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.
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Adesh Kaul
CFO
David Veitch
CEO
Dung Tran
Investor relations coordinator
Forecast net debt (CHFm)
N/A
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 6.3 | 21.5 | (11.1) |
Relative | 10.0 | 21.8 | (9.4) |
52 week high/low | CHF48.6/CHF32.2 |
Basilea’s commercial portfolio comprises Cresemba (an antifungal) and Zevtera (an antibiotic). Cresemba is approved in 76 countries and is marketed in more than 70 countries. Zevtera is marketed in selected countries in Europe, Latin America, the Middle East, North Africa and Canada. In April 2024, the FDA approved Zevtera for use in the US, the most lucrative market for the antibiotic, and we expect details on the US commercial partner by mid-2024. Recently, Basilea has introduced new assets to re-stock its clinical and preclinical pipeline. Notably, fosmanogepix is a broad-spectrum antifungal therapy; management plans to launch Phase III trials from mid-2024. The company reported strong FY23 results, including revenues of CHF157.6m (ahead of guidance), driven by c 23% y-o-y growth in Cresemba and Zevtera sales to CHF150.3m. Top-line growth combined with operational prudence (despite investments in growing its portfolio) supported Basilea in achieving a second successive year of net profitability (CHF10.5m, c 2x the guided figure).
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 | 38.0 | N/A |
2023A | 157.6 | 20.8 | 10.8 | 89.66 | 44.2 | N/A |
2024E | 187.2 | 34.0 | 28.0 | 233.65 | 16.9 | N/A |
2025E | 209.1 | 37.9 | 32.3 | 269.24 | 14.7 | N/A |