Basilea Pharmaceutica - A tale of two halves
Basilea reported good momentum in H120 as total revenues increased to CHF69.3m (+9.7%), highlighting ongoing growth in Cresemba (severe mould infections) sales. Basilea has retained FY20 guidance for revenue and its updated guidance for operating loss (CHF5–15m vs prior expected loss of CHF20–30m) reflects the one-time gain (c CHF15m) related to the sale of its headquarters. We expect H220 to be event-driven, with multiple R&D-related inflection points (derazantinib data in iCCA and urothelial cancer). Basilea plans to initiate a Phase I/II gastric cancer study shortly; adding in this indication increases our derazantinib peak sales estimate to $0.934bn. We value Basilea at CHF1.14bn.Basilea Pharmaceutica is an integrated biopharmaceutical company engaged in the discovery, development and commercialization of pharmaceutical products for the treatment of bacterial infections, fungal infections, oncology and skin diseases. Co. focuses on antibiotics and antifungals as well as oncology and dermatology drugs. Co.'s portfolio spans from innovative early-stage through clinical late-stage drug candidates to a marketed product. In the context of its international commercialization organization, Co. has subsidiaries in Denmark, France, Germany, Italy, Spain and the United Kingdom.
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