BioCryst Pharmaceuticals Reports Strong Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
BioCryst Pharmaceuticals Reports Strong Q2 2024 Financial Results
BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) today announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate | Beat/(Miss) |
|---|---|---|---|---|---|
| Total Revenue | $109.3M | $82.5M | +32.5% | $98.32M | $11M |
| ORLADEYO Net Revenue | $108.3M | $81.0M | +33.7% | - | - |
| GAAP Operating Profit | $8.8M | $(20.7)M | - | - | - |
| Non-GAAP Operating Profit | $21.9M | $(7.9)M | - | - | - |
| Net Loss | $(12.7)M | $(75.3)M | - | $(0.17)/share* | Beat |
| EPS | $(0.06)/share | $(0.40)/share | - | - | - |
*Based on non-GAAP adjusted figures for Q2 2023.
Interpretation: BioCryst demonstrated a significant improvement in its financial performance, surpassing consensus estimates for total revenue and narrowing its net loss considerably.
Revenue Performance by Segment
| Segment | Q2 2024 | Q2 2023 | YoY Change | Previous Guidance |
|---|---|---|---|---|
| Global ORLADEYO Revenue | $108.3M | $81.0M | +33.7% | $390M - $400M (CY 2024) |
| Ex-U.S. ORLADEYO Revenue | 11% of Total | - | +51% | - |
Interpretation: ORLADEYO continues to drive revenue growth for BioCryst, with notable international contributions and a rise in full-year guidance due to strong patient outcomes and market expansion.
Operational Data
| Operational Metric | Q2 2024 | Change (QoQ) |
|---|---|---|
| Paid Patient Rate | 74.4% | +3% |
| New Patient Starts | High Rate | Unchanged |
| Patient Retention Rate | >60% (Yearly) | - |
| Allergist/Immunologist Prescriber Likelihood | 52% (High Likelihood) | +23% (From Early 2023) |
Comments from Company Officers
Jon Stonehouse, President and CEO: "The first half of 2024 has been outstanding for BioCryst due to the success we are having with ORLADEYO in the marketplace. We are increasing our full-year guidance for ORLADEYO and advancing multiple programs toward the clinic."
Charlie Gayer, Chief Commercial Officer: "Our second-quarter growth and increased full-year guidance for ORLADEYO reflect strong demand, favorable patient outcomes, and improved patient services and market access operations."
Forward Guidance
BioCryst raised its full-year 2024 ORLADEYO revenue guidance to $420 million - $435 million from a previous range of $390 million - $400 million. The company also expects to generate a full-year operating profit in 2024, excluding non-cash stock compensation, and aims for positive quarterly EPS and cash flow in the second half of 2025.
Stock Price Movement
Following the earnings release, BioCryst's stock price increased by approximately 1.5%.
BioCryst Pharmaceuticals demonstrated a robust financial performance in the second quarter of 2024, characterized by impressive revenue growth from ORLADEYO and strategic advancements in its pipeline, leading to an upward revision of its annual guidance.
