Basilea Pharmaceutica (SIX: BSLN)

Currency in CHF

Last close As at 06/02/2023

CHF49.00

−1.20 (−2.39%)

Market capitalisation

CHF637m

Basilea Pharmaceutica is focused on treating infectious diseases. Its marketed products are Cresemba (an antifungal) and Zevtera (an anti-MRSA broad-spectrum antibiotic). The company plans to file for US approval for Zevtera.

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 Cresemba and Zevtera could be significant.

Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

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 7.6 6.8 11.8
Relative 3.2 3.2 23.5
52 week high/low CHF52.6/CHF29.9

Financials

On the heels of management’s January upward guidance revision, continued strong execution of Basilea’s outlined strategic plan (February 2022) has positioned the company to report (on a preliminary basis) its first year of operating and net profit. Management anticipates FY22 operating profit of c CHF18m, up from the previously guided CHF10–15m loss. We view this as a notable milestone for Basilea, which was achieved despite overall macro market challenges. The company continues to address an important unmet need in anti-infectives and its worldwide traction of the company’s antifungal product, Cresemba (isavuconazole), is a key driver of revenue. In FY23, we expect the company to maximize the potential of Zevtera in the US (new drug application filing anticipated in H123) while also refilling its development pipeline. Our valuation and financial estimates are under review and are expected to be updated following the release of full FY22 results on February 14.

Y/E Dec Revenue (CHFm) EBITDA (CHFm) PBT (CHFm) EPS (CHFc) P/E (x) P/CF (x)
2020A 127.6 (7.0) (29.6) (288.45) N/A N/A
2021A 148.1 1.9 (6.6) (56.90) N/A N/A
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A

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Analyst of the week

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

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