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Currency in CHF
Last close As at 09/06/2023
CHF45.25
▲ 0.60 (1.34%)
Market capitalisation
CHF593m
Basilea Pharmaceutica is focused on treating infectious diseases. Its marketed products are Cresemba (an antifungal) and Zevtera (an anti-MRSA broad-spectrum antibiotic). The company plans to file for US approval for Zevtera.
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.
Managing Director - Head of Content, Healthcare
Adesh Kaul
CFO
David Veitch
CEO
Dung Tran
Investor relations coordinator
Forecast net cash (CHFm)
1.5
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (2.3) | (13.0) | 30.8 |
| Relative | 0.2 | (15.2) | 32.6 |
| 52 week high/low | CHF55.2/CHF30.1 |
Basilea has announced receipt of two separate sales-related milestone payments totalling US$26.25m (CHF23.7m) from licensing partner Pfizer. The milestones relate to sales in Europe (ex-Nordic countries), as well as in China and 16 countries in the Asia-Pacific region where Pfizer is the licensing partner. The payments were tiggered by cumulative sales of its antifungal therapy Cresemba exceeding specific thresholds in the aforementioned regions, and we believe this indicates strong continued demand for the drug (13% global share and 34% in the US in best-in-class antifungals as of December 2022, according to IQVIA). As part of the agreement with Pfizer, Basilea is eligible to receive additional potential milestone payments of up to approximately CHF515m, as well as mid-teen royalties based on net sales. We will adjust our model to reflect receipt of these milestone payments slightly sooner than we expected, but overall, these have come within management guided milestones for 2023.
| Y/E Dec | Revenue (CHFm) | EBITDA (CHFm) | PBT (CHFm) | EPS (CHFc) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 148.1 | 1.9 | (6.6) | (56.90) | N/A | N/A |
| 2022A | 147.8 | 19.6 | 12.3 | 104.10 | 43.5 | N/A |
| 2023E | 156.7 | 49.8 | 40.9 | 312.63 | 14.5 | N/A |
| 2024E | 180.7 | 66.8 | 62.0 | 473.38 | 9.6 | N/A |
Managing Director - Head of Content, Healthcare
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