Benzinga - by Vandana Singh, Benzinga Editor.
Monday, BioCryst Pharmaceuticals Inc (NASDAQ:BCRX) reported a first-quarter earnings loss of $(0.17) per share versus the consensus estimate loss of $(0.21) per share and $(0.28) reported a year ago.
BioCryst Pharma reported sales of $92.8 million, beating the consensus of $85.61 million. The sales increased 34.9% Y/Y, primarily due to $88.9 million in Orladeyo’s net revenue in the first quarter of 2024, up 30% Y/Y.
“We are off to a fantastic start to the year with outstanding Orladeyo revenue growth and our prioritized pipeline programs advancing on schedule. We are focused on continuing this momentum as we see strong patient demand for Orladeyo and more pipeline programs advancing into the clinic, starting later this year,” said Jon Stonehouse, president and CEO of BioCryst.
In the first quarter, the U.S. commercial team accelerated patients going through annual reimbursement reauthorization from free drug to paid drug faster than in previous years, generating higher than expected Orladeyo revenue.
New patient growth remained strong, with the past two quarters having the most new prescriptions in the United States since the first two quarters of the launch.
Sales from outside the U.S. contributed 10% of global Orladeyo net revenues in the first quarter, as the number of patients treated with Orladeyo continued to grow strongly and consistently in new and existing markets.
Guidance: BioCryst forecasts 2024 Orladeyo revenue Of $390 million -$400 million, the top end of its prior guidance of $380 milllion-$400 million.
The company expects full-year 2024 operating expenses to be between $365 million and $375 million, flat to full-year 2023 operating expenses.
BioCryst says it is even more confident that it will achieve a full-year operating profit in 2024, approach quarterly positive EPS and positive cash flow in the second half of 2025, and be profitable on an EPS basis with positive cash flow for 2026.
The company expects it can achieve these financial milestones without raising additional funds and does not intend to draw the additional $150 million of debt available to it from Pharmakon.
Price Action: BCRX shares are up 18.2% at $5.26 at last check Monday.
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