Growing product sales drive Basilea first-half

Switzerland’s Basilea Pharmaceutica (SIX: BSLN) announced today its financial results for the first half of financial year 2017, with the news first sending the shares higher, but they were down 2.1% at 83.35 Swiss francs by late afternoon.

In the first half-year of 2017 product revenue increased to 9.8 million francs ($10.1 million) compared with 1.9 million francs in the like 2016 period. Contract revenue in this period amounted to 31.2 million francs, up 12.2%, including 18.8 million francs related to the global agreement for Toctino (alitretinoin) and 11.3 million francs related to the license agreement with Astellas for isavuconazole. Total revenue in first-half 2017 including sales increased by 56% to 46.2 million francs.

Basilea’s operating loss was reduced by 28.6% to 17.7 million francs and net loss was reduced to 20.6 million francs, from 27.9 million francs, resulting in a lower basic and diluted loss per share of 1.90 francs versus 2.76 francs.