Half Year 2024 Basilea Pharmaceutica AG Allschwil Earnings Call Transcript
Key Points
- Cresemba's global in-market sales increased by 24% year-on-year, demonstrating strong performance.
- Basilea Pharmaceutica Ltd (BPMUF) reported a positive operating result of CHF9.3 million for the first half of 2024.
- The company successfully reduced its debt level using free cash flow.
- FDA approval of ZEVTERA in the US for multiple indications, with ongoing negotiations for commercialization partnerships.
- Significant expansion of the anti-infective pipeline with four new programs since October 2023, positioning the company as a leading anti-infectives company.
- Milestone payments were lower in the first half of 2024 compared to the first half of 2023, impacting overall revenue.
- Negotiations for ZEVTERA's US commercialization have taken longer than initially expected.
- Operating expenses increased to CHF48.9 million, reflecting higher costs associated with product revenue.
- The company faces potential challenges in securing non-dilutive funding for its Phase 3 clinical programs.
- There is uncertainty regarding the timeline for the completion of the Phase 3 study for Fosmanogepix, with primary readout expected in January 2028.
Thank you, and hello, everyone. I would like to welcome you to our conference call and webcast reviewing our financial results and key achievements for the first half year 2024, as well as highlight our upcoming key milestones. For further detailed information, please see the Ad hoc announcement issued this morning and also our half year report. These documents are both available on our website at basilea.com. I'd also like to mention that this call contains forward looking statements. Joining me on our call today are Adesh Kaul, our Chief Financial Officer; Dr. Marc Engelhardt, our Chief Medical Officer.
I would like to start with our key achievements since the beginning of the year. Starting with our most important commercial product, Cresemba, our antifungal for invasive mold infections. Cresemba continues to perform very well as demonstrated by the 24% increase of global in-market sales according to the latest available data for the 12 month period to March 2024. This continued
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