- Increased Cresemba® and Zevtera®-related revenue of
CHF 150.3 million (+22.9% year-on-year) at upper end of guidance - Operating profit of
CHF 19.2 million and net profit ofCHF 10.5 million , significantly above guidance - Addition of three new anti-infective assets to clinical portfolio, including phase-3-ready antifungal fosmanogepix
- Strong cash and restricted cash position of
CHF 64.3 million , after fully absorbing investments into portfolio expansion and accelerated debt reduction - FY 2024 guidance: 20% increase in Cresemba and Zevtera-related revenue and more than doubling of net profit
Ad hoc announcement pursuant to Art. 53 LR
Allschwil,
Financial summary
For the full year (FY) 2023, Basilea recognized total revenue of CHF 157.6 million (FY 2022: CHF 147.8 million). This included
In 2023, Basilea invested CHF 77.9 million (FY 2022: CHF 73.8 million) in research and development, driven by the upfront and milestone payments and initial development activities for the newly acquired and licensed clinical compounds (fosmanogepix, BAL2062 and tonabacase), the phase 3 ceftobiprole program, including regulatory activities, the pediatric development programs for ceftobiprole and isavuconazole, as well as for activities for compounds in the Company’s research portfolio. Compared to FY 2022, the upfront and milestone payments for the three new compounds were largely offset by lower remaining oncology costs and decreased costs for the phase 3 ceftobiprole program in 2023.
Selling, general and administrative expenses, including costs for the commercialization of Cresemba and Zevtera, amounted to CHF 33.8 million (FY 2022: CHF 30.8 million) and cost of products sold increased to CHF 26.8 million (FY 2022: CHF 24.6 million).
Basilea recorded an operating profit of CHF 19.2 million (FY 2022: CHF 18.5 million), which is 28% above guidance. In addition, a net profit of CHF 10.5 million (FY 2022: CHF 12.1 million) was recorded, which is 75% above guidance, resulting in a basic and diluted earnings per share of
In 2023, a positive net cash flow of
Key financial figures
(In CHF million, except per share data) | FY 2023 | FY 2022 |
Product revenue | 37.9 | 32.7 |
Contract revenue | 112.4 | 89.6 |
Other revenue | 7.4 | 25.4 |
Total revenue | 157.6 | 147.8 |
Cost of products sold | (26.8) | (24.6) |
Research & development expenses, net | (77.9) | (73.8) |
Selling, general & administrative expenses | (33.8) | (30.8) |
Total cost and operating expenses | (138.4) | (129.2) |
Operating profit | 19.2 | 18.5 |
Net profit | 10.5 | 12.1 |
Net cash provided by operating activities | 14.2 | 7.1 |
Basic earnings per share, in CHF | 0.87 | 1.02 |
Diluted earnings per share, in CHF | 0.86 | 1.02 |
(in CHF million) | ||
Cash and cash equivalents and restricted cash | 64.3 | 108.6 |
Note: Consolidated figures in conformity with US GAAP; rounding was applied consistently.
The consolidated financial statements of
2024 financial guidance
Basilea expects to remain profitable based on further increasing revenue from Cresemba and Zevtera and provides the following guidance for FY 2024:
- Cresemba and Zevtera-related revenue is expected to grow by ~20% to CHF ~180 million (FY 2023:
CHF 150.3 million ), reflecting the continued commercial success of Basilea’s commercialized products. - Operating profit is expected to increase by ~55% to CHF ~30 million (FY 2023: CHF 19.2 million) and net profit is expected to increase by ~140% to CHF ~25 million (FY 2023:
CHF 10.5 million ). - Debt level is expected to be further reduced through the full repayment of the senior secured loan by the end of Q1 2024.
(in CHF million) | FY 2024e | FY 2023 |
Cresemba and Zevtera-related revenue | ~180 | 150.3 |
of which royalty income | ~89 | 78.9 |
Total revenue | ~183 | 157.6 |
Cost of products sold | ~33 | 26.8 |
Operating expenses | ~120 | 111.7 |
Operating profit | ~30 | 19.2 |
Net profit | ~25 | 10.5 |
Conference call and webcast
Via audio webcast with presentation
The live audio webcast of the results presentation can be followed here: https://event.choruscall.com/mediaframe/webcast.html?webcastid=IaJRSqrT. Please note that there is no function to ask questions via webcast. For questions, please additionally dial-in via phone (see below).
Via phone
To listen by phone and ask questions, please use the dial-in details below. To ensure prompt access, please call approximately five minutes prior to the scheduled start of the call.
+41 (0) 58 310 5000 | ( |
+1 (1) 866 291 4166 | ( |
+44 (0) 207 107 0613 | ( |
Replay
The webcast, along with the presentation will be available online (same link as live audio webcast above) shortly after the event and accessible for three months.
About Basilea
Basilea is a commercial-stage biopharmaceutical company founded in 2000 and headquartered in
Disclaimer
This communication expressly or implicitly contains certain forward-looking statements, such as "believe", "assume", "expect", "forecast", "project", "may", "could", "might", "will" or similar expressions concerning
For further information, please contact:
Head of Hegenheimermattweg 167b 4123 Allschwil | |
Phone | +41 61 606 1102 |
media_relations@basilea.com investor_relations@basilea.com |
This ad hoc announcement can be downloaded from www.basilea.com.
References
- Basilea’s ceftobiprole phase 3 program is funded in part with federal funds from the
US Department of Health and Human Services (HHS); Administration for Strategic Preparedness and Response (ASPR);Biomedical Advanced Research and Development Authority (BARDA), under contract number HHSO100201600002C. Basilea has been awarded approximatelyUSD 112 million , or approximately 75 percent of the costs related to the Staphylococcus aureus bacteremia (SAB) and acute bacterial skin and skin structure infections (ABSSSI) phase 3 studies, regulatory activities and non-clinical work.
Attachment
- Press release (PDF)
Source:
2024 GlobeNewswire, Inc., source