Basilea Pharmaceutica AG

For the first half of 2026, total revenue was CHF 119 million, up 14% year on year; operating profit was CHF 31.6 million, up 32%; and net profit was CHF 27.9 million. Cresemba and Zevtera revenue totaled CHF 92.3 million, including royalty income of CHF 57.8 million, up about 11% year on year, milestone and upfront payments of CHF 4.7 million, and other revenue of CHF 26.7 million. Cost of products sold decreased to CHF 15.4 million, while operating expenses were CHF 72 million. Cash and cash equivalents plus restricted cash rose to CHF 176 million, and the net cash position doubled to CHF 105 million; the company also repurchased CHF 5 million of convertible bonds, leaving CHF 71 million outstanding. For full-year 2026, management now expects total revenue to grow by approximately 15%, Cresemba and Zevtera-related revenue to reach around CHF 210 million, cash contribution from the commercial business to be about CHF 180 million, R&D investment to rise 20% year on year, and operating profit to increase by approximately 40% year on year.

David Veitch framed the first half as a strong execution period, emphasizing double-digit commercial growth, progress across the late-stage pipeline, and more non-dilutive funding. He highlighted the company’s “balanced anti-infective portfolio” and said Basilea is fully on track to deliver on its Agenda 2030 targets. His tone was confident and forward-looking, with repeated emphasis on building long-term value through commercial products, Phase III assets, early-stage innovation, and selective business development.

Adesh Kaul detailed the financial drivers behind the quarter: Cresemba and Zevtera revenue of CHF 92.3 million, royalty income of CHF 57.8 million, milestone and upfront payments of CHF 4.7 million, and other revenue of CHF 26.7 million. He noted that operating expenses of CHF 72 million were higher because of Fosmanogepix Phase III work, preparations for ceftibuten-ledaborbactam Phase III, and BAL2420 Phase I, yet the company still delivered CHF 31.6 million operating profit and CHF 27.9 million net profit. On capital allocation, he said the company repurchased CHF 5 million of convertible bonds, reducing the balance to CHF 71 million due in July 2027, while cash and restricted cash rose to CHF 176 million.

Analysts focused on whether Fosmanogepix enrollment could benefit from rising Candida auris activity, whether both Phase III studies are required for filing, and what the launch of tebipenem-like competitors means for ceftibuten-ledaborbactam. Management said outbreaks may support enrollment only modestly because trial entry rules limit prior antifungal treatment, and that the candidemia study will be needed for the NDA safety database, though filing options could include separate submissions depending on completion. On ceftibuten-ledaborbactam, management said discussions with FDA and EMA are active but the number of required studies is not yet finalized; they also said an oral-carbapenem launch could indirectly help by educating the market on oral cUTI treatment concepts.