Last close As at 05/08/2026
CHF50.70
▲ 0.20 (0.40%)
Market capitalisation
CHF681m
Research: Healthcare
Basilea has announced receipt of its first sales-related milestone (for an undisclosed amount) from distribution partner Knight Therapeutics. The payment was triggered by combined Cresemba sales in Latin America exceeding a pre-defined sales threshold. Cresemba continues to see strong market traction for the treatment of invasive aspergillosis and mucormycosis, with the drug reporting in-market sales of US$445m in the 12 months ending September 2023 (+22% y-o-y), reflecting a growing market share in value terms (15% globally and 38% in the US among best-in-class antifungals). In FY23 Basilea recorded around CHF30m in milestone payments for lead product Cresemba, including CHF25m from Pfizer in Europe (>CHF355m in upfront and milestone payments received to date). In December 2023, Cresemba was granted a paediatric label expansion in the US, extending market exclusivity to September 2027 (EU decision anticipated in Q124), by which time we estimate sales to peak at c US$700m.
Written by
Basilea Pharmaceutica |
Strong close to FY23 with another milestone payment |
Milestone update |
Pipeline update |
Pharma and biotech |
26 January 2024 |
Share price performance
Business description
Analysts
Basilea Pharmaceutica is a research client of Edison Investment Research Limited |
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Basilea has announced receipt of its first sales-related milestone (for an undisclosed amount) from distribution partner Knight Therapeutics. The payment was triggered by combined Cresemba sales in Latin America exceeding a pre-defined sales threshold. Cresemba continues to see strong market traction for the treatment of invasive aspergillosis and mucormycosis, with the drug reporting in-market sales of US$445m in the 12 months ending September 2023 (+22% y-o-y), reflecting a growing market share in value terms (15% globally and 38% in the US among best-in-class antifungals). In FY23 Basilea recorded around CHF30m in milestone payments for lead product Cresemba, including CHF25m from Pfizer in Europe (>CHF355m in upfront and milestone payments received to date). In December 2023, Cresemba was granted a paediatric label expansion in the US, extending market exclusivity to September 2027 (EU decision anticipated in Q124), by which time we estimate sales to peak at c US$700m.
Year end |
Revenue (CHFm) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/21 |
148.1 |
(6.6) |
(56.9) |
0.0 |
N/A |
N/A |
12/22 |
147.8 |
12.3 |
104.1 |
0.0 |
33.6 |
N/A |
12/23e |
155.0 |
5.2 |
43.8 |
0.0 |
79.8 |
N/A |
12/24e |
183.3 |
35.1 |
293.1 |
0.0 |
11.9 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Cresemba (generic name isavuconazole) is an intravenous and oral azole antifungal therapy used to treat life-threatening invasive mould infections such as invasive aspergillosis and mucormycosis. The drug has been approved in 76 countries and is marketed in over 70 countries (licence and distribution agreements cover 115 countries), with Orphan Drug designation in the US, Europe and Australia. The distribution agreement was signed with Grupo Biotoscana in September 2016 (subsequently acquired by Knight Therapeutics in 2019) and includes the supply and distribution of Cresemba, as well as the company’s second commercial asset (Zevtera, an antibacterial therapy), in 19 countries in Latin America including Brazil, Mexico, Argentina and Colombia. The recent payment marks the first sales-related milestone from the region. In FY23, we estimate Cresemba to bring in c CHF129m in revenues for Basilea (including c CHF76m in royalties), a c 22% y-o-y improvement over the previous year.
While we continue to expect Cresemba to drive sales momentum across FY24–25, we believe the upcoming PDUFA decision on Zevtera (expected by 3 April 2024) will be the next major catalyst for the company, given management estimates that the US will make up 85–90% of Zevtera sales. More recently, the company has been focusing on strengthening its therapeutic pipeline with the aim of supporting longer-term growth and traction. In the past few months, Basilea has acquired/in-licensed four antifungal and antibacterial assets, including the Phase III-ready novel anti-fungal treatment fosmanogepix (November 2023), for which two Phase III trials are expected to start this year, in candidemia and invasive candidiasis (mid-2024) and invasive mould infections (late 2024).
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Research: TMT
Having completed its five-year growth plan a year ahead of schedule, despite the intervening pandemic, GlobalData has now set out its ambitions for the next three years. These build on the group’s strengths in platform and proprietary data across its three segments in healthcare (36% of FY23e revenue), consumer (36%) and tech (28%). M&A is a key element, with the group’s financial strength significantly bolstered by the deal with Inflexion in December, where Inflexion took a 40% stake in GlobalData’s healthcare business at an implied valuation equivalent to c 75% of the group’s then market capitalisation. The share price has yet to reflect the benefits of this deal or the value inherent in the rest of the GlobalData.