BioCryst Clocks 37.8% Revenue Growth In Q1 On Solid New Patient Growth

BioCryst Pharmaceuticals, Inc. BCRX reported first-quarter FY23 revenues of $68.78 million, up 37.8% year over year. The revenues missed the consensus estimate of $71.68 million.
The biotechnology firm reported a loss of $(0.28) per share, beating the consensus of $(0.30).
Solid patient growth and higher contribution from ORLADEYO sales bolstered Q1 revenues. ORLADEYO is a Berotralstat medication used to prevent attacks of hereditary angioedema.
ORLADEYO net revenue was $68.4 million (+37.6% Y/Y), and other revenues totaled $0.364 million (+66.2%).
On the pipeline front, BioCryst is investing in expanding the ORLADEYO label with its ongoing pediatric trial.
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Net loss in the quarter under review totaled $(53.33) million, narrower than the $(74.20) million loss a year ago.
"Our market data from patients and physicians tells us that ORLADEYO is still in the early stages of its growth trajectory," said Chief Commercial Officer Charlie Gayer.
On April 17, 2023, BioCryst entered into a $450 million loan agreement with Pharmakon. The initial proceeds were used to repay the outstanding indebtedness with Athyrium and provided approximately $26 million for other general corporate purposes.
Outlook: The company reiterated its FY23 outlook for global net ORLADEYO revenues, forecasted to be at least $320 million.
Price Action: BCRX shares are up 12.3% at $8.28 on the last check Wednesday.