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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.CHF596.9m
Last closeCHF50.25
High / Low (52 weeks)CHF73.3 / CHF38.7
Stock market listingSW
Forecast net debt (CHFm)8.7
Forecast gearing ratio (%)15
TeamHealthcare
SectorPharmaceuticals & healthcare

Price performance

%1m3m12m
Actual(4.4)10.2(25.8)
Relative *(7.7)4.4(28.6)

* % 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)
2016A 66.0 (41.6) (50.9) (505.74) N/A N/A
2017A 101.5 (12.2) (18.9) (178.36) N/A 28.5
2018E 124.0 (21.9) (29.6) (274.34) N/A N/A
2019E 137.3 (18.8) (26.7) (247.83) N/A N/A

Last updated on 10/01/2019

Investment summary

Basilea has two approved hospital-based products: Cresemba (severe mold infections) and Zevtera (bacterial infections). Multiple licensing/distribution agreements are in place for marketed assets Cresemba and Zevtera and should drive top-line growth; in December a CHF10m milestone payment was triggered from Astellas, relating to Cresemba's growing US sales. Cresemba is also marketed by Pfizer in Europe (ex Nordics), Russia, Turkey, Israel, China and Asia-Pacific. During 2018, US Phase III registration trials initiated for Zevtera in ABSSSI and SAB. Basilea's oncology pipeline focuses on drugs that target resistance to current cancer therapies: BAL101553 (Phase IIa in glioblastoma and ovarian cancer), BAL3833 (Phase I in solid tumours) and ARQ 087 (derazantinib), which is in a Phase II registration study for intrahepatic cholangiocarcinoma and Phase I/II development for solid tumours.

Last updated on 01/02/2019

Industry outlook

There is an ever-increasing need for therapeutic agents that are efficacious against drug-resistant strains of bacteria (eg MRSA), fungus or cancer. Hence, the opportunities for Zevtera, Cresemba and Basilea's oncology pipeline could be significant.

Last updated on 01/02/2019

Key management

David Veitch, CEO
Donato Spota, CFO

Company address

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