Basilea

Diversifying the Anti-Infective Franchise

A primary focus for Basilea has been executing the objective to replenish its pipeline and provide longevity beyond the expected loss of exclusivity for its lead antifungal, Cresemba, in late 2027. While Cresemba continues to deliver exceptional performance—with global in-market sales exceeding $560m in 2024—the company is successfully transitioning to a multi-asset model. Basilea's update today highlights progress made in 2025 and what to expect looking forward. We published a research report today here.

Pipeline Execution and De-risking

The acquisition of fosmanogepix represented a transformational event for the franchise. Now in Phase 3 development for both yeast and mould infections, fosmanogepix targets almost all priority pathogens highlighted by the WHO. With a broad-spectrum profile and activity against resistant strains like C. auris, we forecast peak sales to comfortably exceed those of Cresemba, potentially reaching $1.2bn.

Financial Resilience and Non-Dilutive Funding

Basilea’s financial position remains a key differentiator. The company has secured up to $420m in non-dilutive funding—primarily through a substantial BARDA OTA agreement—which is expected to cover approximately 60% of development costs for the major clinical programs. This unique funding model allows Basilea to remain significantly cash-generative while aggressively advancing its R&D.

Conclusion: A Compelling Investment Case

The market valuation appears to overlook Basilea’s transformation from a loss-making developer into a highly profitable anti-infectives leader. Between the U.S. launch of Zevtera and the de-risked pathway for fosmanogepix, the future for Basilea looks increasingly bright.

We have a DCF-derived fair value of CHF120 per share.

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Calvine Partners LLP is authorised and regulated by the Financial Conduct Authority.

Basilea Pharmaceutica is a client of Calvine Partners, and as such, this publication is not independent and should be considered a marketing communication under FCA Rules. None of the information in this publication should be considered as any form of advice.

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