Basilea Pharmaceutica - Another Cresemba milestone payment in the bank

The uptrend in Cresemba sales in Asia-Pacific and China triggered the receipt of Basilea’s third milestone payment of US$1.25m from Pfizer for the region (in addition to the March and May 2024 milestones). Asia-Pacific and specifically China have strategic importance as China comprises c 20% of the market opportunity for Cresemba. In-market sales for Cresemba remain robust globally and revenues have grown 24% y-o-y to US$489m during the 12 months ending March 2024. We expect Basilea to receive over CHF35m in milestones in H224 and for its overall activity to intensify in the next few weeks with the launch of the first Phase III fosmanogepix trial (in candidemia and invasive candidiasis) and the expected finalisation of a Zevtera US commercial partner, both significant inflection points.