Basilea Pharmaceutica - Strength in numbers

Basilea reported a definable FY17, as a multitude of licensing/distribution agreements announced in 2016/17 for launched anti-infective drug assets Cresemba (isavuconazole) and Zevtera (ceftobiprole) aided reported product sales, royalty and milestone income. Total revenues grew 54% to CHF101.5m, of which CHF16.3m related to product sales and CHF15.0m to royalty income. Operating losses declined by 68% to CHF14.1m. For 2018, we expect operating losses to reduce further as higher R&D costs are offset by growth in total revenues. We value Basilea at CHF1,231m.