BridgeBio(BBIO) - 2025 Q3 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $120.7 million, a significant increase from $2.7 million in the same period last year, primarily driven by $108.1 million in net product revenue from Atrobi [26][27] - Total operating expenses increased to $259.3 million from $193.9 million year-over-year, with a notable rise in SG&A expenses by $68.8 million [26][27] - The company ended the quarter with a strong cash position of $645.9 million, providing a solid cash runway for future operations [27] Business Line Data and Key Metrics Changes - Atrobi generated $108.1 million in net product sales, with 5,259 unique patient prescriptions delivered to 1,355 unique healthcare providers [11][26] - The company aims for a market share of 30% to 35% by volume in the ATTR-CM market, with continued growth expected [11][19] Market Data and Key Metrics Changes - The ATTR-CM market is expanding, with growth coming from all segments, and an increase in prescribing from both returning and new physicians [19][21] - The company has seen a steady rise in first-time prescribers adopting Atrobi, indicating growing confidence among healthcare providers [19][21] Company Strategy and Development Direction - The company is focused on expanding its late-stage pipeline, with recent positive phase 3 readouts for BBP-418 and Encalirate, which are expected to redefine care for patients [23][25] - The strategy includes leveraging the success of Atrobi to inform future product launches and expanding disease state education initiatives [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing success of Atrobi and the potential for significant market share growth, supported by strong clinical data and a competitive pricing strategy [11][19] - The company anticipates continued growth in diagnosis rates for ATTR-CM, which will further expand the patient population eligible for Atrobi [36] Other Important Information - The company is actively building infrastructure for global commercialization to ensure access to its therapies worldwide [25] - Management highlighted the importance of real-world evidence in demonstrating the efficacy of Atrobi compared to competitors [70] Q&A Session Summary Question: What is the percentage of new patient share for Atrobi? - Management estimates that the naive share is now well in the 20s, with double-digit growth in overall prescriptions quarter-on-quarter [31] Question: Can you elaborate on ATTR-CM diagnosis rates? - There has been robust growth in diagnosis rates, with ongoing excitement and education in the field, leading to an expected increase in diagnosed patients [36] Question: Thoughts on Pfizer's 28-day free trial program? - Management views it positively as it encourages competition and emphasizes the importance of access for patients [41][42] Question: How do you see the ex-US opportunity relative to the US? - The ex-US opportunity is promising, with Bayer successfully commercializing in Europe, and management expects similar sales ratios between Europe and the US [48] Question: Have you discussed formulary positioning of Atrobi with payers? - Management has focused on ensuring Atrobi is on an equal playing field with competitors and has not yet had discussions regarding formulary positioning [49][50] Question: What is driving the momentum in unique prescribers and prescriptions per prescriber? - The momentum is driven by both greater penetration within existing accounts and expansion into new centers, with a focus on educating physicians [52] Question: What differentiates Infogratinib in achondroplasia? - Infogratinib is expected to be more efficacious, safer, and more convenient due to its oral administration, addressing unmet needs in the market [73][75] Question: What are the key assumptions for the $2 billion opportunity in achondroplasia and hypochondroplasia? - The estimates are based on capturing share from competitors and growing the market, addressing substantial unmet needs not covered by existing therapies [78]