Basilea Pharmaceutica (BSLN) H2 2025 earnings summary

Executive summary

• Achieved strong financial and operational performance in 2025, surpassing guidance with 11% 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 assets and a progressing phase 3 program for fosmanogepix.

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

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

Financial highlights

• Total revenue reached CHF 232.4 million in 2025, up 11.4% year-over-year.

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

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

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

• Operating cash flow strong at CHF 62.1 million.

Outlook and guidance

• 2026 revenue from Cresemba and Zevtera expected to reach CHF 200 million, with total revenue up ~10% and operating profit projected to increase ~20%.

• R&D expenses to rise ~20% due to phase 3 studies and pipeline expansion.

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

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

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