Basilea Pharmaceutica - Cresemba driving top-line growth
Basilea continued to build on its foundations for growth in 2018, reporting FY18 revenues of CHF132.6m (+31%) and an operating loss of CHF24.1m (+41%), beating guidance for the year. Revenues benefit from the multitude of global licensing/distribution deals for launched assets Cresemba and Zevtera. The main revenue driver is Cresemba, whose sales growth has accelerated in the US and EU. R&D investment in the oncology pipeline continues. This represents the next pillar of growth and we anticipate further progress in 2019. We expect further in-licensing opportunities given the strength of the balance sheet (cash and financial investments CHF223m). We value Basilea at CHF1082m or CHF100/share.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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