European Cresemba Sales Trigger $37.5 Million Payment to Basilea
Key Facts
Basilea Pharmaceutica said on November 3, 2026, that strong European sales of Cresemba through its licensee Pfizer triggered a $37.5 million milestone payment to the company. Basilea linked the payment to sales of the drug in the region, saying its continued European growth reflects its clinical value and the significant unmet medical need in invasive mold infections. The payment gives the company revenue tied to the achievement of commercial targets under the licensing agreement, in addition to revenue from its commercial operations. Chief Executive David Veitch said, "Cresemba's continued growth in Europe reflects its clinical value and the significant unmet medical need in invasive mold infections." The payment is the latest indication of the drug's contribution to Basilea's financial performance, after the company raised its forecasts for product revenue and profit during the year in October.
The company cited market data showing that global in-market sales of Cresemba reached $817 million in the twelve months from July 2025 to June 2026, up 25% year on year. That compares with sales of $652 million in the twelve months from July 2024 to June 2025, when they grew 27% year on year, according to an earlier company update. The figures illustrate the scale of the drug's global commercial activity, while Basilea said European sales specifically triggered the current milestone payment. Cresemba, marketed as isavuconazole, is an antifungal administered intravenously or orally to treat invasive aspergillosis and mucormycosis, two of the most common invasive mold infections. The company said European growth reflects the drug's clinical value and the unmet medical need in treating these infections.
On October 27, Basilea raised its 2026 revenue forecast for Cresemba and Zevtera to around 250 million Swiss francs, from around 210 million in its previous forecast; revenue linked to the two products was 194.4 million francs in the previous year. It also forecast total revenue of around 310 million Swiss francs in 2026, an increase of around 33%. The company raised its operating profit forecast for the year to around 115 million francs, from 70 million, attributing the improvement to higher expected revenue, including milestone income. It also raised its cumulative cash flow target from Cresemba and Zevtera during 2026–2030 to 650 million francs, from 600 million previously. Chief Financial Officer Adesh Kaul said Cresemba's continued growth "reinforces the quality and sustainability of our commercial business," linking the product's performance to the strength of the company's financial outlook.
The commercial relationship between Basilea and Pfizer dates to a licensing agreement announced in 2017, granting Pfizer exclusive manufacturing and marketing rights for isavuconazole in Europe excluding the Nordic countries, as well as Russia, Turkey and Israel. The agreement makes Basilea eligible for additional payments of up to $427 million upon meeting specified regulatory and sales targets, in addition to royalties on sales in the mid-teens range. In November 2025, Basilea announced a $30 million milestone payment after European Cresemba sales crossed a related threshold. The company said at the time that global in-market sales reached $652 million in the twelve months through June 2025, up 27% year on year. The current payment is part of a series of payments linked to the drug's performance, while actual sales and licensing targets remain the basis for eligibility.
Basilea expects Cresemba's strong European performance to continue through the second half of 2028, when the first generics could begin to affect the market, according to the company. That gives current commercial revenue significance within the company's stated time horizon, as it aims to use cash flows from Cresemba and Zevtera to support its plan through 2030. In drug development, Basilea said it still aims to begin a Phase II/III study of ceftibuten-ledaborbactam in mid-2027. The study could provide a readout of Phase II data at the end of 2028, according to the company. These timelines are part of its financial and clinical update published in October, while the study start date and potential readout remain subject to the schedule announced by the company.