Biocryst Pharmaceuticals, Inc. (NASDAQ:BCRX) has reported its full-year 2025 financial results and provided a comprehensive business update. The company's Orladeyo® net revenue for the full year 2025 increased by 38% year-over-year to $601.8 million. Excluding European Orladeyo revenue following the sale of the European Orladeyo business to Neopharmed Gentili S.p.A. on October 1, 2025, the increase was 43% year-over-year.
The company achieved record GAAP and non-GAAP operating profit for the full year 2025. Total revenues were $874.8 million, compared to $450.7 million for the full year 2024. On a non-GAAP basis, total revenues were $592.9 million, reflecting a 45% increase year-over-year. Operating profit for the full year 2025 was $341.0 million, a significant improvement from an operating loss of $2.5 million for the full year 2024.
The company's research and development expenses, excluding stock-based compensation expense, in 2025 were $136.6 million on a GAAP basis, representing a 5% decrease year-over-year, and $133.0 million on a non-GAAP basis. Sales and marketing expenses, excluding stock-based compensation expense, in 2025 were $177.1 million on a GAAP basis, a 16% increase year-over-year, and $144.1 million on a non-GAAP basis, reflecting a 23% increase year-over-year. General and administrative expenses, excluding stock-based compensation expense, in 2025 were $116.0 million on a GAAP basis, a 45% increase year-over-year, and $85.0 million on a non-GAAP basis, reflecting a 21% increase year-over-year.
Interest expense for the full year 2025 was $78.9 million, a 20% decrease year-over-year. Cash, cash equivalents, restricted cash, and investments totaled $337.5 million at December 31, 2025. The net cash utilization for the full year 2025 was $5.4 million, and excluding certain impacts, there was $85.2 million of cash generated during 2025.
Looking ahead to 2026, the company maintained its expectation for full-year 2026 global net Orladeyo revenue to be between $625 million and $645 million and for full-year 2026 total revenue, including Rapivab® (peramivir injection), to be between $635 million and $660 million. The company also maintained its expectation for full-year 2026 non-GAAP operating expenses, excluding stock-based compensation, restructuring, and transaction-related costs, to be between $450 million and $470 million.
In addition to the financial results, the company provided updates on its strategic acquisitions and advancements in its pipeline, including the completion of the acquisition of Astria Therapeutics, Inc. and the progress of its phase 3 clinical development program for HAE prophylaxis.
Biocryst Pharmaceuticals is a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema and other rare diseases. The company has commercialized Orladeyo and is advancing a pipeline of potential first-in-class or best-in-class oral small-molecule and injectable protein therapeutics for a range of rare diseases.
The company's management will host a conference call and webcast to discuss the financial results and provide a corporate update at 8:30 a.m. ET today.
For more detailed information, you can access the live call by dialing 1-844-481-2942 for domestic callers and 1-412-317-1866 for international callers, or a live webcast and replay of the call will be available online in the investors section of the company website at www.biocryst.com. Following these announcements, the company's shares moved -7.11%, and are now trading at a price of $6.66. For more information, read the company's full 8-K submission here.
