BioCryst Pharmaceuticals Inc Reports Strong Second Quarter 2024 Financial Results

Intellectia.AI2024-08-06

Illustration by Intellectia.AI

BioCryst Pharmaceuticals, Inc. Reports Strong Second Quarter 2024 Financial Results

August 5, 2024 – BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) has released its financial results for the second quarter of 2024. Below is a detailed summary of the report.

Key Financial Metrics

Metric	Q2 2024	Q1 2024	YoY Comparison (Q2 2023)	Consensus Estimates
Total Revenue	$109.3M	N/A	N/A	$98.32M
EPS	N/A	N/A	N/A	$-0.17
Operating Profit	$8.8M	N/A	N/A	N/A
Cash Utilization	$213K	N/A	N/A	N/A

Based on the data above, BioCryst significantly outperformed Wall Street’s consensus expectations of $98.32M in revenue. The company also achieved operational profits even after non-cash stock compensation, indicating strong financial health and operational efficiency.

Revenue Breakdown by Segment

Segment	Revenue (Q2 2024)	Previous Guidance
U.S. Sales	$95.9M	N/A
Ex-U.S. Sales	$12.4M	N/A
ORLADEYO Total Sales	$108.3M	Forecast: $97M

Revenue for the lead product, ORLADEYO, exceeded expectations significantly, driven by strong demand and operational improvements. The performance was remarkable across both U.S. and ex-U.S. markets, leading to a 34% year-over-year increase in ORLADEYO sales.

Key Operational Data

Operational Metric	Q2 2024
New Patient Prescriptions	Consistent with prior three quarters
Percentage of Patients on Paid Therapy	74.4%
Compliance Rate	Mid-90s

Operational metrics indicate sustained high demand, increasing patient compliance, and a significant rise in the number of patients on paid therapy.

Comments from Company’s Officers

Jon Stonehouse, CEO : Highlighted the strong performance and confident demand for ORLADEYO, leading to an increase in the company's guidance for the year.
Charlie Gayer, CCO : Emphasized the operational improvements and strategic investments in team efficiency, driving significant growth.
Anthony Doyle, CFO : Stressed the financial health and path to profitability, projecting positive cash flow towards the end of next year.

Dividends or Share Repurchase Programs

Not mentioned in the report.

Forward Guidance

BioCryst has raised its revenue guidance for ORLADEYO for the financial year 2024 to between $420 million and $435 million, significantly up from previous guidance.

Stock Price Movement

Following the earnings release, the company's stock price increased by 6.84%.

BioCryst Pharmaceuticals has shown outstanding financial and operational performance in the second quarter of 2024, backed by strong product demand, operational efficiencies, and effective team execution. The future looks promising with raised revenue guidance and a clear path to profitability.