BioCryst Pharmaceuticals (BCRX) Q1 2026 earnings summary

Executive summary

• Q1 2026 ORLADEYO net revenue reached $148.3M, up 11% year-over-year and 21% on a comparable basis excluding European revenue, with strong new patient prescriptions and robust demand for the pediatric indication.

• Completed the acquisition of Astria Therapeutics, adding navenibart and STAR-0310 to the pipeline, funded by a $400M term loan, and recorded a $697.8M non-cash R&D charge.

• Pipeline progress includes rapid enrollment in the pivotal ALPHA-ORBIT trial for navenibart and advancement of BCX17725 for Netherton syndrome.

• Sold the European ORLADEYO business to Neopharmed in October 2025, now receiving royalties instead of direct sales.

• Maintains a sustainable $1B peak revenue opportunity for ORLADEYO, with >80% contribution margin and IP protection through 2040.

Financial highlights

• Q1 2026 total revenue was $156.4M, with ORLADEYO contributing $148.3M, up 21% year-over-year on a comparable basis.

• Non-GAAP operating profit for Q1 2026 was $54M, a 25% increase year-over-year; GAAP operating loss was $701.6M due to the non-cash R&D charge.

• Cash and investments at March 31, 2026, totaled $261M, increasing to $331M pro forma after licensing proceeds.

• R&D expenses increased due to Astria integration and navenibart development.

• Cost of product sales increased to $5.4M from $4.6M year-over-year, reflecting higher ORLADEYO sales.

Outlook and guidance

• Full year 2026 global net ORLADEYO revenue guidance maintained at $625–$645M; total revenue guidance at $635–$660M.

• Non-GAAP operating expenses for 2026 forecasted at $450M to $470M.

• Continued confidence in reaching $1B in peak ORLADEYO sales and double-digit HAE franchise growth into the next decade.

• Guidance unchanged despite pediatric manufacturing delay, with updates expected later in the quarter.

• Financial resources expected to fund operations for at least the next 12 months.