BioCryst Pharmaceuticals Inc (BCRX) Reports Q3 2023 Earnings: ORLADEYO Revenue Up by 29.8% YoY

On November 2, 2023, BioCryst Pharmaceuticals Inc (BCRX, Financial) released its financial results for the third quarter ended September 30, 2023. The company reported a significant increase in ORLADEYO net revenue, which rose by 29.8% YoY to reach $85.7 million. The company also reported a decrease in net cash utilization by 43.9% YoY to $16.5 million.

Financial Performance

For the three months ended September 30, 2023, total revenues were $86.7 million, compared to $75.8 million in the third quarter of 2022, marking a 14.4% increase YoY. This increase was primarily due to an increase in ORLADEYO net revenue of $19.7 million, partially offset by a reduction in RAPIVAB® (peramivir injection) revenue of $8.8 million, compared to the third quarter of 2022.

Research and development expenses for the third quarter of 2023 decreased to $46.9 million from $52.7 million in the third quarter of 2022, a decrease of 11.0% YoY. Selling, general and administrative expenses for the third quarter of 2023 increased to $50.7 million, compared to $36.9 million in the third quarter of 2022, an increase of 37.1% YoY. The increase was primarily due to increased investment to support the commercial launch of ORLADEYO.

Net Loss and Cash Position

Net loss for the third quarter of 2023 was $36.1 million, or $0.19 per share, compared to a net loss of $42.5 million, or $0.23 per share, for the third quarter of 2022. Cash, cash equivalents, restricted cash and investments totaled $399.2 million at September 30, 2023, compared to $462.6 million at September 30, 2022. Operating cash use for the third quarter of 2023 was $16.5 million, a decrease of 43.9% YoY.

Outlook for 2023

The company expects full year 2023 global net ORLADEYO revenue to be no less than $320 million. The company continues to be disciplined in its approach to capital allocation and is reducing its outlook for operating expenses for full year 2023, not including non-cash stock compensation, to between $365 million and $375 million, reflecting an expected decline from 2022 operating expenses.

About BioCryst Pharmaceuticals Inc (BCRX, Financial)

BioCryst Pharmaceuticals discovers novel, oral, small-molecule medicines that treat rare diseases in which significant unmet medical needs exist and an enzyme plays a key role in the biological pathway of the disease. Oral, once-daily ORLADEYO® (berotralstat) is approved in the United States and many global markets. BioCryst has active programs to develop oral medicines for multiple targets across the complement system, including BCX10013, an oral Factor D inhibitor in clinical development. RAPIVAB® (peramivir injection) is approved in the U.S. and multiple global markets, with post-marketing commitments ongoing.

Explore the complete 8-K earnings release (here) from BioCryst Pharmaceuticals Inc for further details.