Report

Basilea Pharmaceutica - Renewed focus on anti-infectives

In February, Basilea announced a strategic refocusing on its core anti-infective business and is exploring strategic options for its oncology assets. Strong FY21 results were driven by key anti-infective assets Cresemba and Zevtera, which collectively contributed CHF131.4m to Basilea’s revenue (up 18% y-o-y). Global Cresemba sales were US$324m in FY21, resulting in significantly increased royalty and milestone payments. Management envisages sustainable profitability and positive operating cash flow from 2023. Top-line data from the key ERADICATE study of Zevtera in bloodstream infections is expected in mid-2022. If positive, this would enable an NDA submission, paving the way to the US antibiotics market. In oncology, potential value uplift could come from positive readouts (expected in H122) from lead asset derazantinib in trials for iCCA (FIDES-01) and gastric cancer (FIDES-03).
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.

Provider
Edison Investment Research
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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