Basilea Pharmaceutica (SIX: BSLN)

Last close As at 27/03/2024

CHF37.75

0.25 (0.67%)

Market capitalisation

CHF492m

Basilea Pharmaceutica is focused on treating infectious diseases; marketed products are Cresemba (antifungal) and Zevtera (anti-MRSA broad-spectrum antibiotic). In late 2023, it expanded its pipeline to include BAL2062 (antifungal), tonabacase (antibiotic) and Phase III-ready fosmanogepix (antifungal).

There is an ever-increasing need for therapeutic agents that are efficacious against drug-resistant strains of bacteria (eg MRSA) or fungi. Hence the opportunities for Zevtera and Cresemba could be significant.

Latest Insights

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Arron Aatkar

Associate analyst

Key Management

  • Adesh Kaul

    CFO

  • David Veitch

    CEO

  • Dung Tran

    Investor relations coordinator

Balance Sheet

Forecast net debt (CHFm)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 3.6 9.3 (24.3)
Relative 1.6 4.4 (31.1)
52 week high/low CHF50.2/CHF32.2

Financials

Continued strong sales of Cresemba, Basilea Pharmaceutica’s lead antifungal asset, in the Asia-Pacific region and China, has triggered the receipt of a US$1.25m milestone payment from Pfizer (license partner). This comes on the heels of Basilea’s first sales-related milestone from distribution partner Knight Therapeutics in January for sales in Latin America. We believe these reflect sustained market traction for Cresemba, leading to in-market sales of US$445m in the 12 months ending September 2023 (+22% y-o-y) and c CHF30m in milestone payments in FY23. In December 2023, Cresemba was granted a paediatric label expansion in the US, extending its market exclusivity to September 2027 (EU decision expected Q124). Basilea is also developing a successor to Cresemba: fosmanogepix, a broad-spectrum antifungal therapy (Phase III trials to commence in mid-2024). We anticipate the Prescription Drug User Fee Act (PDUFA) date (3 April 2024) for the company’s second asset, Zevtera, will be the next near-term catalyst, as the US represents a key market.

Y/E Dec Revenue (CHFm) EBITDA (CHFm) PBT (CHFm) EPS (CHFc) P/E (x) P/CF (x)
2022A 147.8 19.6 12.3 104.10 36.3 N/A
2023A 157.6 20.8 10.8 89.66 42.1 N/A
2024E 183.1 31.5 25.5 212.89 17.7 N/A
2025E 204.8 35.4 29.8 248.83 15.2 N/A

Further insights

insight

Healthcare

Antibiotic resistance

insight

Healthcare

Antibiotics

Analyst of the week

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

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Thematics

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