Last close As at 05/08/2026
CHF50.70
▲ 0.20 (0.40%)
Market capitalisation
CHF681m
Research: Healthcare
The uptrend in Cresemba sales in Asia-Pacific and China triggered the receipt of Basilea’s third milestone payment of US$1.25m from Pfizer for the region (in addition to the March and May 2024 milestones). Asia-Pacific and specifically China have strategic importance as China comprises c 20% of the market opportunity for Cresemba. In-market sales for Cresemba remain robust globally and revenues have grown 24% y-o-y to US$489m during the 12 months ending March 2024. We expect Basilea to receive over CHF35m in milestones in H224 and for its overall activity to intensify in the next few weeks with the launch of the first Phase III fosmanogepix trial (in candidemia and invasive candidiasis) and the expected finalisation of a Zevtera US commercial partner, both significant inflection points.
Basilea Pharmaceutica |
Another Cresemba milestone payment in the bank |
Milestone update |
Pipeline update |
Pharma and biotech |
22 August 2024 |
Share price performance
Business description
Analysts
Basilea Pharmaceutica is a research client of Edison Investment Research Limited |
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The uptrend in Cresemba sales in Asia-Pacific and China triggered the receipt of Basilea’s third milestone payment of US$1.25m from Pfizer for the region (in addition to the March and May 2024 milestones). Asia-Pacific and specifically China have strategic importance as China comprises c 20% of the market opportunity for Cresemba. In-market sales for Cresemba remain robust globally and revenues have grown 24% y-o-y to US$489m during the 12 months ending March 2024. We expect Basilea to receive over CHF35m in milestones in H224 and for its overall activity to intensify in the next few weeks with the launch of the first Phase III fosmanogepix trial (in candidemia and invasive candidiasis) and the expected finalisation of a Zevtera US commercial partner, both significant inflection points.
Year end |
Revenue (CHFm) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/22 |
147.8 |
12.3 |
104.1 |
0.0 |
43.9 |
N/A |
12/23 |
157.6 |
10.8 |
89.7 |
0.0 |
50.9 |
N/A |
12/24e |
196.0 |
31.9 |
350.6 |
0.0 |
13.0 |
N/A |
12/25e |
201.6 |
34.1 |
282.4 |
0.0 |
16.2 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Cresemba, Basilea’s leading commercial anti-infective, continues to gain traction globally and has been a key driver in the recent beat on our H124 expectations (contributing >90% of the revenues for the period). As a novel treatment for severe fungal infections (such as invasive aspergillosis and mucormycosis), the drug has extended its lead over rival treatments, holding value market shares of c 40% in the US and 17% globally among best-in-class antifungals. It is marketed in over 70 countries and is the only azole treatment approved for paediatric patients in the US, with management expecting a similar label expansion in the EU in Q324 (anticipated to extend market exclusivity to October 2027; US exclusivity until September 2027).
This third successive milestone payment from Asia-Pacific/China (in the past six months) is indicative of the strong sales traction in the region, and an important consideration given the region’s strategic importance (particularly China) with approaching maturities in the US and EU in H227. While we believe that the bulk of the guided milestone payments for H224 (c CHF37m) will come from Europe (we estimate this to be in the range of CHF25–30m), we continue to see the possibility of further payments from Asia-Pacific and China in the coming months.
Beyond Cresemba, we expect heightened investor interest in H224 on finalisation of a US commercial partner for Zevtera and the initiation of the first Phase III study for fosmanogepix (candidemia and invasive candidiasis). While the hunt for a commercial partner has been more protracted than previously anticipated (prior guidance of mid-2024), we believe this is due to ongoing negotiations with multiple interested parties, which we expect should support optimised commercial terms for Basilea. The first fosmanogepix trial is expected to commence in the next few weeks, and the company plans a second Phase III study (in invasive mould infections) to start in late-2024. We see an upside opportunity for potential external (non-dilutive) funding to help support and advance Basilea’s clinical-stage programmes, which may further improve Basilea’s liquidity position.
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Research: TMT
PVA TePla’s (PVA’s) Q224 results were strong and management reiterated its FY24 guidance and FY25 outlook of moderate growth, despite a weak order intake. The outlook is based on the expectation of increased order momentum in Q4, especially for metrology. PVA has resolved the issue of replacing at short notice two supervisory board members. Two new board members will be up for election at PVA’s AGM on 30 August. Although the company’s share price has appreciated from its recent lows of c €13 (from c €20 earlier this year), there is no meaningful recovery yet. With FY24 and FY25 estimates unchanged, this implies much lower multiples compared to our initiation report in May.