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.
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Adesh Kaul
CFO
David Veitch
CEO
Dung Tran
Investor relations coordinator
Forecast net debt (CHFm)
N/A
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 3.6 | 9.3 | (24.3) |
Relative | 1.6 | 4.4 | (31.1) |
52 week high/low | CHF50.2/CHF32.2 |
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.
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 | 36.3 | N/A |
2023A | 157.6 | 20.8 | 10.8 | 89.66 | 42.1 | N/A |
2024E | 183.1 | 31.5 | 25.5 | 212.89 | 17.7 | N/A |
2025E | 204.8 | 35.4 | 29.8 | 248.83 | 15.2 | N/A |