The H1 period at Basilea was notable for another strong performance from the anti-fungal Cresemba (isavuconazole). Underlying growth was reflected in royalty income growth of 21.7% with other revenue of CHF 13.5m boosted by BARDA payments primarily related to fosmanogepix. Based on the H1 performance, and with expectations for continued strong delivery, the company has increased revenue guidance for FY’25 to CHF 225m from CHF 220m, leaving guidance for Cresemba and Zevtera-related revenues unchanged at CHF 190m. As previously announced, the addition of the novel Phase 3-ready combination antibiotic ceftibuten-ledaborbactam leads to an increase in expected R&D spending, resulting in a reduction in anticipated operating income to CHF 50m from CHF 62m previously. Basilea ended H1 2025 with cash and equivalents of CHF 132.7m while paying down an additional CHF 14.3m of convertible debt.
​
Much to look forward to
​
Zevtera (ceftobiprole) has recently launched in the US through commercial partner Innoviva Specialty Therapeutics (IST). While these are still early days, we note that it has been nominated for the prestigious Prix Galien USA Award for “Best Pharmaceutical Product”. The long-term future of the anti-fungal franchise is firmly in the hands of fosmanogepix, which is now progressing through global Phase 3 trials for invasive candidiasis and invasive moulds. The importance of fosmanogepix has been reflected in the FDA conferring Fast Track status for various invasive fungal infections with a broad spectrum of activity against most of the fungal infections highlighted by the WHO’s fungal priority pathogens list. Fosmanogepix is highly selective and offers good oral bioavailability. We expect peak sales of fosmanogepix to ultimately comfortably exceed Cresemba and forecast peak sales of circa $1.2bn.
​
Healthy pipeline prospects
​
With the award of the OTA from BARDA offering the prospect of $268m in funding over the next 12 years, representing about 60% of total development costs, the future of the anti-infective pipeline at Basilea looks secure. In a significant broadening of the anti-infective development pipeline, Basilea recently announced the addition of a novel Phase 3-ready oral beta-lactam/ beta-lactamase inhibitor, combining the established 3rd generation cephalosporin ceftibuten (Cedax) with the novel broad-spectrum boronic acid beta-lactamase inhibitor, ledaborbactam. The lead indication for the combination is multidrug-resistant cUTI, including kidney infections caused by Gram-negative Enterobacterales. With positive preclinical data, we look forward to this programme entering the clinic in 2027. Our forecasts are under review following the results today.
Disclosures
Calvine Partners LLP is authorised and regulated by the Financial Conduct Authority for UK investment advisory and arranging activities.
This publication has been commissioned and paid for by Basilea Pharmaceutica and as defined by the FCA is not independent research. This report is considered a marketing communication under FCA Rules. It has not been prepared under the laws and requirements established to promote the independence of investment research. It is not subject to any prohibition on dealing ahead of the dissemination of investment research. This information is widely available to the public.
This report in the United Kingdom is directed at investment professionals, certified high net worth individuals, high net worth entities, self-certified sophisticated investors, and eligible counterparties as defined by the Financial Services and Markets Act 2000 (Financial Promotion) Order 2000. The report may also be distributed and made available to persons to whom Calvine Partners is lawfully permitted. This publication is not intended for use by any individual or entity in any jurisdiction or country where that use would breach law or regulations or which would subject Calvine Partners or its affiliates to any registration requirement within such jurisdiction or country.
Calvine Partners may provide, or seek to provide, services to other companies mentioned in this report. Partners, employees, or related parties may hold positions in the companies mentioned in the report subject to Calvine Partners' personal account dealing rules.
Calvine Partners has only used publicly available information believed to be reliable at the time of this publication and made best efforts to ensure that the facts and opinions stated are fair, accurate, timely and complete at the publication date. However, Calvine Partners provides no guarantee concerning the accuracy or completeness of the report or the information or opinions within. This publication is not intended to be an investment recommendation, personal or otherwise, and it is not intended to be advice and should not be treated in any way as such. Any valuation estimates, such as those derived from a discounted cash flow, price multiple, or peer group comparison, do not represent estimates or forecasts of a future company share price. In no circumstances should the report be relied on or acted upon by non-qualified individuals. Personal or otherwise, it is not intended to be advice and should not be relied on in any way as such.
Forward-looking statements, information, estimates and assumptions contained in this report are not yet known, and uncertainties may cause the actual results, performance or achievements to be significantly different from expectations.
This report does not constitute an offer, invitation or inducement to engage in a purchase or sale of any securities in the companies mentioned. The information provided is for educational purposes only and this publication should not be relied upon when making any investment decision or entering any commercial contract. Past performance of any security mentioned is not a reliable indicator of future results and readers should seek appropriate, independent advice before acting on any of the information contained herein. This report should not be considered as investment advice, and Calvine Partners will not be liable for any losses, costs or damages arising from the use of this report. The information provided in this report should not be considered in any circumstances as personalised advice.
Calvine Partners LLP, its affiliates, officers or employees, do not accept any liability or responsibility with regard to the information in this publication. None of the information or opinions in this publication has been independently verified. Information and opinions are subject to change after the publication of this report, possibly rendering them inaccurate and/or incomplete.
Any unauthorised copying, alteration, distribution, transmission, performance, or display, of this report, is prohibited.