Basilea Pharmaceutica (SIX: BSLN)

Last close As at 18/05/2024

CHF44.30

0.40 (0.91%)

Market capitalisation

CHF584m

Basilea Pharmaceutica is focused on treating infectious diseases; marketed products are Cresemba (antifungal) and Zevtera (anti-MRSA broad-spectrum antibiotic). In late 2023, it expanded its pipeline to include BAL2062 (antifungal), tonabacase (antibiotic) and Phase III-ready fosmanogepix (antifungal).

There is an ever-increasing need for therapeutic agents that are efficacious against drug-resistant strains of bacteria (eg MRSA) or fungi. Hence the opportunities for Zevtera and Cresemba could be significant.

Latest Insights

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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Arron Aatkar

Associate analyst

Key Management

  • Adesh Kaul

    CFO

  • David Veitch

    CEO

  • Dung Tran

    Investor relations coordinator

Balance Sheet

Forecast net debt (CHFm)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 7.8 20.1 (3.7)
Relative 1.0 13.7 (7.1)
52 week high/low CHF48.6/CHF32.2

Financials

Basilea Pharmaceutica has announced the triggering of a US$1.25m milestone payment from Pfizer, triggered by sustained strong sales of Cresemba in the Asia-Pacific region and China. This is the second FY24 milestone payment for the region and is incremental to the payment received in March. We note that, according to the latest available data, total in-market sales of Cresemba amounted to US$473m in the 12 months ending December 2023, representing a +26% year-on-year increase. Basilea is preparing to launch its Phase III programme for fosmanogepix, a broad-spectrum antifungal therapy, with the first of two Phase III trials expected to initiate in mid-2024. The company also made positive regulatory and operational strides with its lead antibiotic asset, Zevtera (following FDA approval in April 2024), and we eagerly await the announcement of a potential US commercial partner.

Y/E Dec Revenue (CHFm) EBITDA (CHFm) PBT (CHFm) EPS (CHFc) P/E (x) P/CF (x)
2022A 147.8 19.6 12.3 104.10 42.6 N/A
2023A 157.6 20.8 10.8 89.66 49.4 N/A
2024E 187.2 34.0 28.0 233.65 19.0 N/A
2025E 209.1 37.9 32.3 269.24 16.5 N/A

Further insights

insight

Healthcare

Antibiotic resistance

insight

Healthcare

Antibiotics

Analyst of the week

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

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Thematics

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