RESEARCH TRIANGLE PARK, N.C. - Shares of BioCryst (NASDAQ:BCRX) Pharmaceuticals, Inc. (NASDAQ:BCRX) surged 6.48% in the pre-market hours after the company reported a revenue beat for the fourth quarter of 2023.
The company's revenue came in at $93.4 million, surpassing the analyst consensus estimate of $89.97 million. However, the adjusted fourth-quarter earnings per share (EPS) of -$0.28 fell short of the consensus estimate by $0.03.
The company's ORLADEYO net revenue for the fourth quarter stood at $90.9 million, marking a significant 30% increase year-over-year (YoY). This growth in revenue is attributed to the increasing number of U.S. patients using ORLADEYO, a treatment for hereditary angioedema (HAE) attacks, with 1,104 patients on the product by the end of the quarter. The company also noted the largest number of new ORLADEYO prescribers in any quarter of 2023.
For the full year 2023, BioCryst reported a 30% YoY increase in ORLADEYO net revenue, reaching $326.0 million. This performance reflects the product's expanding global footprint, with recent approvals and launches in multiple countries.
Looking ahead, BioCryst anticipates 2024 ORLADEYO net revenue to be between $380 million and $400 million. The midpoint of this guidance range, $390 million, is a projection for continued growth. The company also expects to achieve operating profit in 2024, with a path toward positive adjusted EPS and positive cash flow in the second half of 2025.
Jon Stonehouse, president and CEO of BioCryst, expressed confidence in the company's trajectory, stating, "The impressive growth we are seeing with ORLADEYO has put us in a position to accelerate our path to profitability while continuing to invest in our diverse pipeline."
Despite the revenue beat, BioCryst's net loss for the fourth quarter of 2023 was $61.7 million, or $0.31 per share. This is an improvement compared to a net loss of $71.5 million, or $0.38 per share, for the same period last year.
The company's R&D expenses saw a decrease due to the discontinuation of certain programs, while SG&A expenses increased to support the commercial team and international operations.
BioCryst's financial position remains solid with cash, cash equivalents, restricted cash, and investments totaling $390.8 million as of December 31, 2023. The company's disciplined approach to capital allocation has been highlighted as a key factor in its expected financial milestones, including operating profit and positive cash flow without the need for additional fundraising.
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