Idorsia Pharmaceuticals Ltd

Good afternoon, good morning to you all. My name is Andrew Weiss, and I want to welcome everyone to our webcast today to discuss the nine-month 2023 financial results. Presenting today, we have our CEO, Jean-Paul Cozell, and our Chief Financial Officer, André Muller. Then, joining for the Q&A session, we will also have our new General Manager and President of EIDORSA US, Tosh Butts, and our President of EIDORSA UCAN region, Jean-Yves Chaflon. Next slide, please. Before handing over the microphone, I need to remind everybody that we will be making forward-looking statements. You have therefore been appropriately warned about the risks and opportunities of investing in NIDORSA shares. With that, I hand over to Jean-Paul for his introductory remarks.

Next slide. Good morning. Good afternoon, everyone. The third quarter was a very active time for us as we implemented numerous measures to adapt the company. Today, I'd like to run through these measures and then describe the current performance of QBVIC around the globe. Then André will take you through our financial results. Next slide. In just the past few months, we sold our Asia-Pacific business, not including China, for 400 million Swiss francs. We reduced the workforce at headquarters by around 50% and received a number of research projects. We changed the leadership of our U.S. commercial operation. We started by taking the reins in September. Tosh has hit the ground running and is already joining us on the call to answer questions on the performance of QB Week in the U.S. And very importantly, we reacquired the worldwide rights to apocytetan. Next slide. I am very happy that we came to the agreement with Janssen for the return of apocytetan to Eidosia. Recently, the WHO has characterized hypertension as a key public health issue. Apocytetan is the first anti-hypertensive drugs which works via a new mechanism of action in 30 years and has been shown to be effective in patients with resistant hypertension. With this deal, Johnson & Johnson, which remains a significant shareholder of IDORSIA, continues to have a vested interest in the success of aprocitantin and IDORSIA. The review process with the US FDA is progressing well. Following the provision of additional REMS materials to support the streamlined REMS, designed specifically for apocytetan, the company is working towards the PEDUFA date of March 19, 2024. We are laser focused on gaining approval and getting ready to provide apocytetan to patients as soon as possible. Next slide. Let's move to the performance of QBVIC in the U.S. Since the launch of QBVIC in the U.S., more than 275,000 prescriptions of QBVIC have been dispensed. As explained previously, our approach at launch was to drive demand for QBVIC for both early product adoption and payer negotiation. In January, ASI added QBVIC to their national preferred formulary. This was followed by CVS national coverage in July to begin with in Tier 3, but in September we were added to Tier 2 formulary of CVS Carmark, putting us at parity with the other two DORAs available in the U.S. Additionally, through the quarter, UVVIC has been added to several employers' plans. We also expect the first medical Part D coverage to begin in January 2024, which will open an entire new channel to the team. With improved access, we decided to move our specialty pharmacy partner from VitaCare to Nipur, which is better positioned to pull through paid prescription as they can dispense both commercial, payer-paid, and consign high-dossier paid prescriptions. VitaCare could only dispense consigned prescriptions and rely on partner pharmacies to dispense commercially.

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