Last close As at 05/08/2026
CHF50.70
▲ 0.20 (0.40%)
Market capitalisation
CHF681m
Research: Healthcare
H224 continues to be a rewarding period for Basilea Pharmaceutica, with the announcement of a third successive milestone payment for Cresemba in the last month following strong sales performance (+24% y-o-y growth in in-market sales to US$489m for the 12 months ending March 2024). The latest milestone (US$25m/CHF21m) was triggered by license partner Pfizer exceeding a predetermined sales threshold in Europe. In total, Cresemba has raked in upwards of CHF34m in milestone payments in the year to date (with c CHF32m in H224 thus far), and we expect a further c CHF5m before year-end based on the most recent guidance from management. Beyond Cresemba, we expect the key focus areas for Basilea in H224 to be finalising a US commercialisation partner for Zevtera and the initiation of the first Phase III study for fosmanogepix (in candidemia/invasive candidiasis).
Basilea Pharmaceutica |
H2 rewards continue: US$25m Cresemba milestone |
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Pipeline update |
Pharma and biotech |
9 September 2024 |
Share price performance
Business description
Analysts
Basilea Pharmaceutica is a research client of Edison Investment Research Limited |
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H224 continues to be a rewarding period for Basilea Pharmaceutica, with the announcement of a third successive milestone payment for Cresemba in the last month following strong sales performance (+24% y-o-y growth in in-market sales to US$489m for the 12 months ending March 2024). The latest milestone (US$25m/CHF21m) was triggered by license partner Pfizer exceeding a predetermined sales threshold in Europe. In total, Cresemba has raked in upwards of CHF34m in milestone payments in the year to date (with c CHF32m in H224 thus far), and we expect a further c CHF5m before year-end based on the most recent guidance from management. Beyond Cresemba, we expect the key focus areas for Basilea in H224 to be finalising a US commercialisation partner for Zevtera and the initiation of the first Phase III study for fosmanogepix (in candidemia/invasive candidiasis).
Year end |
Revenue (CHFm) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/22 |
147.8 |
12.3 |
104.1 |
0.0 |
43.5 |
N/A |
12/23 |
157.6 |
10.8 |
89.7 |
0.0 |
50.4 |
N/A |
12/24e |
196.0 |
31.9 |
350.6 |
0.0 |
12.9 |
N/A |
12/25e |
201.6 |
34.1 |
282.4 |
0.0 |
16.0 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Following a relatively subdued first half (in terms of milestone payments), H224 has seen a flurry of milestone payments for Cresemba, driven by the sustained sales performance of the drug globally. This was widely expected, as management had guided for the payments to be H2-weighted. The latest US$25m/CHF21m milestone payment was triggered by the European license partner Pfizer exceeding a sales threshold in the region. As a reminder, Basilea’s agreement with Pfizer covers both Europe (excluding Nordic countries) and an additional 16 countries in the Asia-Pacific region and China. Prior to this payment, Basilea received a total of c CHF13m from Pfizer this year, including CHF10m for the recent paediatric approval of Cresemba in the EU and US$3.75m/CHF3.0m from sales milestones in Asia-Pacific and China. We estimate another c CHF5m to be received during the remainder of the year, likely from Asia-Pacific, Japan or Latin America. We note that in addition to these milestone payments, Basilea is also eligible to receive royalty payments (in the mid-teens) on sales booked by Pfizer in its geographies (CHF19.6m received in H124).
Cresemba, Basilea’s lead drug (targeting invasive fungal infections) has continued to spearhead the company’s operating performance, contributing to upwards of 90% of H124 Cresemba and Zevtera-related revenues (CHF73.3m) and driving the full-year guidance upgrade (see our prior update note for details). While we foresee the momentum persisting to loss of exclusivity in late 2027 (projecting peak sales of c US$750m), we note the growing impetus on developing the rest of the company’s product pipeline. Central to this are the antibacterial treatment Zevtera (marketed in the EU; recently approved in the US) and the broad-spectrum antifungal fosmanogepix (Phase III-ready). We therefore see the finalisation of a US license partner for Zevtera and the initiation of the first Phase III trial for fosmanogepix as key focus areas for Basilea in H224. We expect updates on both in the coming weeks and view these as significant upcoming catalysts for the company.
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Research: Healthcare
Oryzon Genomics has announced the commencement of patient dosing in the investigator-initiated Phase Ib trial evaluating iadademstat as a combination treatment in first-line acute myeloid leukemia (AML). The study, which aims to recruit c 24 patients, is sponsored by Oregon Health & Science University (OHSU). It is designed to evaluate the safety, tolerability and optimal dose of iadademstat when administered alongside standard-of-care treatments venetoclax and azacitidine. It will also test for preliminary efficacy. Oryzon has previously generated encouraging results when investigating iadademstat in combination with azacitidine for newly diagnosed AML patients (ALICE trial) and this new study will explore potential further synergies of the broader combination.