- 15% royalty income increase
- 11% total revenue increase
- Tripled net cash position
- Phase 3 program with fosmanogepix progressing as planned
- Financial guidance FY 2026: Double-digit increase in total revenue and operating profit
- Conference call and webcast today at 4 p.m. (CET)
Ad hoc announcement pursuant to Art. 53 LR
Allschwil, Switzerland, February 17, 2026
Basilea Pharmaceutica Ltd, Allschwil (SIX: BSLN), a commercial-stage biopharma company committed to meeting the needs of patients with severe bacterial and fungal infections, announced today its results for the financial year ended December 31, 2025.
David Veitch, Chief Executive Officer, stated: “A few years ago, we set out to transform Basilea by focusing on treatments for severe bacterial and fungal infections. Since then, Basilea has become a profitable company, with consistent double-digit growth of in-market sales and an industry-leading R&D pipeline in our focus area. This progress reflects our clear strategy, strong execution, and commitment to addressing unmet medical needs for the benefit of patients.”
He continued: “Today, Basilea is well positioned for its next phase of growth. Cresemba is the global leader for the treatment of invasive fungal infections, Zevtera is now commercially available in the US, and the phase 3 studies of fosmanogepix, our most advanced clinical stage compound, are progressing as planned toward a data readout in early 2028. We are preparing the start of the phase 3 program for our newly in‑licensed oral antibiotic, ceftibuten-ledaborbactam, whilst also advancing our earlier pipeline programs. Our goal is to have four commercial assets by 2030 and a broad R&D pipeline, in order to drive long-term growth.”
Adesh Kaul, Chief Financial Officer, said: “In 2025, we delivered once again a strong financial performance, in a volatile business environment. Our robust commercial business and the significant increase in total revenue provided us with the financial strength to invest in both progressing fosmanogepix through phase 3 development and to also seize external growth opportunities, as shown by the in-licensing of ceftibuten-ledaborbactam. At the same time, we also strengthened our balance sheet in 2025 by reducing the nominal value of our outstanding convertible bonds by approximately 22% to CHF 76 million while also increasing our cash position to CHF 162 million.”
He added: “We are preparing now for our next growth phase. In the next five-year period, we expect to generate around CHF 600 million in cumulative positive cash flows from our current commercial products, Cresemba and Zevtera. Together with our current strong cash balance, we have the financial strength to bring fosmanogepix and ceftibuten-ledaborbactam to the market, progress our earlier R&D portfolio and also seize external growth opportunities to ensure mid-term and long-term growth beyond our existing portfolio.”
Financial summary
In 2025, Basilea recognized total revenue of CHF 232.4 million (FY 2024: CHF 208.5 million), an increase of 11.4% year-on-year. Royalty income rose to CHF 111.6 million (FY 2024: CHF 96.7 million), up 15.4% year-on-year, mainly driven by strong underlying market demand for Cresemba in key regions. Product revenue amounted to CHF 50.8 million (FY 2024: CHF 57.8 million), with the decrease resulting from the planned expiration of the product-supply agreement with Pfizer following the successful transfer of manufacturing for all adult formulations. Milestone and upfront payments totaled CHF 32.0 million (FY 2024: CHF 40.4 million), consistent with the average annual amount seen over the last years. Other revenue increased to CHF 38.0 million (FY 2024: CHF 13.7 million). This included CHF 30.9 million revenue related to the contracts with BARDA[1] (FY 2024: CHF 10.2 million) and CHF 4.3 million revenue related to the contract with CARB-X[2] (FY 2024: CHF 1.8 million). BARDA revenue is based on activities related to the fosmanogepix phase 3 program, the antifungal BAL2062, ceftobiprole, and ceftibuten-ledaborbactam, while CARB-X revenue is based on preclinical activities related to the antibiotic BAL2420 (the LptA inhibitor program).
In 2025, Basilea invested CHF 105.9 million (FY 2024: CHF 77.1 million) in research and development (R&D), mainly related to the two ongoing phase 3 clinical studies of fosmanogepix in invasive yeast and mold infections, and for the upfront and milestone payments for the in-licensing of ceftibuten-ledaborbactam. It also includes expenses related to preparations for the upcoming phase 3 program of ceftibuten-ledaborbactam in complicated urinary tract infections, the preclinical profiling of BAL2062 and BAL2420, and for research work on compounds in the Company’s early-stage portfolio. These investments are fully in line with guidance and represent targeted capital allocation that we expect to translate into future revenue generation and long‑term value creation.
Selling, general and administrative expenses, including costs for the commercialization of Cresemba and Zevtera, amounted to CHF 35.6 million (FY 2024: CHF 31.5 million) and cost of products sold amounted to CHF 39.3 million (FY 2024: CHF 38.7 million).
Basilea recorded an operating profit of CHF 51.5 million (FY 2024: CHF 61.2 million). The year-on-year decrease is attributed to the CHF 12.0 million upfront and milestone payment for the in-licensing of ceftibuten-ledaborbactam; excluding this one-time effect, the operating profit for 2025 would have been higher than in 2024. In 2025, Basilea reported an income tax expense of CHF 5.6 million (FY 2024: CHF 17.3 million income tax benefit due to the one-time effect from releasing the deferred tax asset valuation allowance) and a net profit of CHF 40.2 million (FY 2024: CHF 77.6 million). The lower net profit in 2025 is the result of the absence of the one-time tax benefit recorded in 2024 and the tax expense recorded in 2025. The basic and diluted earnings per share in 2025 were CHF 3.29 and CHF 3.14, respectively (FY 2024: basic and diluted earnings per share CHF 6.42 and CHF 5.83, respectively).
In 2025, a positive net cash flow of CHF 62.1 million was provided by operating activities (FY 2024: CHF 74.4 million). The Company also repurchased senior unsecured convertible bonds, due July 2027, in the amount of CHF 21.1 million nominal value out of a total CHF 97.1 million outstanding as of December 31, 2024. Cash, cash equivalents and restricted cash increased by 30% to CHF 162.3 million as of December 31, 2025 (December 31, 2024: CHF 124.6 million). Since the beginning of 2022, Basilea has reduced its total financial debt by approximately CHF 145 million. Further, in 2025 the net cash position increased to CHF 86.9 million as of December 31, 2025 (December 31, 2024: net cash of CHF 28.6 million).
Key financial figures
| (in CHF million, except per share data) | FY 2025 | FY 2024 |
| Product revenue | 50.8 | 57.8 |
| Contract revenue | 143.6 | 137.0 |
| Other revenue | 38.0 | 13.7 |
| Total revenue | 232.4 |