BioCryst Announces Preliminary Full Year 2025 ORLADEYO® (berotralstat) Net Revenue of $601 Million (+37 percent y-o-y), Beating Prior Guidance Range

Core Insights - BioCryst Pharmaceuticals reported a transformative year in 2025, driven by strong demand for ORLADEYO and successful business maneuvers, including the sale of its European ORLADEYO business and the proposed acquisition of Astria Therapeutics [2] Financial Performance - Preliminary, unaudited ORLADEYO net revenue for full year 2025 was $601 million, reflecting a 37% year-over-year increase, surpassing prior guidance of $590 million to $600 million [4] - Excluding European ORLADEYO revenue, the net revenue for 2025 was $563 million, marking a 43% year-over-year growth on a comparable basis [4] - For the fourth quarter of 2025, ORLADEYO net revenue was $151 million, representing a 22% year-over-year increase, and a 36% increase on a comparable basis [3] Revenue Guidance - The company anticipates full year 2026 global net ORLADEYO revenue to be between $625 million and $645 million [5] - Total revenue for 2026, including RAPIVAB®, is expected to range from $635 million to $660 million [5] Operating Expenses - BioCryst expects full year 2026 non-GAAP operating expenses to be between $380 million and $390 million, excluding stock-based compensation and other costs [6] - After the expected acquisition of Astria, additional non-GAAP operating expenses in 2026 are projected to be between $70 million and $80 million [7] Cash Position - As of December 31, 2025, the company reported preliminary cash, cash equivalents, restricted cash, and investments totaling $338 million [5]