(RTTNews) - Switzerland's Basilea Pharmaceutica Ltd (0QNA.L) reported Tuesday that its first-half net profit of 20.7 million Swiss Francs declined from last year's 31.8 million francs. Earnings per share were 1.61 francs, compared to prior year's 2.42 francs.
Basilea recorded an operating result of 9.3 million francs, down from prior year's 36.9 million francs.
For the first half year, Basilea recognized total revenue of 76.3 million francs, down from 84.9 million francs a year earlier due to weak contract revenue. The decline was despite royalty income from Cresemba increased 16.6 percent year-on-year, and product revenue increased 109 percent.
Looking ahead for fiscal 2024, the company increased financial guidance, projecting that both revenue and profit will exceed its previous expectations.
For the year, net profit is now expected to increase by 300 percent to around 42 million francs from last year's 10.5 million francs. The previous outlook was for around 25 million francs.
Operating result is now expected to increase 88 percent to around 36 million francs, compared to around 30 million francvs expected earlier.
Total revenue guidance increased by 7 percent to around 196 million francs from previously expected 183 million francs, while last year's revenues were 157.6 million francs.
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