Sparks - Basilea Pharmaceutica

Basilea has announced a US$37.5m sales milestone payment from commercial partner Pfizer, triggered by continued strong sales of Cresemba in Europe. We view this as further evidence of the antifungal’s sustained commercial momentum, with global in-market sales reaching US$817m in the 12 months to June 2026, up 25% year-on-year. Cresemba remains the largest branded antifungal for invasive fungal infections globally and is marketed in more than 70 countries.

The milestone further validates Cresemba’s growing commercial contribution and Basilea’s partner-led business model. Importantly, the payment follows Basilea’s recent material upgrade to FY26 guidance, which now anticipates c CHF310m in revenue and CHF115m in operating profit, including c CHF65m in milestone income. Including the latest Pfizer milestone, Basilea has announced c US$43.2m (c CHF35.5m) in milestone and upfront income in FY26 to date. This implies a further c CHF30m under current guidance, which we believe could largely relate to sales milestones from US commercial partner Astellas. Beyond the immediate financial contribution, sustained double-digit Cresemba growth reinforces the durability of Basilea’s cash-generative franchise, providing greater financial flexibility to advance its clinical pipeline while supporting its target of CHF650m in cumulative cash flow from Cresemba and Zevtera over 2026–30.