Basilea reports strong revenue and profit growth in first half-year
2023
- Increase in
Cresemba® and
Zevtera® related revenue to CHF
80.5 million (+57% year-on-year)
- Increase in operating
profit to CHF 36.9 million and net profit to CHF 31.9
million
- Increase in cash and
restricted cash to CHF 112.9 million
- Full-year 2023 revenue and
profit guidance increased
- Submitted US NDA for
ceftobiprole in August
Ad hoc announcement pursuant to Art. 53 LR
Allschwil, Switzerland, August 15, 2023
Basilea Pharmaceutica Ltd, Allschwil (SIX: BSLN), a
commercial-stage biopharmaceutical company committed to meeting the
needs of patients with severe bacterial or fungal infections,
announced today its financial results for the first half-year ended
June 30, 2023.
David Veitch, Chief Executive Officer, stated: “We made very
good progress on the implementation of our growth strategy, which
is reflected in our strong financial performance, with a 57 percent
growth year-on-year in Cresemba and Zevtera related revenue. In
early August, we submitted the New Drug Application for
ceftobiprole to the US Food and Drug Administration, a key
milestone to access the important US market. We are also in
discussions with regard to the in-licensing or acquisition of a
number of novel, differentiated anti-infective assets, to
complement our pipeline and support long-term growth. This makes us
confident that we are well on track to become a leading
anti-infectives company.”
Adesh Kaul, Chief Financial Officer, said: “The first half-year
reflected the continued commercial success of our antifungal
Cresemba around the world. We reported CHF 30.6 million in
milestone payments based on the in-market sales performance from
established markets, as well as the start of commercialization in
Japan. Royalty income, which more directly reflects the underlying
global demand for Cresemba, increased by 27 percent, year-on-year,
to CHF 36.7 million. We started to pay back our senior secured loan
as planned in the first of half of 2023 and at the same time, also
increased our mid-year cash position to CHF 112.9 million. Our
financial strength provides us with the ability to add new products
to our portfolio, in addition to continuing to grow our business
from our existing products.”
Financial summary
Basilea recorded total revenue in the first half-year (H1) 2023
of CHF 84.9 million (H1 2022:
CHF 57.6 million), which is an increase of 47%
year-on-year. Thereof, Cresemba and Zevtera related revenue
increased 57% to CHF 80.5 million (H1 2022:
CHF 51.2 million). This included royalty income from
Cresemba, which increased by 27% to CHF 36.7 million (H1 2022:
CHF 28.9 million), and milestone payments of CHF 30.6 million
(H1 2022: CHF 2.2 million). Other revenue, amounted
to CHF 4.4 million (H1 2022: CHF 6.5 million)
and included CHF 2.0 million (H1 2022: CHF 5.0 million)
reimbursements from BARDA for the ceftobiprole phase 3 program. The
decrease in BARDA reimbursements reflects that the program is
ending, as also indicated by our NDA submission.
In H1 2023, research and development expenses decreased by 42%
to CHF 21.5 million (H1 2022:
CHF 37.1 million). This reflects that we partnered our
previous oncology programs by the end of last year, as well as the
fact that the ceftobiprole phase 3 program is nearing completion.
Selling, general and administrative expenses amounted to
CHF 16.5 million (H1 2022: CHF 15.6 million).
Cost of products sold amounted to CHF 10.0 million (H1
2022: CHF 14.9 million).
In H1 2023, an operating profit of CHF 36.9 million
was recorded (H1 2022: operating loss of
CHF 10.0 million) as well as a net profit of
CHF 31.8 million (H1 2022: net loss of
CHF12.2 million). This resulted in a basic and diluted
earnings per share of CHF 2.66 and 2.42, respectively
(H1 2022: loss per share of CHF 1.03).
The progress in commercialization led to a significantly
improved positive net cash flow provided by operating activities of
CHF 21.9 million (H1 2022: CHF 0.15 million). This also
resulted in cash and cash equivalents and restricted cash of
CHF 112.9 million as of June 30, 2023, hence increased
compared to CHF 108.6 million as of December 31,
2022.
Key financial figures
(In CHF million, except per share data) |
H1 2023 |
H1 2022 |
Product revenue |
13.2 |
19.4 |
Contract revenue |
67.3 |
31.8 |
Other revenue |
4.4 |
6.5 |
Total
revenue |
84.9 |
57.6 |
Cost of products sold |
(10.0) |
(14.9) |
Research & development expenses, net |
(21.5) |
(37.1) |
Selling, general & administrative expenses |
(16.5) |
(15.6) |
Total cost and
operating expenses |
(48.0) |
(67.7) |
Operating
profit/loss |
36.9 |
(10.0) |
Net
profit/loss |
31.8 |
(12.2) |
Net cash provided by
operating activities |
21.9 |
0.15 |
Basic earnings/loss
per share, in CHF |
2.66 |
(1.03) |
Diluted earnings/loss per share, in CHF |
2.42 |
(1.03) |
|
|
|
(in CHF million) |
June 30, 2023 |
Dec 31, 2022 |
Cash and cash
equivalents and restricted cash |
112.9 |
108.6 |
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 2023 can be found on the company’s website at
https://www.basilea.com/financial-reports.
Increased full-year 2023 financial guidance
The company increases its financial guidance for the full-year
(FY) 2023, excluding the potential impact from any in-licensing or
acquisitions:
- Cresemba & Zevtera related revenue is expected to grow by
20% - 23% toCHF 147 – 150 million (FY 2022: CHF 122.3 million),
reflecting the continued commercial success of Basilea’s marketed
products.
- Operating profit is expected to increase to CHF 50 – 55 million
(FY 2022: CHF 18.5 million) and net profit to CHF 41 – 46 million
(FY 2022: CHF 12.1 million).
- The company is planning to continue reducing its debt level
through the partial repayment of the senior secured loan in the
amount of approximately CHF 37 million.
(in CHF million) |
FY 2023e(new) |
FY 2023e(previous) |
FY 2022 |
Cresemba & Zevtera related revenue |
147 to 150 |
145 to 148 |
122.3 |
Royalty income |
~76 |
~74 |
65.0 |
Total revenue |
157 to 160 |
155 to 158 |
147.8 |
Cost of products sold |
25 to 27 |
25 to 28 |
24.6 |
Operating expenses |
~80 |
~80 |
104.6 |
Operating profit |
50 to 55 |
45 to
50 |
18.5 |
Net profit |
41 to 46 |
36 to 41 |
12.1 |
Conference call and webcast
Basilea Pharmaceutica Ltd, Allschwil will host a conference call
and webcast today, Tuesday, August 15, 2023, 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://media.choruscall.eu/mediaframe/webcast.html?webcastid=W6AYMggN.
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 (Europe and
RoW)
+1 (1) 866 291
4166 (USA)
+44 (0) 207 107
0613 (U.K.)
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 or 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 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 RelationsBasilea Pharmaceutica
International Ltd, Allschwil Hegenheimermattweg 167b4123
AllschwilSwitzerland |
Phone |
+41 61 606 1102 |
E-mail |
media_relations@basilea.cominvestor_relations@basilea.com |
This ad hoc announcement can be downloaded from
www.basilea.com.
References
- IQVIA Analytics Link, March 2023. In-market sales reported as
moving annual total (MAT) in US dollars.
- 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 SAB and ABSSSI phase 3 studies,
regulatory activities and non-clinical work.
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