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 US 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, with over $100 million committed and total agreements exceeding $430 million.

• Reduced convertible debt to CHF 76 million and tripled net cash position, supporting future growth.

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.

• CHF 145 million debt reduction achieved between 2022 and 2025.

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 phase 3 and new phase 1 studies.

• 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 US expected Q4 2027, Europe in H2 2028; full impact on revenues visible in 2029.

• Fosmanogepix and ceftibuten-ledaborbactam targeted for launches in 2029 and 2030, potentially doubling current in-market sales.