BioCryst Pharmaceuticals (BCRX) TD Cowen 46th Annual Health Care Conference summary

Financial performance and growth outlook

• Achieved $601 million in revenue last year, with $563 million after divesting the European business; $214 million in non-GAAP operating profits.

• U.S. now accounts for over 90% of revenue, with continued growth in Canada, Japan, and distributor markets.

• 2026 revenue guidance set at $625–$645 million, reflecting 13% growth over last year’s U.S.-focused baseline.

• Each 1% increase in patient paid rate in 2029 is projected to add about $12 million in annualized revenue.

• Portfolio expected to grow at mid-teens revenue rates into the 2030s, supported by strong patent protection.

Product launch dynamics and market penetration

• ORLADEYO remains the only oral prophylactic for HAE, with about half of new patients switching from injectables and the other half new to prophylaxis.

• Over 1,500 prescribers at year-end, with growth driven by community allergists rather than academic centers.

• Pediatric launch for ORLADEYO pellets (ages 2+) began after December approval, with product available by early April and strong initial excitement.

• Pediatric adoption forecast remains conservative due to uncertainties in uptake speed, but long-term value is expected.

• ORLADEYO pellets will be priced flat with capsules and integrated into existing contracts.

Patient retention, super-responders, and competitive landscape

• About 50% of clinical trial patients remained on ORLADEYO after two years, experiencing a 91% reduction in attacks.

• In real-world use, 60% of patients stay on therapy after one year, with high retention among super-responders.

• Super-responders experience injectable-like efficacy and are expected to remain loyal to the therapy.

• New competitors like Pharvaris are anticipated, but differentiated patient preferences and product profiles are expected to sustain market share.