Basilea Pharmaceutica (BSLN) H2 2024 earnings summary

Executive summary

• Achieved 32% revenue growth to CHF 208.5m in 2024, with operating profit tripling to CHF 61.2m and net profit rising to CHF 77.6m, supported by strong demand for Cresemba and Zevtera and global partnerships.

• Cresemba global in-market sales rose 20% to over $500 million, leading US market share at 44%, and Zevtera received FDA approval in the US with Innoviva Specialty Therapeutics as commercialization partner.

• Expanded R&D pipeline with new antifungal and antibiotic assets, including fosmanogepix, BAL2420, and the LptA inhibitor program, supported by non-dilutive funding.

• Ended 2024 with a net cash position of CHF 28.6m after significant debt reduction, enabling continued investment in pipeline expansion.

• Non-dilutive R&D funding secured through BARDA and CARB-X agreements, supporting sustainable profitability.

Financial highlights

• Total revenue grew 32% to CHF 208.5m in 2024, with Cresemba and Zevtera-related revenue at CHF 194.9m and royalty income at CHF 96.7m.

• Operating profit reached CHF 61.2m, tripling year-over-year; net profit was CHF 77.6m, aided by a one-time deferred tax asset gain.

• Operating cash flow for 2024 was CHF 74.4m, a five-fold increase over 2023.

• Net cash position at year-end was CHF 28.6m, after reducing debt by CHF 124m since January 2022.

• EPS for 2024 was CHF 6.42 basic and CHF 5.83 diluted.

Outlook and guidance

• 2025 revenue expected to grow to CHF 220m, driven by a 14% increase in royalty income and BARDA/CARB-X reimbursements.

• R&D expenses projected to rise to CHF 88m due to ongoing phase 3 studies; SG&A to increase at a low single-digit rate.

• Operating profit guidance for 2025 is around CHF 62m; milestone payments expected to normalize to ~CHF 33-35m.

• No material cash outflow for income taxes expected in 2025; a 12% tax rate will be reflected in net profit.

• Key drivers include US launch of Zevtera, continued Cresemba growth, and pipeline advancement.