Basilea Pharmaceutica (BSLN) H2 2024 earnings summary

Executive summary

• Achieved strong financial results in 2024, with operating profit tripling and operating cash flow increasing five-fold year-over-year, ending with a robust net cash position.

• Profitable Swiss biopharma focused on anti-infectives, with two key hospital brands: Cresemba and Zevtera.

• Cresemba global in-market sales rose 20% to over $500 million, driving a 30% year-on-year increase in Cresemba and Zevtera-related revenue.

• FDA approved Zevtera in the U.S. for multiple indications; Innoviva Specialty Therapeutics (IST) selected as commercialization partner.

• Expanded R&D pipeline with new antifungal and antibiotic assets, including fosmanogepix and BAL2420.

Financial highlights

• Total revenue grew 32% to $208.5 million (CHF 208.5m) in 2024.

• Cresemba and Zevtera-related revenue increased 30% year-on-year to $194.9 million (CHF 194.9m); Cresemba royalties up 23% to $96.7 million (CHF 96.7m).

• Operating profit reached $61.2 million (CHF 61.2m), three times the previous year.

• Net profit was $77.6 million (CHF 77.6m), aided by a one-time deferred tax asset gain of $17.3 million.

• Net cash position at year-end was $28.6 million (CHF 28.6m), after significant debt reduction.

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

Outlook and guidance

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

• R&D expenses projected to rise 14% due to ongoing phase 3 studies; SG&A to increase at a low single-digit rate.

• Operating profit guidance for 2025 is around $62 million (CHF 62m), with increased R&D investment to CHF 88m.

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

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