FY23 was another strong year for Basilea Pharmaceutica, 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 Edison Group updates their estimates to reflect the latest sales trend, the outlook for the commercial assets and pipeline potential, they increase their valuation to CHF968.0m or CHF80.7/share.
20 February 2024
Comments