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Basilea - Cresemba's new high

Writer's picture: Andrew KeithAndrew Keith

Due to strong Cresemba sales in Japan, Basilea announced this morning that it had received its first milestone payment from partner Asahi Kasei Pharma.


Cresemba is an antifungal for the treatment of life-threatening fungal infections such as invasive aspergillosis and invasive mucormycosis. It has proved a tremendous commercial success for Basilea and is now the world's largest branded antifungal by sales revenue. In-market sales have doubled worldwide since 2021, to over $533m in the 12 months to September 2024. Cresemba faces the loss of exclusivity in the important US and EU markets in Q4 2027. However, we can see from today's news that newer markets, such as Japan, Asia Pacific, China and Latin America, will offset some of the expected decline in the US and Europe in 2028 and beyond.


On top of this, the acquisition of the novel antifungal fosmanogepix from Amplyx Pharmaceuticals in 2023 provides longevity to Basilea's valuable antifungal franchise. Fosmanogepix is the first in a new 'gepix' class of antifungals and can potentially drive Basilea's revenue to new highs in the face of Cresemba declines. Fosmanogepix has already entered Phase 3 clinical trials.


The importance of Basilea's pipeline is highlighted by the attraction of BARDA to provide initial funding of $29m to support the development of fosmanogepix and BAL2062 and also agreeing to provide a total of up to $268m in non-dilutive funding to support its development of Basilea's antifungal and antibacterial assets. This agreement clearly provides Basilea with significant financial flexibility and materially de-risks the entire anti-infective platform.


We have a DCF-derived valuation of CHF 120 per share for Basilea.


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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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