BioCryst Announces Preliminary Full Year 2024 ORLADEYO® (berotralstat) Net Revenue of $437 Million (+34 percent y-o-y)

Core Insights - BioCryst Pharmaceuticals expects ORLADEYO net revenue to be between $515 million and$535 million in 2025, with total revenue (including RAPIVAB) projected between $540 million and$560 million [1][5] - The company achieved operating profit in 2024 (excluding stock-based compensation) and anticipates approaching quarterly EPS profitability and positive cash flow in the second half of 2025 [1][8] - A new drug application for ORLADEYO granules aimed at children up to age 12 is planned for submission in 2025, addressing a significant unmet medical need [1][2] - The pipeline is advancing with clinical programs for BCX17725 (Netherton syndrome) and avoralstat (diabetic macular edema) expected to progress in 2025 [1][2] Revenue Performance - Preliminary, unaudited ORLADEYO net revenue for Q4 2024 was $123.5 million, reflecting a 36$437 million, up 34% year-over-year [3][4] - Total revenue for Q4 2024 was $130.8 million, a 40$450 million, marking a 36% growth year-over-year [5] Operating Expenses - The company forecasts full-year 2025 GAAP operating expenses to be between $485 million and$495 million, which includes an estimated $60 million for stock-based compensation [6] - Operating expenses, excluding stock-based compensation, are projected to be between$425 million and $435 million, reflecting additional investments for the pediatric product launch and ongoing clinical activities [6] Profitability Outlook - Revenue growth in 2024 significantly outpaced operating expense growth, and this trend is expected to continue [7] - The company anticipates an annual compound annual growth rate (CAGR) for revenue of around 20% over the next three years, compared to a projected CAGR of approximately 5% for operating expenses [8] - BioCryst expects to achieve quarterly positive EPS and positive cash flow in the second half of 2025, with full-year profitability anticipated in 2026 [8]