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 execution in commercial and development programs.

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

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

• Expanded pipeline includes navenibart in pivotal Phase 3 for HAE and BCX17725 for Netherton syndrome.

• Focused on rare disease therapeutics, with ORLADEYO as the primary commercial product.

Financial highlights

• Total Q1 2026 revenue was $156.4M, with ORLADEYO contributing $148.3M, up from $123M in Q1 2025.

• Non-GAAP operating profit for Q1 2026 was $54.2M, up 25% year-over-year, excluding non-recurring items.

• Net loss for Q1 2026 was $721.8M, or $(2.98) per share, primarily due to a $697.8M non-cash R&D charge from the Astria acquisition.

• Cash, cash equivalents, and investments at March 31, 2026, totaled $260.8M; pro-forma including post-quarter licensing proceeds, $330.8M.

• Senior credit facility stands at $400M, drawn in January 2026.

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 FY 2026 expected at $450–$470M.

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

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

• Navenibart pivotal study enrollment on track for completion by end of June 2026; European licensing agreement signed for up to $275M in milestones.