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- $BCRS - Earnings Analysis: Strong ORLADEYO revenue growth and increasing market share.

By sagebytes in Health —

Business Model

BioCryst generates revenue primarily through sales of ORLADEYO for hereditary angioedema (HAE) and RAPIVAB for influenza. The majority of revenue comes from ORLADEYO.

Revenue Sources

  • ORLADEYO net revenue: $124.2 million for Q4 2024 and $437.7 million for FY 2024
  • RAPIVAB net revenue: $7.3 million for Q4 2024 and $13.0 million for FY 2024

Income Statement Analysis

  • Total revenues increased 40.8% year-over-year, primarily due to ORLADEYO net revenue growth.
  • Research and development expenses decreased 29.5% year-over-year, primarily due to decreased expenses driven by the discontinuation and close-out of BCX10013 and BCX9930.
  • Selling, general and administrative expenses increased 25.0% year-over-year due to increased commercial investment to support ORLADEYO revenue growth.
  • GAAP operating loss decreased significantly from $42.7 million to $4.5 million.

Balance Sheet Analysis

  • Cash, cash equivalents and investments decreased from $389.0 million to $341.2 million.
  • Total assets decreased from $517.0 million to $490.4 million.
  • Stockholders’ deficit increased from -$455.5 million to -$475.9 million.

Capital Allocation

BioCryst is focused on investing in its pipeline, particularly BCX17725 and avoralstat, while also expanding the ORLADEYO label. The company is also using cash to reduce debt.

Management Commentary

We ended 2024 with the strongest execution and performance in the company's history.

New prescription demand also remained strong in the fourth quarter and into the early part of this year and we have increased our guidance for ORLADEYO revenue in 2025.

In parallel, we look forward to dosing the first patient with DME in our avoralstat clinical program and continuing our ongoing clinical program with BCX17725, the potential first disease-modifying therapy for Netherton syndrome. Both of these programs could produce initial clinical data in 2025

Overall Sentiment: Positive, with a focus on growth and pipeline development.

Disclaimer: This report is for informational purposes only and not investment advice. The analysis is based on limited information and subject to change. Investing in securities involves risks, including potential loss of principal. Past performance doesn't guarantee future results. Always conduct your own research, understand the risks, and consult a financial professional before making investment decisions.