Basilea Pharmaceutica - A strong start to FY23 across the board

Basilea announced strong H123 results, including revenues for Cresemba, and in August submitted a new drug application (NDA) to the US FDA for Zevtera. The company continues to engage in discussions with potential (in-licensing and acquisition) partners with the aim of re-filling the clinical development pipeline to bolster its portfolio of anti-infectives. Total Cresemba- and Zevtera-related revenue was CHF80.5m in H123 and grew by 57.2% from the previous year. We increase our valuation for Basilea to CHF797.8m or CHF66.6 per share (from CHF785.0m or CHF65.7 per share previously), largely driven by reduced net debt, foreign exchange considerations and rolling our model forward.