Last close As at 05/08/2026
CHF51.40
▲ 0.70 (1.38%)
Market capitalisation
CHF681m
Research: Healthcare
Sales of Basilea’s antifungal drug, Cresemba (isavuconazole), in the Asia Pacific region have triggered a milestone payment of $1.25m from the company’s licence partner Pfizer, management has reported. Global Cresemba sales were $324m in FY21, resulting in significant royalty and milestone payments to Basilea. In our view, the triggering of milestones in new regions (Asia Pacific) is encouraging for Cresemba’s future sales growth. Cresemba is approved in 68 countries and marketed in 57 and is a key revenue driver for Basilea. Considerable past milestone payments from partners (Pfizer, Astellas) provide support that management is addressing a worldwide unmet medical need with Cresemba. We value Basilea Pharmaceutica at CHF847.7m or CHF71.6/share.
Written by
Basilea Pharmaceutica |
Yet another milestone payment from Pfizer |
Milestone update |
Pharma and biotech |
20 June 2022 |
Share price performance
Business description
Analysts
Basilea Pharmaceutica is a research client of Edison Investment Research Limited |
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Sales of Basilea’s antifungal drug, Cresemba (isavuconazole), in the Asia Pacific region have triggered a milestone payment of $1.25m from the company’s licence partner Pfizer, management has reported. Global Cresemba sales were $324m in FY21, resulting in significant royalty and milestone payments to Basilea. In our view, the triggering of milestones in new regions (Asia Pacific) is encouraging for Cresemba’s future sales growth. Cresemba is approved in 68 countries and marketed in 57 and is a key revenue driver for Basilea. Considerable past milestone payments from partners (Pfizer, Astellas) provide support that management is addressing a worldwide unmet medical need with Cresemba. We value Basilea Pharmaceutica at CHF847.7m or CHF71.6/share.
Year end |
Revenue |
PBT* |
EPS* |
DPS |
DPS |
Yield |
12/20 |
127.6 |
(29.6) |
(288.5) |
0.0 |
N/A |
N/A |
12/21 |
148.1 |
(6.6) |
(56.9) |
0.0 |
N/A |
N/A |
12/22e |
109.5 |
(30.1) |
(254.1) |
0.0 |
N/A |
N/A |
12/23e |
128.1 |
14.0 |
161.1 |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Cresemba (isavuconazole) is an intravenous and oral, broad-spectrum antifungal drug for the treatment of invasive aspergillosis and invasive mucormycosis, severe life-threatening fungal infections. The drug is marketed in 57 countries through regional partners including Astellas in the United States, Pfizer in Europe and the Asia Pacific region (among others) and Asahi Kasei Pharma in Japan. In December 2021 and January 2022, oral Cresemba was approved in China for the treatment of invasive mucormycosis and invasive aspergillosis, respectively. The intravenous formulation is being reviewed under two separate applications in China, for which we expect a regulator decision in 2022. We continue to see inclusion of Cresemba on the National Reimbursement Drug List in China as vital to unlocking value in the Asia Pacific region.
The invasive fungal infection market remains an area of unmet medical need, driven by the rise of underlying predisposition conditions, such as chronic obstructive pulmonary disease, cystic fibrosis and AIDS. Globally, it is estimated that there are more than 1.5 million fungal infection-related deaths per year. Cresemba has reported fewer statistically significant drug-related adverse events and treatment-emergent adverse events (liver, skin, eye) in invasive aspergillosis compared to market leaders, which we see as differentiating the drug in this competitive market.
Our recent outlook details our valuation method and our rNPV model suggests a value for Basilea Pharmaceutica of CHF847.7m or CHF71.6/share.
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Research: TMT
Filtronic’s post-close trading update notes that FY22 revenues will be broadly in line with market expectations, rising by 10% y-o-y to £17.1m. In addition, adjusted EBITDA will be materially ahead of market expectations at over £2.7m, mainly reflecting a higher-than-expected proportion of defence revenues. We adjust our FY22 estimates accordingly and leave our FY23 estimates unchanged.