BioCryst (BCRX) Q2 Revenue Jumps 50%

Core Insights - BioCryst Pharmaceuticals reported its strongest quarterly results to date, achieving its first significant profit on a GAAP basis with revenues and earnings exceeding Wall Street expectations [1][5] - The company experienced a notable shift from prior-year losses to profit, driven by surging demand for its key product, ORLADEYO [1][6] Financial Performance - GAAP revenue reached $163.4 million, a 49.5% increase from $109.3 million in Q2 2024, surpassing the analyst consensus of $149.8 million by $13.6 million [2][5] - Non-GAAP earnings per share rose to $0.15, significantly higher than the estimated $0.01 and up from $0.00 in Q2 2024 [2] - ORLADEYO revenue was $156.8 million, reflecting a 45% year-over-year growth from $108.3 million [2][5] - GAAP net income was $5.1 million, a turnaround from a GAAP net loss of $12.7 million in Q2 2024 [2][6] Business Strategy and Operations - The company is focused on expanding ORLADEYO's market reach and advancing pipeline candidates through early clinical trials [4] - Strong commercialization efforts in the U.S. contributed to a record number of new prescribers, reaching 69, up from 59 in Q1 2025 [5] - The paid prescription rate for ORLADEYO increased to approximately 84%, indicating improved conversion rates from free-to-paid prescriptions [5] Debt Management and Financial Health - BioCryst prepaid $75 million of its term debt and an additional $50 million after the reporting period, reducing the outstanding balance to $199 million [7] - Cash, cash equivalents, and investments totaled $287.1 million as of June 30, 2025, providing a solid foundation for future investments and debt reduction [7] Product Pipeline and Future Prospects - The pediatric formulation of ORLADEYO is under FDA review, with a decision expected on December 12, 2025 [8] - Ongoing early-stage trials for BCX17725 and Avoralstat target underserved patient groups, with initial data readouts anticipated by year-end [9] - The planned divestiture of the European ORLADEYO business is expected to be finalized by Q4 2025, allowing for the full retirement of remaining term debt [10] Guidance and Market Outlook - BioCryst reaffirmed its full-year 2025 guidance for ORLADEYO revenue, targeting $580 million to $600 million, reflecting confidence in U.S. and international market growth [11] - Operating expenses are projected to be between $440 million and $450 million for full-year 2025, consistent with prior guidance [11] - Key areas for future monitoring include the commercial performance of ORLADEYO, sustainability of paid prescription rates, and progress of clinical pipeline assets [12]