Basilea Pharmaceutica (BSLN) H1 2025 earnings summary

Executive summary

• Achieved strong financial and operational progress in H1 2025, with total revenue up 36.3% to CHF 104 million and robust sales growth from Cresemba and Zevtera, including a 24.8% increase in Cresemba global in-market sales and 21.7% royalty growth.

• Zevtera launched in the US, expanding commercial reach and supported by a new partnership with Innoviva Specialty Therapeutics.

• Advanced pipeline with a second phase 3 study for fosmanogepix, in-licensed ceftibuten-ledaborbactam (a phase 3-ready oral antibiotic), and preparations for phase 2 of BAL2062.

• Secured USD 39 million in non-dilutive BARDA funding to support antifungal R&D.

• Strengthened financial position through significant debt reduction and positive operating cash flow.

Financial highlights

• Total revenue reached CHF 104 million in H1 2025, up 36.3% year-on-year.

• Cresemba and Zevtera-related revenue totaled CHF 90.5 million, a 23.5% increase year-on-year.

• Operating profit rose to CHF 24 million, a 160% increase year-on-year, with net profit at CHF 15.8 million.

• Net cash position improved to CHF 50.7 million as of June 30, 2025, from net debt of CHF -26.2 million a year earlier.

• Operating cash flow increased to CHF 23.1 million, up 28.7% year-on-year.

Outlook and guidance

• FY 2025 revenue guidance raised to CHF 225 million, with Cresemba and Zevtera-related revenue projected at CHF 190 million and royalty income expected to grow 14% to USD 110 million.

• Operating profit for 2025 expected at approximately CHF 50 million, with R&D expenses to rise to CHF 105 million due to in-licensing costs.

• No material cash tax outflow expected due to tax loss carryforwards; 10.7% income tax expense to be reflected in net profit.

• Anticipates a 17% reduction in product revenue due to lower supply to Pfizer, offset by continued royalty growth.

• Focus remains on advancing the antifungal pipeline and scouting for new assets and partnerships.