BridgeBio (BBIO) Q4 2025 earnings summary

Executive summary

• Achieved strong commercial execution with Attruby, delivering significant revenue growth and market share gains in ATTR cardiomyopathy, and advanced three late-stage pipeline assets with positive phase III results: encaleret (ADH1), BBP-418 (LGMD2I), and infigratinib (achondroplasia), with multiple NDA submissions planned for 2026.

• Achieved $154.2 million in Q4 2025 net revenues and $502.1 million for the full year, driven by strong commercial performance of Attruby and pipeline progress.

• Transitioning from a cash-consuming to a cash-generating business, with expectations of over $600 million in profit by 2028, driven by four post-phase III assets.

• Maintains robust financial position with over $1 billion in capital and a fully financed base business, supporting upcoming regulatory launches and lifecycle expansion.

• Attruby prescriptions reached 7,804 by 1,856 prescribers as of February 2026, reflecting rapid market adoption.

Financial highlights

• Q4 2025 total/net revenues reached $154.2 million, up from $5.9 million in Q4 2024, driven by $146 million in Attruby net product revenue.

• Full year 2025 revenues were $502.1 million, up from $221.9 million in 2024, with Attruby contributing $362.4 million.

• Operating costs and expenses for 2025 were $1.03 billion, up from $814.9 million in 2024, mainly due to increased SG&A for commercial launches.

• Net loss attributable to common stockholders was $724.9 million for 2025, compared to $535.8 million in 2024.

• Ended 2025 with $587.5 million in cash, equivalents, and marketable securities; issued $632.5 million in convertible notes in January 2026.

Outlook and guidance

• NDA submissions for BBP-418 and encaleret planned for 1H 2026, with U.S. launches anticipated in late 2026/early 2027.

• NDA for infigratinib in achondroplasia expected in 2H 2026, with launch planned for early to mid-2027.

• Cash burn expected to hold steady through 2026, then decline as Attruby revenue increases and new launches approach.

• Anticipates cash generation beginning in late 2027, with significant EBITDA and profit growth by 2028.

• Company expects to achieve six approved products as its first decade concludes.