Basilea Pharmaceutica (BSLN) H2 2025 earnings summary

Executive summary

• Achieved strong financial and operational performance in 2025, surpassing guidance with 11% total revenue growth and 15% royalty income increase, marking the fourth consecutive year of net profit and positive operating cash flow.

• Cresemba global in-market sales rose 27% to $693 million, maintaining global leadership; Zevtera successfully launched in the U.S. with positive early adoption and key formulary wins.

• Expanded pipeline with in-licensing of ceftibuten-ledaborbactam and advanced multiple R&D programs, including two phase 3 studies for fosmanogepix.

• Secured significant non-dilutive R&D funding, supporting portfolio expansion and financial flexibility.

• Net cash position tripled, positioning for the next growth phase with four commercial assets targeted by 2030.

Financial highlights

• Total revenue increased 11.4% year-over-year to CHF 232.4 million in 2025, with Cresemba and Zevtera-related revenue at CHF 194.4 million.

• Royalty income grew 15.4% to CHF 111.6 million; milestone and upfront payments totaled CHF 32 million.

• Operating profit reached CHF 51.5 million; net profit was CHF 40.2 million.

• Cash and equivalents rose 30% to CHF 162.3 million; net cash position tripled to CHF 86.9 million.

• Convertible debt reduced to CHF 76 million, down CHF 21 million in the reporting period and CHF 145 million since January 2022.

Outlook and guidance

• FY 2026 guidance targets ~10% increase in total revenue and ~20% increase in operating profit, with Cresemba and Zevtera revenue expected to reach CHF 200 million.

• R&D expenses projected to rise ~20% due to ongoing and new clinical studies.

• Cash contribution from commercial business expected to grow from CHF 155 million in 2025 to CHF 170 million in 2026.

• By 2030, aims to launch fosmanogepix and ceftibuten-ledaborbactam, potentially doubling current in-market sales.

• Cresemba's loss of exclusivity in the U.S. expected Q4 2027, Europe in H2 2028; full impact on revenues visible in 2029.