Basilea Pharmaceutica - Poised for an eventful H224
Basilea’s H124 results reflect strong momentum across its pipeline and we expect the pace to accelerate in H224. The key highlight of the period was the FDA approval of Zevtera. We now expect all eyes to be on the announcement of a US commercial partner and the Phase III launch for fosmanogepix (expected imminently). Lead product Cresemba continued its outperformance versus our estimates (16.6% growth in royalties), contributing >90% of H124 revenues of CHF76.3m and driving the company’s FY24 guidance upgrade (group revenues of CHF196m versus CHF183m previously) with H2-weighed milestone payments. The balance sheet continues to strengthen, with strong operating cash flows (CHF17.9m in H124) and a healthy cash balance (gross cash of CHF63m). We adjust our estimates for the stronger than anticipated performance of Cresemba, with our valuation rising to CHF89.7 per share from CHF84.0 per share previously.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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