneous initiatives to unlock substantial long-term value Expand the long-term value of daridorexant beyond insomnia Unlock the value of TRYVIO / JERAYGO 1 2 3 Advance innovation and the pipeline4 HY 2026 Financial Reporting | July 202636
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CEO from Oct 1, 2026 HY 2026 Financial Reporting | July 202637 Looking forward to welcoming Roland Wandeler
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Advancing four key drivers of growth Maximize the current QUVIVIQ® opportunity in insomnia Driving simultaneous initiatives to unlock substantial long-term value Expand the long-term value of daridorexant beyond insomnia Unlock the value of TRYVIO / JERAYGO 1 2 3 Advance innovation and the pipeline4 HY 2026 Financial Reporting | July 202638