Last close As at 05/08/2026
CHF50.70
▲ 0.20 (0.40%)
Market capitalisation
CHF681m
Research: Healthcare
Basilea Pharmaceutica has reported another US$1.25m milestone payment from its partner Pfizer in Asia-Pacific and China, triggered by Cresemba sales in this region crossing a pre-defined threshold. This is the fourth milestone payment for Cresemba from the region this year, adding to the already strong H2 results (c CHF33m/US$38.5m milestone payments recorded in H224 so far; CHF35m in 2024 to date). The Asia-Pacific region, particularly China (which accounts for c 20% of the market potential for Cresemba), is of key importance to Basilea, as its lead product approaches maturity in the US and European markets (exclusivity until late 2027). Note that Cresemba has recorded in-market sales of US$505m for the 12 months ending 30 June 2024, robust 20% y-o-y growth.
Basilea Pharmaceutica |
Milestone march continues for Cresemba |
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Pipeline update |
Pharma and biotech |
11 October 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 reported another US$1.25m milestone payment from its partner Pfizer in Asia-Pacific and China, triggered by Cresemba sales in this region crossing a pre-defined threshold. This is the fourth milestone payment for Cresemba from the region this year, adding to the already strong H2 results (c CHF33m/US$38.5m milestone payments recorded in H224 so far; CHF35m in 2024 to date). The Asia-Pacific region, particularly China (which accounts for c 20% of the market potential for Cresemba), is of key importance to Basilea, as its lead product approaches maturity in the US and European markets (exclusivity until late 2027). Note that Cresemba has recorded in-market sales of US$505m for the 12 months ending 30 June 2024, robust 20% y-o-y growth.
Year end |
Revenue (CHFm) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/22 |
147.8 |
12.3 |
104.1 |
0.0 |
43.4 |
N/A |
12/23 |
157.6 |
10.8 |
89.7 |
0.0 |
50.3 |
N/A |
12/24e |
203.0 |
38.9 |
499.4 |
0.0 |
9.0 |
N/A |
12/25e |
219.1 |
50.7 |
419.3 |
0.0 |
10.8 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Basilea will receive another US$1.25m (c CHF1.1m) milestone payment for Cresemba, bolstering the already strong year for its lead drug, with c CHF35m in milestones booked so far in FY24. This most recent milestone is the fourth this year from Asia-Pacific and China, which reflects the strong sales uptake in the region. China is the second largest pharmaceutical market globally (after the US) and is of particular importance for Basilea, given that it accounts for c 20% of the market opportunity for Cresemba. Licensing partner Pfizer first received regulatory approval for Cresemba in China in December 2021; currently both the oral and IV formulations are approved for invasive aspergillosis and mucormycosis in the country. Based on management guidance, we estimate that another c CHF4–5m in milestone payments will be received during the remainder of the year, likely from Japan and potentially Latin America.
Cresemba continues to deliver sustained sales momentum, with in-market sales of US$505m in the 12 months to June (20% y-o-y growth), more than 50% of which is currently contributed by the US, although we note that this proportion has been reducing, which reflects increased traction in other regions. Cresemba is approved and marketed in over 70 countries, with a global market share of c 15% (of best-in-class antifungals) and a market-leading c 40% share in the US in terms of value.
FY24 has also been rewarding for Basilea’s other programmes, including the anti-bacterial treatment Zevtera, which received US regulatory approval in April 2024, and fosmanogepix, a novel antifungal, which recently commenced a Phase III trial in candidemia/invasive candidiasis. Last month, Basilea announced a multi-year R&D agreement with the Biomedical Advanced Research and Development Authority potentially worth US$268m over a 12-year period. The initial payment of US$29m, earmarked for the clinical development of fosmanogepix and BAL2062 (currently undergoing preclinical profiling, which may lead to moving directly into a Phase II study), de-risks the near-term development plans, in our view. We expect the next catalyst to be news of a US distribution partner for Zevtera, which we anticipate before the year-end.
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Research: Healthcare
Sareum Holdings has announced the completion of a £2.4m private placement and receipt of another A$1.9m (c £1m) in R&D tax credits from Australian authorities, related to the Phase I clinical trial for its lead asset SDC-1801, a next-generation TYK2/JAK1 kinase inhibitor. Management expects the combined funds to support preparatory activities, including longer-term toxicology studies, as the candidate advances towards Phase II trials in psoriasis patients. As a reminder, the company had presented encouraging Phase I top-line data for SDC-1801 in July 2024, and has now reported further positive insights from the unblinded data (detailed below). Based on the Phase I readout, and supported further by additional data from the planned toxicology studies, we expect Sareum to seek partnering opportunities before proceeding to Phase II, likely in 2025.