Basilea reports strong 2024 half-year results and significantly
increases full-year revenue and profit guidance
- Continued success of
Cresemba® with 16.6%
growth of royalties to CHF 42.8 million
- Operating result of CHF 9.3
million, net profit of CHF 20.7 million
- Total revenue guidance
increased by 7% to CHF ~196 million and operating profit
guidance increased by 20% to CHF ~36 million
Ad hoc announcement pursuant to Art. 53 LR
Allschwil, Switzerland, August 13, 2024
Basilea Pharmaceutica Ltd, Allschwil (SIX: BSLN), a
commercial-stage biopharmaceutical company committed to meeting the
needs of patients with severe bacterial and fungal infections,
announced today its results for the first half-year ended June 30,
2024.
David Veitch, Chief Executive Officer, stated: “We have achieved
several significant successes in 2024. Earlier this year, we
obtained the approval of Zevtera in the US with a broad range of
indications. We have been working towards securing a partnership
for the commercialization of Zevtera in the US and are in
negotiations with a number of potential partners. For Cresemba, the
Committee for Medicinal Products for Human Use, CHMP, of the
European Medicines Agency, recommended extending the indications to
include pediatric patients. We expect the formal decision by the
European Commission still in the third quarter this year, which
would not only bring Cresemba to this vulnerable patient
population, but also extend the market exclusivity of Cresemba in
the European Union by two years, until Q4 2027. Finally, we have
made significant progress in the preparation of the phase 3 program
for our potential next lead product, the broad-spectrum antifungal
fosmanogepix, expecting to start the first phase 3 study, in
invasive yeast infections, in the coming weeks.”
Adesh Kaul, Chief Financial Officer, said: “We are pleased to
report a positive operating result and net profit as well as
positive cash flow for the first half year 2024. On the back of a
strong H1 2024 financial performance, we have increased our
financial guidance for the full year 2024, projecting that both
revenue and profit will exceed our previous expectations. In
addition to the continued growth in royalties and product revenues,
we expect significant milestone payments related to our antifungal
Cresemba in the second half of 2024, as compared to 2023, where
they occurred in the first half of the year. Our increased guidance
for 2024 considers the timelines for concluding a US
commercialization partnership for Zevtera. Our financial strength
enabled us to fully repay the remainder of the senior secured loan
by the end of March and our positive financial prospects ensure
that we can continue to invest into our pipeline and create value
by implementing our strategy to become a leading anti-infectives
company.”
Financial summary
For the first half year (H1) 2024, Basilea recognized total
revenue of CHF 76.3 million (H1 2023:
CHF 84.9 million). This included royalty income of CHF
42.8 million (H1 2023: CHF 36.7 million) from
Cresemba, which increased by 16.6% year-on-year, and product
revenue of CHF 27.6 million (H1 2023: CHF 13.2 million),
which increased by 109% year-on-year. Milestone payments decreased
to CHF 2.9 million (H1 2023: CHF 30.6 million) as
most milestone events anticipated for 2024 are expected to be
achieved in H2 2024, resulting in overall higher expected milestone
payments for the full year (FY) 2024 as compared to FY 2023. Other
revenue amounted to CHF 3.0 million (H1 2023:
CHF 4.4 million). This included CHF 2.0 million BARDA
reimbursements (H1 2023: CHF 2.0 million) for
remaining activities related to the phase 3 program for
ceftobiprole.1
In H1 2024, Basilea invested CHF 33.6 million
(H1 2023: CHF 21.5 million) in research and
development, driven by the preparations for starting the phase 3
program with fosmanogepix, the preclinical profiling of BAL2026 and
tonabacase, the acquisition of the LptA inhibitor program, the
remainder of the phase 3 ceftobiprole program and for research work
on compounds in the Company’s early-stage portfolio.
Selling, general and administrative expenses, including costs
for the commercialization of Cresemba and Zevtera, decreased to
CHF 15.3 million (H1 2023:
CHF 16.5 million) and cost of products sold increased to
CHF 18.1 million (H1 2023:
CHF 10.0 million), reflecting the significant increase in
product revenue.
Basilea recorded an operating result of
CHF 9.3 million (H1 2023:
CHF 36.9 million). As a consequence of its sustained
profitability and its positive mid-term financial outlook, the
Company recognized deferred tax assets of CHF 13.4 million, which
led to a net profit of CHF 20.7 million (H1 2023:
CHF 31.8 million), resulting in a basic and diluted
earnings per share of CHF 1.72 and CHF 1.61, respectively
(H1 2023: basic and diluted earnings per share CHF 2.66 and
CHF 2.42, respectively).
In the first half of 2024, a positive net cash flow of CHF 17.9
million was provided by operating activities (H1 2023:
CHF 21.9 million). The Company repaid the remaining CHF
15.6 million of a CHF 75.0 million senior secured loan by end of
March 2024. Since 2022, Basilea reduced its debt by CHF 124
million, resulting in a net debt of CHF 26.2 million as of June 30,
2024 (June 30, 2023: CHF 38.1 million). Cash and cash
equivalents and restricted cash amounted to
CHF 69.5 million as of June 30, 2024 (June 30, 2023: CHF
112.9 million).
Key financial figures
(In CHF million, except per share data) |
H1 2024 |
H1 2023 |
Product revenue |
27.6 |
13.2 |
Contract revenue |
45.7 |
67.3 |
Other revenue |
3.0 |
4.4 |
Total revenue |
76.3 |
84.9 |
Cost of products sold |
(18.1) |
(10.0) |
Research & development expenses, net |
(33.6) |
(21.5) |
Selling, general & administrative expenses |
(15.3) |
(16.5) |
Total cost and operating expenses |
(67.0) |
(48.0) |
Operating result |
9.3 |
36.9 |
Profit before taxes |
7.3 |
31.9 |
Income taxes |
13.4 |
(0) |
Net
profit |
20.7 |
31.8 |
Net cash
provided by operating activities |
17.9 |
21.9 |
Basic
earnings per share, in CHF |
1.72 |
2.66 |
Diluted earnings per share, in CHF |
1.61 |
2.42 |
|
|
|
(in CHF million) |
June 30, 2024 |
June 30, 2023 |
Cash and
cash equivalents and restricted cash |
69.5 |
112.9 |
Note: Consolidated figures in conformity with US GAAP; rounding
was applied consistently.
The unaudited, condensed consolidated interim financial
statements of Basilea Pharmaceutica Ltd, Allschwil for the first
half year 2024 can be found on the company’s website at
https://www.basilea.com/financial-reports.
Increased 2024 financial guidance
Basilea provides the following increased guidance for the full
year 2024:
- Cresemba and Zevtera-related
revenue is expected to grow by 26% to CHF ~190 million
(FY 2023: CHF 150.3 million), reflecting the continued
commercial success of Basilea’s commercialized products and the
significant increase in milestone payments in H2 2024 as compared
to H1 2024.
- Operating result is expected to
increase by 88% to CHF ~36 million (FY 2023:
CHF 19.2 million) and net profit is expected to increase
by 300% to CHF ~42 million (FY 2023: CHF 10.5
million).
(In CHF million) |
FY 2024e
(new) |
FY 2024e
(previous) |
FY 2023 |
Cresemba and Zevtera-related revenue |
~190 |
~180 |
150.3 |
of which royalty income |
~92 |
~89 |
78.9 |
Total
revenue |
~196 |
~183 |
157.6 |
Cost of products sold |
~40 |
~33 |
26.8 |
Operating expenses |
~120 |
~120 |
111.7 |
Operating result |
~36 |
~30 |
19.2 |
Net profit |
~42 |
~25 |
10.5 |
Organizational update
As per August 1, 2024, Dr. Mark Jones, Head of Global Affairs,
and Raimond Grewenig-Scheurich, Head of Global Commercial, have
been appointed to Basilea’s extended management committee.
Conference call and webcast
Basilea Pharmaceutica Ltd, Allschwil will host a conference call
and webcast today, Tuesday, August 13, 2024, at 4 p.m. (CEST),
to discuss the company’s financial and operating results and to
provide an outlook.
Via audio webcast with presentation
The live audio webcast of the results presentation can be
followed here:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=JQX4uI0E.
Please note that there is no function to ask questions via webcast.
For questions, please additionally dial-in via phone (see
below).
Via phone
To listen by phone and ask questions, please use the dial-in
details below. To ensure prompt access, please call approximately
five minutes prior to the scheduled start of the call.
+41 (0) 58 310
5000 |
(Switzerland,
Europe and RoW) |
+1 (1) 866 291 4166 |
(USA) |
+44 (0) 207 107 0613 |
(UK) |
Replay
The webcast, along with the presentation will be available
online (same link as live audio webcast above) shortly after the
event and accessible for three months.
About Basilea
Basilea is a commercial-stage biopharmaceutical company founded
in 2000 and headquartered in Switzerland. We are committed to
discovering, developing and commercializing innovative drugs to
meet the needs of patients with severe bacterial and fungal
infections. We have successfully launched two hospital brands,
Cresemba for the treatment of invasive fungal infections and
Zevtera for the treatment of bacterial infections. In addition, we
have preclinical and clinical anti-infective assets in our
portfolio. Basilea is listed on the SIX Swiss Exchange (SIX: BSLN).
Please visit basilea.com.
Disclaimer
This communication expressly or implicitly contains certain
forward-looking statements, such as "believe", "assume", "expect",
"forecast", "project", "may", "could", "might", "will" or similar
expressions concerning Basilea Pharmaceutica Ltd, Allschwil and its
business, including with respect to the progress, timing and
completion of research, development and clinical studies for
product candidates. Such statements involve certain known and
unknown risks, uncertainties and other factors, which could cause
the actual results, financial condition, performance or
achievements of Basilea Pharmaceutica Ltd, Allschwil to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Basilea Pharmaceutica Ltd, Allschwil is providing this
communication as of this date and does not undertake to update any
forward-looking statements contained herein as a result of new
information, future events or otherwise.
For further information, please contact:
Peer Nils Schröder, PhD
Head of Corporate Communications & Investor Relations
Basilea Pharmaceutica International Ltd, Allschwil
Hegenheimermattweg 167b
4123 Allschwil
Switzerland |
Phone |
+41 61 606 1102 |
E-mail |
media_relations@basilea.com
investor_relations@basilea.com |
This ad hoc announcement can be downloaded from
www.basilea.com.
References
- Basilea’s ceftobiprole phase 3 program is funded in part with
federal funds from the US Department of Health and Human Services
(HHS); Administration for Strategic Preparedness and Response
(ASPR); Biomedical Advanced Research and Development Authority
(BARDA), under contract number HHSO100201600002C. Basilea has been
awarded approximately USD 112 million, or approximately 75 percent
of the costs related to the Staphylococcus aureus
bacteremia (SAB) and acute bacterial skin and skin structure
infections (ABSSSI) phase 3 studies, regulatory activities and
non-clinical work.
Basilea Pharmaceutica (LSE:0QNA)
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부터 11월(11) 2024 으로 12월(12) 2024
Basilea Pharmaceutica (LSE:0QNA)
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