BioCryst Pharmaceuticals Reports Strong Revenue Growth

By Tamara Parker • Monday, February 26 16:15 • Permanent Link

Biocryst Pharmaceuticals, Inc. (NASDAQ: BCRX) has reported its financial results for the fourth quarter and full year ending December 31, 2023. The company's orladeyo net revenue for Q4 2023 was $90.9 million, representing a 30 percent year-over-year increase. The total number of U.S. patients on paid or long-term free product reached 1,104 at the end of Q4 2023, growing by 30 percent year-over-year, with 71.5 percent of those patients on paid product.

The net U.S. patient growth totaled 321 in 2023, including new patients still on short-term quick start product at the end of the quarter. Additionally, the number of new orladeyo prescribers in Q4 2023 was the largest of any quarter in 2023. This growth in orladeyo usage was supported by real-world data presented at the American Academy of Allergy, Asthma & Immunology (AAAAI) annual meeting, which reinforced prior data showing patients switching to orladeyo experience sustained attack reduction, regardless of baseline attack rate or prior HAE prophylaxis treatment.

In terms of financial performance, the total revenues for the three months ending December 31, 2023, were $93.4 million, compared to $79.5 million in the fourth quarter of 2022. This increase was primarily driven by the $90.9 million orladeyo net revenue in the fourth quarter of 2023, compared to $70.7 million in the fourth quarter of 2022.

For the full year 2023, total revenues were $331.4 million, compared to $270.8 million in 2022. This increase was primarily due to $326.0 million of orladeyo net revenue in 2023, compared to $251.6 million in 2022.

Furthermore, the company expects full-year 2024 global net orladeyo revenue to be between $380 million and $400 million. The company anticipates achieving a full-year operating profit in 2024 (not including non-cash stock compensation), be approaching quarterly positive earnings per share (EPS) and positive cash flow in the second half of 2025 (not including non-cash stock compensation), and be profitable on an EPS basis, with positive cash flow, for the full year 2026.

As a result of these announcements, the company's shares have moved 1.4% on the market, and are now trading at a price of $5.79. Check out the company's full 8-K submission here.

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