BioCryst gains 14% most since February after Q1 2023 results
Aslan Alphan
BioCryst Pharmaceuticals (NASDAQ:BCRX) added ~14% on Wednesday to record the biggest intraday gain since February, even as the maker of Orladeyo hereditary angioedema therapy reported lower-than-expected sales for Q1 2023.
The Durham, North Carolina-based biotech generated $68.8M in total revenue for the quarter, indicating ~38% YoY growth as net product revenue from Orladeyo climbed ~38% YoY to $68.4M, and the company crossed more than 1K patients on the treatment recently.
Orladeyo new patient growth rose 46% YoY during the quarter and 8% from the end of Q4 2024 in the U.S. as patient start forms grew ~20% YoY locally.
However, the company’s net loss narrowed ~28% YoY to $53.3M as R&D expenses fell ~26% YoY to $48.4M after the discontinuation of the BCX9930 and BCX9250 programs, while SG&A expenses rose ~40% YoY to $47.6M amid investment aimed at expanding U.S. commercial team.
“The strong new patient growth in the first quarter, building on our large patient base with ORLADEYO, positions us very well to achieve our expectations for 2023, and advances us on a trajectory to peak sales of $1 billion,” CEO Jon Stonehouse remarked.
The company reaffirmed its full-year outlook for Orladeyo net product revenue at no less than $320M suggesting a 10% contribution from overseas operations.
Commenting on the results, TD Cowen analyst Stacy Ku notes that Q1 revenue for Orladeyo fell slightly below expectations indicating a temporary rise in patients on free drug programs.
Ku, who has an Outperform rating and a $25 per share target on BCRX, remains positive on the +$1B potential of Orladeyo and argues that “given timing of next pipeline progress, strategic thinking should shift.”