BioCryst Pharmaceuticals Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-06
BioCryst Pharmaceuticals Reports Q2 2024 Financial Results
BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) has reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $109.3 million | $82.5 million | +32.5% | $98.32 million |
| ORLADEYO Net Revenue | $108.3 million | $81.0 million | +33.7% | N/A |
| EPS | -$0.06 | -$0.40 | N/A | -$0.17 |
| GAAP Operating Profit | $8.8 million | -$20.7 million | N/A | N/A |
| Non-GAAP Operating Profit | $21.9 million | -$7.9 million | N/A | N/A |
BioCryst has demonstrated a strong financial performance with a 32.5% year-over-year revenue increase, driven largely by the ORLADEYO platform. This revenue figure exceeded Wall Street's consensus estimates. The company turned around from a GAAP operating loss in 2023 to a GAAP operating profit in 2024, marking substantial operational improvement.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Previous Guidance | New Guidance |
|---|---|---|---|---|
| ORLADEYO Net Revenue | $108.3 million | $81.0 million | $390-$400 million | $420-$435 million |
The increased full-year guidance for ORLADEYO reflects its strong market performance and favorable patient outcomes, consistent with earlier clinical trial results.
Key Operational Data
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| R&D Expenses | $37.6 million | $51.2 million |
| Selling, General and Administrative | $61.2 million | $51.0 million |
| Total Operating Expenses | $100.6 million | $103.2 million |
| Interest Expense | $24.7 million | $28.9 million |
| Net Loss | $12.7 million | $75.3 million |
| Cash & Cash Equivalents | $338.1 million | $415.7 million |
Reductions in R&D expenses were primarily due to discontinued programs, while marketing and administrative costs increased to support revenue growth and international expansion efforts.
Comments from Company Officers
Jon Stonehouse, President, and CEO of BioCryst, highlighted the company's strong first half of 2024, particularly noting the success of ORLADEYO in the marketplace. Charlie Gayer, Chief Commercial Officer, emphasized the robust demand for ORLADEYO and the favorable patient outcomes reported in the period.
Forward Guidance
The company has raised its full-year 2024 guidance for ORLADEYO revenue to be between $420 million and $435 million. BioCryst anticipates reaching an operating profit for the full year 2024, with positive cash flow and EPS by 2025.
Summary: BioCryst Pharmaceuticals has shown significant financial and operational improvements in Q2 2024, driven by the success of its ORLADEYO product. The company has increased its revenue guidance for the full year and outlined a clear path to profitability in the coming years.
The report is well-organized and contains useful information for investors. No changes are required.
