BioCryst Pharmaceuticals (BCRX) Jefferies Global Healthcare Conference summary

Commercial performance and growth outlook

• ORLADEYO achieved 30% year-over-year revenue growth in Q1 2024, with strong patient demand driving results.

• Paid patient rate is expected to rise from 71.5% at end of 2023 to about 85% over the next few years.

• 2024 sales guidance is $390–$400 million, with Q2 sales guided at $97 million and first $100 million+ quarters expected later in the year.

• Net patient growth is projected at 200+ per year, supporting long-term revenue targets.

• U.S. payer mix remains stable: 60% commercial, 20% Medicare, 20% Medicaid/other.

Market dynamics and competitive positioning

• ORLADEYO is the only oral prophylactic therapy for HAE, offering a key differentiator versus injectables.

• Patient retention is high due to strong efficacy (91% reduction in attack rate) and convenience.

• New marketing campaign emphasizes both efficacy and convenience to boost brand awareness and loyalty.

• Safety profile is favorable, with GI side effects typically mild and transient; convenience of oral therapy is a major advantage over injectables.

• Global expansion is a focus, following competitor playbooks, with $200 million in peak sales targeted outside the U.S.

Financials and profitability

• Q1 2024 cash position was $338 million.

• On track for operating profit in 2024, with full cash flow and EPS positivity expected by 2026.

• Gross-to-net on paid patients is guided at 15–20%, expected to trend toward the higher end as IRA is fully implemented.

• Medicare patient payment rates are expected to improve as IRA out-of-pocket caps decrease in 2025.