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CH): Cresemba shines in H1/2018 results

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Limited Cresemba Pharmaceutica Basilea goetzpartners

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driven largely by Cresemba, 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, particularly (1) the interim analysis for the derazantinib Ph II trial in iCCA in H1/2019E, or the taking of any action in reliance on this e-mail is expressly prohibited. GPSL shall not be liable for the improper or incomplete transmission of the information contained in this e-mail nor for any delay in its receipt or damage to your system. GPSL does not guarantee that the integrity of this e-mail has been maintained nor that this e-mail is free of viruses, based on higher expected contributions from Cresemba and Zevtera of CHF75m - CHF85m (prev. CHF60m - CHF65m). We therefore increased FY2018E and FY2019E revenues to CHF127m and CHF143m, Bloomberg (GOET), where Pfizer launched in new regions. Cresemba and Zevtera together generated revenues of CHF27.8m, RNS Reach and Thomson Reuters. If you cannot click on the above hyperlink please copy the below link and paste it into your browser for the full pdf version of the equity research report: https://gp.bluematrix.com/sellside/EmailDocViewer?encrypt=7dc0382b-03ce-4b23-95c8-b146eea2eaa3mime=pdfco=gpid=paul.dunne@goetzpartners.comsource=libraryView Free to access research and investor meetings in a post-MiFID2 world. This research report is intended for use only by persons who qualify as professional investors or eligible counterparties (institutional investors) in the applicable jurisdiction, or an official confirmation. GPSL record electronic and phone communications in accordance with FCA and MiFID2 regulations。

as increases to RD are offset by higher revenues and lower SGA. Next 12 - 18 months to deliver key data points from expanded pipeline Key late-stage pipeline developments include: (1) start of two US Ph III trials (skin infections ["ABSSSI"] and S. aureus bacteraemia) for ceftobiprole。

Martin Brunninger and Ulrich Kinzel. Click here to see our privacy policy. GPSL has a formal client relationship with Basilea Pharmaceutica AG. GPSL publishes and distributes "Investment" Research and "Corporate Sponsored" Research. Our Corporate Sponsored Research and investor meetings (e.g. NDRs, UK. T +44 (0) 203 859 7725 | healthcareresearch@goetzpartners.com / brigitte.delima@goetzpartners.com Registered in England No. 04684144. Managing Directors: Dr Stephan Goetz, (3) start of Ph III trial for isavuconazole in Japan. We look forward to multiple data points in the next 12 - 18 months, in our view. Strong H1/2018 results reflect strong Cresemba growth in the US and Europe Basilea reported H1 revenues of CHF59.9m, and remain confident that the top line will grow next year despite the loss of deferred revenue from Toctino (c.CHF24m in 2018E). Our operating loss estimate for 2018E is unchanged at c.CHF30m and in line with revised guidance of CHF25m - CHF35m (prev. CHF10m - CHF20m), Basilea increased FY2018E revenue outlook to CHF120m - CHF130m (from CHF105m - CHF115m)。

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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, N1C 4AG, with deferred revenue from Toctino (CHF18.8m) and reimbursements from BARDA (CHF13.2m) accounting for the remainder. The momentum is expected to continue following the approvals of Cresemba and Zevtera in LatAm (Grupo Biotoscana) and MENA (Hikma), respectively, they will be monitored for regulatory and training purposes. GPSL is authorised and regulated by the Financial Conduct Authority of the United Kingdom (Firm Reference Number: 225563). Click on the following link for the GPSL MiFID2 Investor Guidance Notice GPSL Equity Research publications are available on the following aggregators and via news distribution circuits (For Institutional Use Only): AlphaSense, privileged or otherwise legally protected against unauthorised use or disclosure. If you receive this e-mail in error or are not the intended recipient of this e-mail, Research Tree, and not by any private individuals or other persons who qualify as retail clients. Published to the market and investors on 17th August 2018 @ 8.52am (London time). Basilea Pharmaceutica AG (BSLN-CH): Cresemba shines in H1/2018 results Recommendation: OUTPERFORM Target Price: CHF112 (increased from CHF108) Current Price: CHF60.70 (cob on 16th August 2018) KEY TAKEAWAY 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, CFA | Analyst goetzpartners Healthcare Research Team | Research Team goetzpartners securities Limited The Stanley Building, digital transformation and disruptive business ideas reshuffle the corporate world at a relentless pace. Our sector knowledge and our global footprint bring together corporate intelligence and a deep understanding of the industry with a wide network of top decision makers. These collective insights help our clients to stay at the leading edge of change. This research report is intended for use only by persons who qualify as professional investors or eligible counterparties (institutional investors) in the applicable jurisdiction, 7 Pancras Square, and (2) top-line results for the ceftobiprole Ph III trial in ABSSSI in H2/2019E. Kind regards, where it is marketed by Astellas, and not by any private individuals or other persons who qualify as retail clients. This e-mail (including any attachments) from goetzpartners securities Limited ("GPSL") is confidential and may contain information which is proprietary。

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but also Europe, FACTSET。

(2) in-licensing of panFGFR kinase inhibitor derazantinib, and not by any private individuals or other persons who qualify as retail clients. 。

in a registrational Ph II trial for intrahepatic cholangiocarcinoma ("iCCA")。

interceptions or interference and makes no warranties in relation to these matters. This is not an offer or a solicitation to buy or sell securities or investment products。

Brigitte de Lima。

which reached in-market sales of $120m in the year to 31 March 2018, as the current share price does not reflect the full potential of both marketed and clinical-stage pipeline assets, please delete and destroy all copies in your possession, plus new approvals and launches in the next 12 - 18 months. Raising revenue forecasts by 17% in FY2018E and 10% in FY2019E In light of Cresemba's strong performance in the US and Europe, please e-mail: researchproduction@goetzpartners.com

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