BioCryst Clocks 37.8% Revenue Growth In Q1 On Solid New Patient Growth

  • BioCryst Pharmaceuticals, Inc. BCRX reported first-quarter FY23 revenues of $68.78 million, up 37.8% year over year. The revenues missed the consensus estimate of $71.68 million
  • The biotechnology firm reported a loss of $(0.28) per share, beating the consensus of $(0.30). 
  • Solid patient growth and higher contribution from ORLADEYO sales bolstered Q1 revenues. ORLADEYO is a Berotralstat medication used to prevent attacks of hereditary angioedema.
  • ORLADEYO net revenue was $68.4 million (+37.6% Y/Y), and other revenues totaled $0.364 million (+66.2%).
  • On the pipeline front, BioCryst is investing in expanding the ORLADEYO label with its ongoing pediatric trial.
  • Also Read: Analyst Sees Attractive Entry Opportunity After BioCryst's Pipeline Setback
  • Net loss in the quarter under review totaled $(53.33) million, narrower than the $(74.20) million loss a year ago.
  • "Our market data from patients and physicians tells us that ORLADEYO is still in the early stages of its growth trajectory," said Chief Commercial Officer Charlie Gayer.
  • On April 17, 2023, BioCryst entered into a $450 million loan agreement with Pharmakon. The initial proceeds were used to repay the outstanding indebtedness with Athyrium and provided approximately $26 million for other general corporate purposes. 
  • Outlook: The company reiterated its FY23 outlook for global net ORLADEYO revenues, forecasted to be at least $320 million.
  • Price Action: BCRX shares are up 12.3% at $8.28 on the last check Wednesday.
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