Basilea Pharmaceutica AG (SIX:BSLN) reported a definable FY17, as a multitude of licensing/distribution agreements announced in 2016/17 for launched anti-infective drug assets Cresemba (isavuconazole) and Zevtera (ceftobiprole) aided reported product sales, royalty and milestone income. Total revenues grew 54% to CHF101.5m, of which CHF16.3m related to product sales and CHF15.0m to royalty income. Operating losses declined by 68% to CHF14.1m. For 2018, we expect operating losses to reduce further as higher R&D costs are offset by growth in total revenues. We value Basilea at CHF1,231m.
Numerous partnerships aid anti-infectives growth
Cresemba is currently available in the US, Nordic regions and Europe through partners (Astellas, Unimedic and Pfizer (NYSE:PFE), respectively). We anticipate market share growth in launched territories to be supported by new roll-outs over 2018/19/20 (depending on whether MAA has been granted or if a regulatory submission is the next step). Zevtera will benefit from partner Cardiome launching the product in additional European countries; however, the significant value driver for Zevtera is the US market (the largest market by value for branded hospital antibiotics).
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