Basilea reports significantly improved financial results in 2017

Basilea Pharmaceutica (SIX: BSLN) announced today its financial results for the financial year 2017 with total revenue increased to CHF 101.5 million (2016: CHF 66.0 million; +54% year-on-year), including product sales from Cresemba^® (isavuconazole) and Zevtera^® (ceftobiprole) of CHF 16.3 million (2016: CHF 7.1 million; +130%) and royalties on U.S. and European Cresemba sales by Basilea’s license partners of CHF 15.0 million (2016: CHF 7.3 million; +105%). Basilea reported CHF 310.7 million (year-end 2016: CHF 289.0 million; +7.5%) in cash and investments as of December 31, 2017 and a significantly reduced operating loss of CHF 14.1 million (2016: CHF 43.9 million; -68%).

As quoted in the press release:

Chief Executive Officer Ronald Scott said: “2017 marked a successful year in the implementation of our strategy to maximize the value of our commercial-stage drugs Cresemba and Zevtera through partnerships. At the same time our revenue from sales, royalties and revenue recognition increased to over CHF 100 million while our operating loss reduced by 68% to approximately CHF 14 million bringing Basilea closer to profitability. We received approximately CHF 80 million in upfront payments from our new partners in 2017. Our license and distribution agreements now cover more than 100 countries worldwide. In addition, potential regulatory and sales milestone payments under our licensing agreements amount up to USD 1.1 billion.”

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