BioCryst Pharmaceuticals (BCRX) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $180.3M, including $174.8M from ORLADEYO; GAAP operating income was $53.3M and non-GAAP operating income was $86.5M.

• ORLADEYO growth reflected underlying U.S. demand, pediatric pellet uptake and CareMed’s initial inventory build, which contributed revenue in the upper teens of millions.

• Navenibart and BCX17725 remain key pipeline programs, with pivotal navenibart data expected in Q3 2027 and BCX17725 data expected by year-end 2026.

Financial highlights

• Q3 total revenue rose 13% YoY to $180.3M; comparable growth excluding European revenue was 24%.

• GAAP net income was $37.9M versus $12.9M in Q3 2025; non-GAAP net income was $71.1M versus $34.7M.

• ORLADEYO revenue was $174.8M versus $159.1M in Q3 2025; revenue excluding Europe grew 20% YoY.

• Nine-month revenue was $555.0M; a $697.8M non-cash acquired IPR&D charge contributed to a $605.5M net loss.

• Q3 non-GAAP operating expenses were slightly lower YoY; sales and marketing rose modestly, primarily reflecting pharmacy-transition fees, while G&A was essentially flat.

Outlook and guidance

• FY26 total revenue guidance was $715M–$730M; ORLADEYO guidance remained $625M–$645M. Higher navenibart licensing revenue and international RAPIVAB orders supported the total revenue outlook.

• FY26 non-GAAP operating expense guidance was $415M–$425M, excluding stock-based compensation, restructuring and transaction costs.

• 2027 operating expenses are expected to decline as savings take effect alongside revenue growth; Birmingham closure and restructuring are expected to deliver $30M–$35M in annualized savings once fully realized.

• Navenibart pivotal-trial top-line data through 12 months remain on track for Q3 2027; BCX17725 Part 4 data are expected by year-end 2026.