BioCryst Pharmaceuticals(BCRX) - 2025 Q3 - Earnings Call Transcript

Financial Data and Key Metrics Changes - Total ORLADEYO revenue was $159.1 million, representing a 37% year-over-year growth, with $141.6 million (89%) coming from the US [19][20] - Non-GAAP operating profit for Q3 2025 was $51.7 million, an increase of 107% year-over-year [20] - Non-GAAP net income for the quarter was $35.6 million, resulting in non-GAAP EPS of $0.17 per share [20] - The company finished the quarter with $269 million in cash, with a pro forma cash balance of approximately $294 million and zero term debt [21] Business Line Data and Key Metrics Changes - ORLADEYO continues to show strong growth, with new prescriptions exceeding the total from the same quarter last year [9][10] - The company raised its ORLADEYO revenue guidance to between $590 million and $600 million for the year [7] - The paid patient rate for ORLADEYO was 82%, consistent with typical second-half patterns [9] Market Data and Key Metrics Changes - The company added 64 new prescribers in the US, exceeding the average of the past eight quarters [9] - The market simulation predicts $1 billion in peak revenue for BioCryst in 2029, despite the sale of the European business [10] Company Strategy and Development Direction - The company plans to spin out or partner the DME program to focus on rare diseases [5] - The acquisition of Astria Therapeutics is expected to strengthen the company's presence in HAE and solidify a double-digit growth trajectory for its portfolio [18] - The company aims to leverage its expertise in HAE with the addition of Nevenobart, anticipating double-digit revenue growth well into the 2030s [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining patient retention rates despite new competition, citing strong control and satisfaction among patients [27][28] - The company expects to remain profitable on a non-GAAP basis and cash flow positive during the development period of Nevenobart [23] Other Important Information - The company successfully closed the sale of its European business, which allowed for the repayment of Pharmakon debt and improved financial positioning [18] - The company is exploring various capital allocation opportunities to generate value for stockholders [21] Q&A Session Summary Question: What contributed to the 37% year-over-year revenue growth? - The growth was driven by steady volume growth and an improvement in paid rates, particularly in the Medicare segment [26][27] Question: What factors are driving new prescriber numbers? - Physicians are becoming more comfortable with ORLADEYO's long-term evidence and real-world effectiveness [33][34] Question: How does the company view the impact of new entrants in the market? - While some patients may switch to injectables, the company does not expect a significant change in new patient prescribing patterns or overall retention rates [42] Question: What is the strategy for pediatric ORLADEYO approval? - The company is already targeting physicians who treat pediatric patients and is prepared for a launch shortly after approval [43] Question: What is the status of the Netherton syndrome program? - Enrollment is slightly delayed, but the company is optimistic about the ongoing studies and the potential for higher dosing [51][52]