Basilea reports higher than expected revenue

Basilea Pharmaceutica Ltd. (SIX: BSLN) announced today the unaudited preliminary revenue for the financial year 2019. Total revenue is expected to increase to approx. CHF 134 million (FYR 2018: CHF 132.6 million), with contributions of approx. CHF 114 million (FYR 2018: CHF 82.0 million, +39%) from Basilea’s two marketed products, the antifungal Cresemba (isavuconazole) and the antibiotic Zevtera (ceftobiprole). Basilea had guided for total revenue of CHF 128-133 million and contributions from Cresemba and Zevtera of CHF 105-110 million.

David Veitch, Chief Executive Officer of Basilea, commented: “We are very pleased with our total revenue of approximately CHF 134 million, which exceeds our guidance. The higher than expected increase of 39 percent, year-on-year, in the revenue contributions from our two marketed products, Cresemba and Zevtera, is particularly pleasing. The strong performance is reflecting the continued high unmet medical need of patients suffering from invasive mold infections and the need for new effective antibiotics. In 2019, our commercial partners doubled the number of countries in which Cresemba is marketed and by the end of 2021, we expect that the brand will be available in 60 countries. We are therefore very positive for the future sales prospects of Cresemba.”

He added: “In addition to exceeding our top line guidance, we have achieved several important strategic milestones in 2019. Amongst others, we have successfully completed TARGET, the first of the two phase 3 studies for ceftobiprole that are required to support a potential U.S. registration. We have also started FIDES-02, a phase1/2 study with the panFGFR kinase inhibitor, derazantinib, in urothelial cancer. Based on derazantinib’s unique kinase inhibition profile, convincing pre-clinical in vivo data and the high medical need in the indication, we are also planning to start a phase 1/2 study in gastric cancer. We also completed patient recruitment into two phase1/2 studies with lisavanbulin. Based on the initial results of these studies, we have decided to progress lisavanbulin in a biomarker-driven, targeted phase 2 study in glioblastoma. Our preliminary, unaudited cash and financial investments of approximately CHF 161 million as of December 31, 2019, provide us with the financial flexibility to execute on our strategy towards achieving the upcoming key value inflection points in our R&D pipeline.”

The audited full financial statements as well as the annual report 2019 will be published on February 18, 2020. The final audited revenue for 2019 and the cash position as of year-end 2019 may differ from the preliminary reported numbers.