Basilea Pharmaceutica

SW: BSLN

CHF541.2m market cap

CHF45.4 last close

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.

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, including with Pfizer and Astellas, which market Cresemba in Europe (ex Nordics) and the US, respectively. In August, 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 H221 and both are required for a US FDA submission. Basilea’s oncology pipeline is spearheaded by derazantinib (pan-FGFR inhibitor), which is in a Phase II potential registration study for intrahepatic cholangiocarcinoma and a Phase I/II study in patients with advanced urothelial cancer.

Y/E Dec
Revenue (CHFm)
EBITDA (CHFm)
PBT (CHFm)
EPS (CHFc)
P/E (x)
P/CF (x)
2018A 132.6 (22.3) (31.0) (288.15) N/A N/A
2019A 134.4 (15.6) (22.2) (207.16) N/A N/A
2020E 134.4 (19.0) (26.8) (249.40) N/A N/A
2021E 151.6 3.6 (4.4) (41.34) N/A 68.3
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 06/04/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (CHFm) 91.3
Forecast gearing ratio (%) 78
Price performance
%
1m
3m
12m
Actual 10.0 0.6 (3.7)
Relative* 13.2 13.4 (2.9)
52-week high/low CHF60.2/CHF32.1
*% relative to local index
Key management
David Veitch CEO
Adesh Kaul CFO

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