Basilea Pharmaceutica

SW: BSLN

Market CapCHF421m

Last Close CHF32.55

Basilea is focused on infectious diseases and oncology. Its marketed products are Cresemba (an antifungal) and Zevtera (an anti-MRSA broad-spectrum antibiotic).

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Investment summary

In February Basilea announced a strategic refocusing of its core anti-infective business in 2022, which it is separating out from its oncology assets for which it is exploring strategic options. Strong FY21 results were driven by key anti-infective assets, Cresemba and Zevtera, which contributed 65% of the year’s non-deferred revenue growth. Global Cresemba sales were over US$300m in FY21 resulting in significantly increased royalty and milestone payments. Management envisages sustainable profitability and positive operating cashflow from 2023. Basilea is awaiting results from the key ERADICATE study of Zevtera in bloodstream infections (top-line data in mid 2022). If positive, this will complete the data package needed for NDA submission, paving the way for entry to the US antibiotic market. In oncology, potential value uplift could come from positive readouts from lead asset derazantinib in trials for intrahepatic cholangiocarcinoma (FIDES-01) and gastric cancer (FIDES-03). Readouts are expected from both in H122.

Y/E Dec
Revenue (CHFm)
EBITDA (CHFm)
PBT (CHFm)
EPS (CHFc)
P/E (x)
P/CF (x)
2020A 127.6 (7.0) (29.6) (288.45) N/A N/A
2021A 148.1 1.9 (6.6) (56.90) N/A N/A
2022E 109.5 (21.5) (30.1) (254.06) N/A N/A
2023E 128.1 22.6 14.0 161.06 20.2 N/A
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 Cresemba, Zevtera and Basilea’s oncology pipeline could be significant.

Last updated on 24/05/2022
Content on Basilea Pharmaceutica
Basilea Pharmaceutica – executive interview
Healthcare | Edison TV | 12 May 2022
Basilea Pharmaceutica – Renewed focus on anti-infectives
Healthcare | research Outlook | 4 May 2022
Basilea Pharmaceutica – Spring into a new strategy
Healthcare | research Flash note | 28 April 2022
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Share price graph
Balance sheet
Forecast net debt (CHFm) 89.9
Forecast gearing ratio (%) 83
Price performance
%
1m
3m
12m
Actual (7.5) (8.8) (26.4)
Relative* (1.3) (7.6) (28.0)
52-week high/low CHF49.0/CHF29.9
*% relative to local index
Key management
David Veitch CEO
Adesh Kaul CFO
Dung Tran Investor relations coordinator