Basilea Pharmaceutica

SW: BSLN

Market CapCHF554m

Last Close CHF42.84

Basilea is focused on oncology and infectious diseases. Its marketed products are Cresemba (an antifungal) and Zevtera (an anti-MRSA broad-spectrum antibiotic). The oncology R&D pipeline includes two clinical-stage assets, derazantinib and lisavanbulin.

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Investment summary

Basilea has two approved hospital-based products: Cresemba (severe mould infections) and Zevtera (bacterial infections). Multiple licensing/distribution agreements are in place for Cresemba and Zevtera and should drive top-line growth. Partners include Pfizer and Astellas, which market Cresemba in Europe (ex Nordics) and the United States respectively. In August 2019, Basilea reported positive top-line data for Zevtera in the first cross-supportive Phase III study TARGET; top-line data from the ERADICATE study are expected in H122 and both are required for a US NDA submission. Basilea’s oncology pipeline is spearheaded by derazantinib (FGFR inhibitor), which is currently in a Phase II potential registration study for intrahepatic cholangiocarcinoma and two Phase I/II studies in patients with advanced urothelial cancer and advanced gastric cancer. Lisavanbulin (tumour checkpoint controller) is in the expansion phase of a biomarker-driven Phase I/II study for glioblastoma.

Y/E Dec
Revenue (CHFm)
EBITDA (CHFm)
PBT (CHFm)
EPS (CHFc)
P/E (x)
P/CF (x)
2019A 134.4 (15.6) (22.3) (207.54) N/A N/A
2020A 127.6 (7.0) (29.6) (288.45) N/A N/A
2021E 141.4 (13.8) (23.5) (184.07) N/A N/A
2022E 140.5 (9.4) (18.4) (142.51) N/A 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 20/10/2021
Content on Basilea Pharmaceutica
Basilea Pharmaceutica – Momentum continues
Healthcare | Update | 29 September 2021
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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 (6.3) (2.3) (11.1)
Relative* (8.2) (2.8) (24.9)
52-week high/low CHF61.0/CHF42.1
*% relative to local index
Key management
David Veitch CEO
Adesh Kaul CFO