Edison Investment Research - Basilea Pharmaceutica AG (BSLN) Basilea Pharmaceutica - From strength to strength

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Edison Investment Research

Sean Conroy

Basilea Pharmaceutica - From strength to strength

FY23 was another strong year for Basilea, marked by successive guidance beats and meaningful progress in fortifying its product pipeline. Revenues of CHF157.6m were ahead of guidance, driven by c 23% y-o-y growth in Cresemba- and Zevtera-related revenues to CHF150.3m. Top-line growth, combined with operational prudence (despite investments in growing its portfolio), supported Basilea in achieving a second successive year of net profitability (CHF10.5m, c 2x the guided figure). FY24 will be an important period, with the FDA decision on Zevtera (April 2024) and launch of fosmanogepix Phase III trials. As we update our estimates to reflect the latest sales trend, the outlook for the commercial assets and pipeline potential, we increase our valuation to CHF968.0m or CHF80.7/share.

20/02/2024 1 EN

Underlying

Basilea Pharmaceutica AG

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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CH0011432447 Six Swiss Exchange Switzerland

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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Basilea Pharmaceutica - From strength to strength

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

Starke Cresemba® (Isavuconazol)-Umsätze in der Region Asien-Pazifik und China lösen Meilensteinzahlung an Basilea aus

Strong Cresemba® (isavuconazole) sales performance in Asia Pacific and China triggers milestone payment to Basilea

AUSTRIACARD - Acquiring data analytics expertise

Brighton Pier Group - Sweating the assets

Borussia Dortmund - London calling

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