The key update at the H1 results was an upgrade to 2018E revenue guidance to reflect stronger than expected sales growth of antifungal Cresemba (isavuconazole) in the US and Europe, prompting us to lift 2018E - 2020E revenues by up to 17%. While its commercialisation partners continue to grow sales of Cresemba and antibiotic Zevtera (ceftobiprole) in existing and new regions, Basilea has been focused on advancing and expanding its pipeline to pave the way for sustained long-term growth. We increase our target price per share to CHF112 (from CHF108) and reiterate our OUTPERFORM recommendation, as the current share price does not reflect the full potential of both marketed and clinical-stage pipeline assets, in our view.
17 Aug 2018
Cresemba shines in H1/2018 results
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Cresemba shines in H1/2018 results
Basilea Pharmaceutica AG (0QNA:LON) | 0 0 0.0% | Mkt Cap: 605.3m
- Published:
17 Aug 2018 -
Author:
Brigitte de Lima, PHD CFA -
Pages:
13
The key update at the H1 results was an upgrade to 2018E revenue guidance to reflect stronger than expected sales growth of antifungal Cresemba (isavuconazole) in the US and Europe, prompting us to lift 2018E - 2020E revenues by up to 17%. While its commercialisation partners continue to grow sales of Cresemba and antibiotic Zevtera (ceftobiprole) in existing and new regions, Basilea has been focused on advancing and expanding its pipeline to pave the way for sustained long-term growth. We increase our target price per share to CHF112 (from CHF108) and reiterate our OUTPERFORM recommendation, as the current share price does not reflect the full potential of both marketed and clinical-stage pipeline assets, in our view.