BioCryst Pharmaceuticals (BCRX) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue and first full-year profitability, driven by ORLADEYO growth, strong U.S. commercial execution, and strategic portfolio expansion including the acquisition of Astria Therapeutics and launch of pediatric ORLADEYO pellets.

• Maintains focus on rare disease, sustainable growth, profitability, and disciplined capital allocation.

Financial highlights

• Full-year 2025 ORLADEYO revenue reached $601.8 million (GAAP), up 38% year-over-year and 43% excluding Europe; total revenues were $874.8 million, with non-GAAP total revenues at $592.9 million (+45% y-o-y).

• Operating profit for 2025 was $341 million (GAAP), $214 million (non-GAAP), both record highs; net income was $263.9 million.

• Ended 2025 with $337.5 million in cash and investments; entered a $400 million financing facility.

• Paid off Pharmakon Term Loan ($323.7 million), reducing interest expense by 20%.

Outlook and guidance

• 2026 ORLADEYO revenue guidance set at $625–$645 million; total revenue guidance at $635–$660 million.

• 2026 non-GAAP operating expenses expected between $450–$470 million, including Astria expenses.

• Majority of 2026 revenue expected from U.S. market (over 90%).

• HAE franchise projected to generate double-digit revenue growth into the next decade, with $1B+ cash balance by 2029.