Basilea Pharmaceutica AG

For the first half of 2026, Basilea reported total revenue of CHF 119 million, up 14% year over year. Cresemba and Zevtera revenue totaled CHF 92.3 million, including royalty income of CHF 57.8 million, up about 11% year over 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, operating expenses were CHF 72 million, operating profit was CHF 31.6 million, and net profit was CHF 27.9 million. Cash and cash equivalents plus restricted cash rose to CHF 176 million, net cash position was CHF 105 million, and the company repurchased CHF 5 million of convertible bonds, leaving CHF 71 million outstanding nominal balance. For full-year 2026, management now expects total revenue to grow by approximately 15%, Cresemba and Zevtera-related revenue to reach about CHF 210 million, commercial cash contribution to be about CHF 180 million, R&D investment to rise 20% year over year, and operating profit to increase by approximately 40% year over year.

David Veitch framed the first half as a strong start to the year, emphasizing double-digit commercial growth, improved profitability, and continued pipeline execution. He highlighted that the company now has two Phase III assets with the potential to roughly double current in-market sales at peak, and said Basilea is “fully on track” to deliver on its Agenda 2030 targets. His tone was confident but measured, with repeated emphasis on disciplined capital allocation, non-dilutive funding, and building long-term value across commercial, late-stage, and early-stage assets.

Adesh Kaul focused on the financial bridge from revenue to profit and the improved second-half outlook. He said CHF 119 million of total revenue in H1 came with CHF 31.6 million of operating profit and CHF 27.9 million of net profit, while operating expenses rose mainly due to fosmanogepix, ceftibuten-ledaborbactam, and BAL2420 development costs. He noted CHF 61 million of non-dilutive funding was awarded in H1, cash and restricted cash rose to CHF 176 million, operating cash flow was CHF 19 million, and the company bought back CHF 5 million of convertibles. He also explained the guidance uplift: full-year Cresemba and Zevtera-related revenue now expected at about CHF 210 million, with roughly CHF 10 million of the incremental revenue flowing to operating profit.

Analysts pressed on whether stronger Candida auris activity could help fosmanogepix enrollment and whether both Phase III studies are required for filing; management said outbreaks may help only modestly because they are localized, and that candidemia must be completed for the NDA safety database, while the mold study could potentially be filed together or later depending on timing. On ceftibuten-ledaborbactam, management said it is in active discussions with FDA and EMA on scope, endpoints, comparator, and regimen, but the number of studies is not yet finalized. Questions on Zevtera focused on launch uptake and the U.S. cUTI market; management said access is improving and that more meaningful revenue contribution is likely in 2028-2029, while the oral antibiotic concept being advanced by competitors could also help educate the market. Management also said the China opening for fosmanogepix is on track and contributing to enrollment, and that capital allocation remains focused on R&D and selective business development until there is more visibility after the convertible bond maturity and fosmanogepix readouts.