Biocryst Pharmaceuticals Inc. (BCRX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$940.6M

Revenue growth

68.7%

Net income, last twelve months

-$384.7M

Earnings per share

-$1.50

Gross margin

97.8%

Operating margin

-33.3%

Net margin

-40.9%

Free cash flow

$373.4M

Market value

$2.1B

Cash

$155.0M

Debt

$395.4M

Shares outstanding

255.3M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• Total revenue rose 34 percent. Total revenue was $218.3 million, up 34% from $163.4 million a year earlier, and up 45% on a comparable basis excluding European revenue.
• Navenibart license added $55.7 million. The company recognized $55.7 million of revenue from the navenibart European licensing agreement in the quarter, with the remaining balance to be recognized over the next few years.
• GAAP operating profit reached $98.5 million. GAAP operating profit was $98.5 million, against $29.8 million a year earlier. Non-GAAP operating profit was $113.2 million, against $60.9 million.
• Diluted EPS of $0.30. Net income was $78.4 million and diluted EPS was $0.30, against $5.1 million and $0.02 a year earlier.
• Six-month GAAP loss from Astria charge. The six-month GAAP operating loss of $603.1 million includes $697.8 million of acquired in-process R&D from the Astria acquisition completed January 23, 2026.
• European business sold October 2025. Comparable figures exclude the European ORLADEYO business, sold to Neopharmed Gentili on October 1, 2025. The Q2 2025 comparison included $13.3 million of European ORLADEYO revenue.
• ORLADEYO grew 1 percent reported. ORLADEYO revenue was $158.2 million, up 1% year over year and up 10% on a comparable basis excluding European revenue.
• Navenibart European rights licensed. The Irish affiliate of Neopharmed Gentili holds the European navenibart rights. Terms include $70.0 million upfront, up to $275.0 million in milestones and royalties of 18% to 30%.
• Oral pellet shipments began August 3. Shipments of the ORLADEYO oral pellet formulation to patients began the week of August 3, after quarter end, for pediatric patients with hereditary angioedema.
• CareMed becomes sole specialty pharmacy. CareMed, a full-service specialty pharmacy, will be the sole source specialty pharmacy for ORLADEYO shipments to patients beginning in Q3 2026.
• 47 prescriptions written year-to-date. The company reports 47 prescriptions written year-to-date. Over half have completed prior authorization, which management describes as having a high approval rate.
• R&D rose on navenibart trial. R&D excluding stock-based compensation was $46.5 million, up 37%, mainly from ALPHA-ORBIT costs following the Astria acquisition.
• Sales and G&A fell year over year. Sales and marketing excluding stock-based compensation was $33.9 million, down 26% (up 2% comparable). G&A excluding stock-based compensation was $20.8 million, down 30% (down 2% comparable).
• Stock-based compensation excluded from non-GAAP. Stock-based compensation of $14.7 million is excluded from non-GAAP operating expenses. Total GAAP operating expenses were $119.8 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 391 held.

Every filing

The newest filings with the SEC of 765 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

357 funds held it at 30 Jun 2026: 181 added and 86 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Amgen Inc. (AMGN): revenue $38.1B, market value $244.4B
• Gilead Sciences, Inc. (GILD): revenue $30.5B, market value $197.6B
• Moderna, Inc. (MRNA): revenue $2.2B, market value $85.4B
• argenx SE (ARGX): revenue $4.2B, market value $55.2B
• Biogen Inc. (BIIB): revenue $10.3B, market value $36.1B
• BioNTech SE (BNTX): revenue $3.2B, market value $22.1B
• Exelixis, Inc. (EXEL): revenue $2.4B, market value $16.5B
• Halozyme Therapeutics, Inc. (HALO): revenue $1.7B, market value $14.8B
• Neurocrine Biosciences Inc. (NBIX): revenue $3.4B, market value $14.8B
• Bio-Techne Corp. (TECH): revenue $1.2B, market value $11.3B

What the company does

BioCryst is a biotechnology company that develops and sells medicines for hereditary angioedema (HAE) and other rare diseases. Its main product is ORLADEYO (berotralstat), an oral, once-daily capsule that it discovered and developed internally to prevent HAE attacks. The company is a Delaware corporation founded in 1986, with its headquarters in Durham, North Carolina. At 31 December 2025 it had approximately 435 employees, of whom approximately 118 worked in research and development.

What it sells

ORLADEYO inhibits plasma kallikrein, which suppresses the production of bradykinin, the mediator of acute swelling attacks in HAE. The FDA approved the capsule in December 2020 for adults and pediatric patients 12 years and older, and the company later received approvals in other markets. In December 2025 the FDA approved an oral pellet form for children aged 2 to <12, which the company describes as the first and only targeted oral prophylactic therapy for that age group. HAE has an estimated prevalence of between 1 in 33,000 to 1 in 67,000 people.

In the United States, a specialty pharmacy provider ships ORLADEYO to patients. It also administers EMPOWER Patient Services, which gives each patient and healthcare provider a single point of contact.

RAPIVAB is approved in the United States, Canada and Australia, RAPIACTA in Japan and Taiwan, and PERAMIFLU in Korea. A contract with the US Department of Health and Human Services covered up to 95,625 doses for the Strategic National Stockpile. The company delivered 16,821 doses in 2025, and the government said it did not intend to exercise further optional ordering periods.

The pipeline

- Navenibart (STAR-0215): an injectable monoclonal antibody that inhibits plasma kallikrein, now in Phase 3 for HAE. It came with the merger with Astria Therapeutics, which closed on 23 January 2026. The dosing schedule is every 3 and 6 months. The FDA has granted it Fast Track and Orphan Drug designations. - BCX17725: a protein therapeutic KLK5 inhibitor for Netherton syndrome, in Phase 1 with FDA Fast Track designation. The company says it expects to report data from up to 12 patients by the end of 2026. - Avoralstat: a plasma kallikrein inhibitor delivered to the back of the eye for diabetic macular edema, in Phase 1. The company says it plans to seek a strategic partner for development beyond Phase 1. - STAR-0310: an OX40 antagonist antibody for atopic dermatitis, in a Phase 1a trial. The company says it plans to seek strategic alternatives for it.

The company says it selects targets with well-understood biology and uses structure-guided drug design, including X-ray crystallography and computer modelling. It also outsources certain work to partners and contractors.

Who it works with

The company sells ORLADEYO directly in the United States and through partners elsewhere:

- Torii: commercialises ORLADEYO in Japan. BioCryst receives tiered royalties of 20% to 80% of annual net sales there. - Pint Pharma: handles the pan-Latin America region. - Neopharm: covers Israel and the Palestinian Authority. - NewBridge: supports the United Arab Emirates, the Gulf Cooperation Council and Iraq. - Er-Kim Pharmaceuticals: covers Turkey. - Neopharmed Gentili: bought the European ORLADEYO business on 1 October 2025. BioCryst remains the exclusive supplier of ORLADEYO products to the acquired BioCryst Ireland business.

For navenibart, Kaken holds an exclusive licence in Japan. For peramivir, Shionogi covers Japan and Taiwan, and Green Cross covers Korea, where the two companies share profits. Under royalty purchase agreements, RPI and OMERS are entitled to tiered, sales-based royalties on ORLADEYO net product sales.

How it competes

The filing calls the industry intensely competitive and says many rivals have greater financial and other resources. HAE treatments already on the market include C1-inhibitor therapies (Berinert, Haegarda, Cinryze, Ruconest), Takhzyro, Andembry, DAWNZERA, EKTERLY, Firazyr and generic icatibant. Companies with HAE candidates in development include Pharvaris, ADARx, Intellia, Argo Biopharma and Poseida Therapeutics. Peramivir competes with TAMIFLU, RELENZA, XOFLUZA and INAVIR. In diabetic macular edema, avoralstat would face anti-VEGF therapies such as VABYSMO and EYLEA.

Patents and regulation

As of 31 December 2025, the company had approximately 39 issued US patents expiring between 2027 and 2040. It also had approximately 30 Patent Cooperation Treaty or US applications pending. Astria had approximately 12 applications pending for its antibody programs.

The business is regulated by the FDA in the United States and by authorities abroad, including the European Medicines Agency and Japan's Pharmaceuticals and Medical Devices Agency. The filing also describes pricing and reimbursement controls, healthcare fraud and abuse laws, and data privacy rules as affecting how its products are sold.

*From BioCryst's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/882796/000162828026012240/bcrx-20251231.htm)*

From the company's 10-K.