Last close As at 05/08/2026
CHF50.70
▲ 0.20 (0.40%)
Market capitalisation
CHF681m
Research: Healthcare
Basilea Pharmaceutica has announced the triggering of a US$1.25m milestone payment from Pfizer, triggered by sustained strong sales of Cresemba in the Asia-Pacific region and China. This is the second FY24 milestone payment for the region and is incremental to the payment received in March. We note that, according to the latest available data, total in-market sales of Cresemba amounted to US$473m in the 12 months ending December 2023, representing a +26% year-on-year increase. Basilea is preparing to launch its Phase III programme for fosmanogepix, a broad-spectrum antifungal therapy, with the first of two Phase III trials expected to initiate in mid-2024. The company also made positive regulatory and operational strides with its lead antibiotic asset, Zevtera (following FDA approval in April 2024), and we eagerly await the announcement of a potential US commercial partner.
Written by
Basilea Pharmaceutica |
Cresemba milestone payments continue to roll in |
Milestone update |
Pipeline update |
Pharma and biotech |
17 May 2024 |
Share price performance
Business description
Analysts
Basilea Pharmaceutica is a research client of Edison Investment Research Limited |
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Basilea Pharmaceutica has announced the triggering of a US$1.25m milestone payment from Pfizer, triggered by sustained strong sales of Cresemba in the Asia-Pacific region and China. This is the second FY24 milestone payment for the region and is incremental to the payment received in March. We note that, according to the latest available data, total in-market sales of Cresemba amounted to US$473m in the 12 months ending December 2023, representing a +26% year-on-year increase. Basilea is preparing to launch its Phase III programme for fosmanogepix, a broad-spectrum antifungal therapy, with the first of two Phase III trials expected to initiate in mid-2024. The company also made positive regulatory and operational strides with its lead antibiotic asset, Zevtera (following FDA approval in April 2024), and we eagerly await the announcement of a potential US commercial partner.
Year end |
Revenue (CHFm) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/22 |
147.8 |
12.3 |
104.1 |
0.0 |
42.2 |
N/A |
12/23 |
157.6 |
10.8 |
89.7 |
0.0 |
48.9 |
N/A |
12/24e |
187.2 |
28.0 |
233.6 |
0.0 |
18.8 |
N/A |
12/25e |
209.1 |
32.3 |
269.2 |
0.0 |
16.3 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Cresemba is Basilea’s lead antifungal treatment for life-threatening invasive mould infections such as invasive aspergillosis and mucormycosis. Cresemba is approved and marketed in more than 70 countries (including the US, most EU member states and additional countries inside and outside of Europe), with licence and distribution agreements covering 115 countries. Basilea’s licence agreement with Pfizer covers Europe (excluding the Nordic countries), the Asia-Pacific region and China (16 countries). Basilea received its first 2024 milestone payment for strong Cresemba sales in the Asia-Pacific region and China in March (US$1.25m) and this second milestone 2024 payment (also US$1.25m) reflects both the sustained growth momentum of the drug and the ongoing medical need in this region.
We anticipate that the next material update for Basilea will be the announcement of a US commercial partner for Zevtera, expected by mid-2024, following FDA approval of the antibiotic in April for three indications. The approval was based on the positive results from three Phase III trials: ERADICATE for Staphylococcus aureus bacteraemia, TARGET for acute bacterial skin and skin structure infections, and a Phase III study for community-acquired bacterial pneumonia. The company recently presented additional clinical data from ERADICATE at ESCMID Global 2024 (the annual meeting of the European Society of Clinical Microbiology and Infectious Diseases), which reinforces the differentiated profile of the drug for the treatment of severe bacterial blood stream infections, including those involving MRSA. Looking ahead, we believe this clinical data update supports the commercial potential of Zevtera as it prepares to enter the US market, especially since the US represents over 80% of global branded anti-MRSA hospital antibiotics sales.
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Research: Industrials
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