Last close As at 05/08/2026
CHF50.70
▲ 0.20 (0.40%)
Market capitalisation
CHF681m
Research: Healthcare
Continued strong sales of Cresemba, Basilea Pharmaceutica’s lead antifungal asset, in the Asia-Pacific region and China, has triggered the receipt of a US$1.25m milestone payment from Pfizer (license partner). This comes on the heels of Basilea’s first sales-related milestone from distribution partner Knight Therapeutics in January for sales in Latin America. We believe these reflect sustained market traction for Cresemba, leading to in-market sales of US$445m in the 12 months ending September 2023 (+22% y-o-y) and c CHF30m in milestone payments in FY23. In December 2023, Cresemba was granted a paediatric label expansion in the US, extending its market exclusivity to September 2027 (EU decision expected Q124). Basilea is also developing a successor to Cresemba: fosmanogepix, a broad-spectrum antifungal therapy (Phase III trials to commence in mid-2024). We anticipate the Prescription Drug User Fee Act (PDUFA) date (3 April 2024) for the company’s second asset, Zevtera, will be the next near-term catalyst, as the US represents a key market.
Written by
Basilea Pharmaceutica |
Strong Cresemba traction triggers milestone payment |
Milestone update |
Pipeline update |
Pharma and biotech |
11 March 2024 |
Share price performance
Business description
Analysts
Basilea Pharmaceutica is a research client of Edison Investment Research Limited |
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Continued strong sales of Cresemba, Basilea Pharmaceutica’s lead antifungal asset, in the Asia-Pacific region and China, has triggered the receipt of a US$1.25m milestone payment from Pfizer (license partner). This comes on the heels of Basilea’s first sales-related milestone from distribution partner Knight Therapeutics in January for sales in Latin America. We believe these reflect sustained market traction for Cresemba, leading to in-market sales of US$445m in the 12 months ending September 2023 (+22% y-o-y) and c CHF30m in milestone payments in FY23. In December 2023, Cresemba was granted a paediatric label expansion in the US, extending its market exclusivity to September 2027 (EU decision expected Q124). Basilea is also developing a successor to Cresemba: fosmanogepix, a broad-spectrum antifungal therapy (Phase III trials to commence in mid-2024). We anticipate the Prescription Drug User Fee Act (PDUFA) date (3 April 2024) for the company’s second asset, Zevtera, will be the next near-term catalyst, as the US represents a key market.
Year end |
Revenue (CHFm) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/22 |
147.8 |
12.3 |
104.1 |
0.0 |
35.1 |
N/A |
12/23 |
157.6 |
10.8 |
89.7 |
0.0 |
40.7 |
N/A |
12/24e |
183.1 |
25.5 |
212.9 |
0.0 |
17.1 |
N/A |
12/25e |
204.8 |
29.8 |
248.8 |
0.0 |
14.7 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Cresemba is an antifungal therapy for the treatment of life-threatening invasive mould infections such as invasive aspergillosis and mucormycosis. The drug is approved and marketed in over 70 countries, with licence and distribution agreements covering 115 countries. Basilea has a license agreement with Pfizer for Cresemba in Europe (excluding Nordic countries) and 16 countries in the Asia-Pacific region and China. On the heels of the milestone payment from Knight Therapeutics in January 2024, triggered by combined Cresemba sales in Latin America exceeding a pre-defined sales threshold, Basilea has received a US$1.25m milestone payment from Pfizer for strong Cresemba sales in the Asia-Pacific region and China. This reflects the ongoing need for the antifungal therapy, as well as Basilea’s strong growth momentum.
Basilea reported strong FY23 results (see previous note), including revenues of CHF157.6m, driven by c 23% y-o-y growth in Cresemba- and Zevtera-related revenues to CHF150.3m, contributing to a second successive year of net profitability. Management expects Cresemba’s growth to continue into FY24, with guided royalties of CHF89m (+13% y-o-y) and a further 15% increase in milestone payments. We expect that this strong sales momentum will support the business until the end of Cresemba’s market exclusivity period. Management is gearing up for the Phase III programme for fosmanogepix (expected to launch from mid-2024), with the hope that this novel antifungal therapy will fill Cresemba’s shoes.
In the near-term, anticipation builds on the run-up to the PDUFA date (3 April 2024) for the company’s second asset, Zevtera, for which the US represents a key market. We believe this could be the next major catalyst for Basilea.
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