Basilea Pharmaceutica (BSLN)

Business description

Basilea focuses on anti-infectives and oncology. Lead products are Cresemba (an antifungal), which is approved in the US and Europe, and Zevtera (an anti-MRSA broad-spectrum antibiotic), approved in many European and non-European countries for pneumonia.

Stock data

Market cap.CHF918.9m
Last closeCHF77.40
High / Low (52 weeks)CHF91.0 / CHF70.8
Stock market listingSW
Forecast net cash (CHFm)45.6
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual1.6(1.8)6.9
Relative *1.6(3.3)(6)

* % Relative to local index

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Company news

Y/E Dec Revenue (CHFm) EBITDA (CHFm) PBT (CHFm) EPS (fd) (CHFc) P/E (x) P/CF (x)
2015A 52.8 (58.9) (61.3) (607.22) N/A N/A
2016A 66.0 (41.6) (50.9) (505.74) N/A N/A
2017E 95.1 (12.1) (19.8) (183.23) N/A 81.2
2018E 84.4 (20.2) (28.0) (259.44) N/A N/A

Last updated on 07/12/2017

Investment summary

Basilea has announced an extension to its licence agreement with Pfizer (PFE) for Cresemba (for invasive fungal infections). The original deal granted PFE exclusive commercialisation rights to the product in Europe (ex-Nordics), Russia, Turkey and Israel and the new amendment includes China and 16 countries within Asia Pacific. The extension of Cresemba’s global footprint at this stage highlights PFE’s commitment to the product in areas outside of Europe. Concomitantly Basilea has updated its guidance for FY17 to a reduced operating loss of CHF1m per month vs CHF2m per month. Our valuation rises slightly to CHF1,222m.

Last updated on 07/12/2017

Industry outlook

There is an increasing need for novel antimicrobial agents with efficacy against resistant strains of bacteria (eg MRSA), and/or improved side effect profiles. Hence the opportunities for Zevtera and Cresemba could be significant.

Last updated on 02/11/2017

Key management

Ronald Scott, CEO
Donato Spota, CFO

Company address

Grenzacherstrasse 487
PO Box 4005
Basel
Switzerland
+41 61 606 11 11
View website