Edison Investment Research - Basilea Pharmaceutica AG (BSLN) Basilea Pharmaceutica - Strong close to FY23 with another milestone payment

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Edison Investment Research

Sean Conroy

Basilea Pharmaceutica - Strong close to FY23 with another milestone payment

Basilea has announced receipt of its first sales-related milestone (for an undisclosed amount) from distribution partner Knight Therapeutics. The payment was triggered by combined Cresemba sales in Latin America exceeding a pre-defined sales threshold. Cresemba continues to see strong market traction for the treatment of invasive aspergillosis and mucormycosis, with the drug reporting in-market sales of US$445m in the 12 months ending September 2023 (+22% y-o-y), reflecting a growing market share in value terms (15% globally and 38% in the US among best-in-class antifungals). In FY23 Basilea recorded around CHF30m in milestone payments for lead product Cresemba, including CHF25m from Pfizer in Europe (>CHF355m in upfront and milestone payments received to date). In December 2023, Cresemba was granted a paediatric label expansion in the US, extending market exclusivity to September 2027 (EU decision anticipated in Q124), by which time we estimate sales to peak at c US$700m.

26/01/2024 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 - Strong close to FY23 with another milestone payment

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

Borussia Dortmund - London calling

HELLENiQ ENERGY - Solid Q1, with a strong operational performance

Triple Point Social Housing REIT - Strong rent growth and improving rent collection

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