BioCryst reported Q3 2025 results on November 3 2025, showing a 37 % year‑over‑year increase in ORLADEYO net revenue to $159.1 million and an operating profit of $29.6 million, up 285 % from Q3 2024.
The company’s non‑GAAP operating profit rose to $51.7 million, a 107 % increase YoY. Non‑GAAP earnings per share were $0.16, while GAAP EPS was $0.06. Total revenue for the quarter was $159.4 million, slightly below the analyst consensus of $161.15 million. In Q3 2024, BioCryst recorded a net loss of $14.03 million and a GAAP operating profit of $7.7 million.
Full‑year 2025 guidance was revised upward for global net ORLADEYO revenue to $590 million–$600 million and downward for non‑GAAP operating expenses to $430 million–$440 million. The adjustments reflect strong U.S. demand, high patient retention, and margin expansion following the European business sale.
The sale of the European ORLADEYO business was completed on October 1 2025, generating $250 million upfront. Proceeds were used to retire the remaining Pharmakon term debt on October 8 2025, leaving a pro‑forma cash balance of $294 million at the end of September 2025.
On October 14 2025, BioCryst signed a definitive agreement to acquire Astria Therapeutics for approximately $700 million, with closing expected in Q1 2026. The acquisition adds navenibart, a late‑stage hereditary angioedema candidate, and an early‑stage atopic dermatitis candidate to BioCryst’s pipeline.
The hereditary angioedema market is becoming more competitive, with Takeda’s Takhzyro and new injectable therapies gaining traction. BioCryst’s strategy of offering an oral product (ORLADEYO) and an upcoming injectable (from Astria) aims to meet diverse patient and physician preferences.
Management highlighted robust U.S. demand, a 60 % patient retention rate after one year, and 64 new prescriber additions in Q3. They noted margin expansion driven by cost efficiencies and the European sale, and expressed confidence that the Astria pipeline will accelerate growth.
The sale and debt retirement have strengthened BioCryst’s balance sheet, reducing leverage and providing strategic flexibility for future investments.
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