Idorsia Opens the Next Door to Growth

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  Christian Ingerl
  Redaktor

The biopharmaceutical company based in Allschwil is continuing its expansion. With Jamjoom Pharma, it has Idorsia has just signed an exclusive agreement with Jamjoom Pharma for the marketing and distribution of the sleep aid Quviviq in Saudi Arabia and the Levant. The stock market reacted promptly: The stock rose significantly and moved closer once again to its three-year high of CHF 7.56. This marks a renewed surge in momentum for the turnaround story, which just a few months ago was still heavily dominated by financing issues.

New Partner

The details: Jamjoom Pharma will handle regulatory activities as well as marketing and distribution in the region. In return, Idorsia will receive an upfront payment, additional performance-based milestone payments, and a share of sales. Although the exact financial terms have not yet been disclosed, the agreement appears attractive: Idorsia can tap into additional markets without having to build a costly sales organization there itself. At the same time, it generates supply revenue in addition to licensing fees. Following agreements for Latin America, the Asia-Pacific region, and several Gulf states, the Jamjoom deal ultimately provides further evidence that Quviviq is gradually becoming a global brand.

Dynamic growth…

The foundation for this strategy is also becoming increasingly solid. In the first quarter of 2026, Idorsia’s own Quviviq revenue rose 74% year-over-year to CHF 44 million. Further market launches, additional partnerships with primary care physicians, and new direct sales models are expected to further accelerate growth. For the full year, management is targeting Quviviq revenue of CHF 200 million, up from CHF 134 million in 2025.

…and other promising prospects

Additional momentum comes from clinical development. Daridorexant, the active ingredient in Quviviq, improved patients’ ability to fall asleep and stay asleep, as well as their daytime activity, in the pivotal trials. According to Idorsia, positive study data are now also available for children and adolescents with sleep disorders. In addition to Quviviq, Idorsia has a second active ingredient, aprocitentan, with significant commercial potential. The drug is marketed under the name Tryvio in the U.S. and as Jeraygo in Europe, Switzerland, the U.K., and Canada, where it is approved. It is intended for patients whose high blood pressure cannot be adequately controlled despite taking multiple medications.

The Phase III PRECISION study marked a clinical breakthrough. In that study, aprocitentan reduced blood pressure more significantly than a placebo after four weeks. The next key driver of value would now be a comprehensive marketing partnership. However, discussions with several interested parties are still ongoing, so revenue from aprocitentan is not included in the current annual forecast.

Semester Billing

The next major test is coming up on July 30, when Idorsia will release its half-year results. The focus is likely to be less on total revenue—which fluctuates due to one-time payments—and more on the performance of Quviviq sales. After generating CHF 44 million in the first quarter, the company will need to achieve an average of CHF 52 million in each of the remaining three quarters to reach its annual target of CHF 200 million. In addition, the market expects the company to confirm its forecast, which projects a non-GAAP operating loss of approximately CHF 120 million on operating costs of about CHF 330 million.

All in all, Idorsia stock appears attractive to risk-tolerant investors. Quviviq’s global expansion, the potential to expand into additional patient groups, the potential of aprocitentan, and the extended funding runway through 2028 paint a more compelling overall picture than just a few months ago. If Idorsia reports rising Quviviq sales on July 30 and confirms its outlook, the stock could once again challenge its three-year high of CHF 7.56.

Investment solution

In the event that Idorsia takes a breather before continuing its climb to new highs, the Barrier Reverse Convertible SJERCH from Raiffeisen would be a suitable solution. The product offers a sideways return of 18.6% p.a. with a reassuring buffer of 54%. The BRC matures in July 2027.