Basilea Pharmaceutica Ltd of Switzerland (0QNA.L) announced on Tuesday that its net profit for the first half of the year amounted to 20.7 million Swiss Francs, a decrease from the 31.8 million francs reported for the same period last year. Correspondingly, earnings per share fell to 1.61 francs from the previous year's 2.42 francs.
The company's operating result saw a significant drop, coming in at 9.3 million francs compared to 36.9 million francs in the prior year.
During the first six months, Basilea achieved total revenue of 76.3 million francs, down from 84.9 million francs a year earlier. This decline was primarily due to weak contract revenue, despite a 16.6 percent year-on-year increase in royalty income from Cresemba and a remarkable 109 percent rise in product revenue.
Looking ahead to fiscal 2024, Basilea has revised its financial guidance upwards, anticipating that both revenue and profit will surpass previous expectations.
The company now forecasts a net profit increase of 300 percent to approximately 42 million francs, a substantial rise from last year's 10.5 million francs. This is a significant upgrade from the prior projection of around 25 million francs.
Regarding the operating result, Basilea now anticipates an increase of 88 percent to around 36 million francs, up from the earlier expectation of around 30 million francs.
Total revenue guidance has also been revised upwards by 7 percent to approximately 196 million francs, compared to the previous estimate of 183 million francs. Last year's total revenue stood at 157.6 million francs.
