BioCryst Pharmaceuticals reported preliminary full‑year 2025 revenue of $601 million, a 37 % increase from the $450.71 million earned in 2024. Excluding sales in Europe, the company generated $563 million, up 43 % year‑over‑year on a comparable basis. The jump is largely driven by continued strong demand for the flagship oral prophylaxis, ORLADEYO, which captured additional market share in the U.S. and expanded into new patient segments.
The company guided 2026 ORLADEYO revenue to $625 million–$645 million and total revenue, including the newly launched RAPIVAB, to $635 million–$660 million. The guidance represents a modest 4 %–7 % lift over 2025, reflecting management’s confidence that demand will remain robust while the company focuses on the U.S. market after divesting its European business.
Profitability metrics show a high gross margin of 97 % but a negative net margin of –1.46 %. The sale of the European ORLADEYO business to Neopharmed Gentili for $250 million upfront (with $14 million in milestone payments) has already improved operating margin and freed cash. BioCryst ended 2025 with $338 million in cash, positioning it to fund the pending acquisition of Astria Therapeutics and further pipeline development.
Strategically, the European divestiture allows BioCryst to concentrate on the U.S. market, where it can leverage its pricing power and scale. The definitive agreement to acquire Astria Therapeutics, expected to close in Q1 2026, will add the navenibart program to BioCryst’s portfolio and broaden its therapeutic reach.
CEO Charlie Gayer described 2025 as a “transformative year,” noting that the company’s focus on the core U.S. opportunity “immediately improves our operating margin, enhances cash flow generation, and provides enormous strategic optionality.” He added that the strong demand for ORLADEYO “solidifies our position as the leading oral, once‑daily prophylaxis treatment for HAE.”
The preliminary results exceeded BioCryst’s prior guidance range of $590 million–$600 million for 2025, underscoring the company’s execution strength. While the article does not report market reaction data, the earnings beat and guidance raise are likely to reinforce investor confidence in the company’s growth trajectory.
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