BioCryst Pharmaceuticals (BCRX) Q2 2026 earnings summary

Executive summary

• Achieved total net revenue of $218.3 million in Q2 2026, with ORLADEYO net revenue of $158.2 million, reflecting strong growth and positive free cash flow.

• Completed the acquisition of Astria Therapeutics, adding navenibart to the pipeline and incurring a $697.8M non-cash R&D charge.

• Launched ORLADEYO oral pellets for pediatric patients, with initial prescriptions and demand exceeding expectations.

• Announced a strategic shift to external innovation, including discontinuation of internal discovery programs and closure of the Birmingham facility.

• Strengthened leadership with the appointment of a new Chief Scientific Officer to support external innovation.

Financial highlights

• Q2 2026 revenue was $218.3 million, up 45% year-over-year on a comparable basis, with ORLADEYO revenue at $158.2 million (+10% y-o-y on a comparable basis excluding Europe).

• $55.7 million recognized from upfront payment of navenibart European license agreement.

• Non-GAAP operating profit was $113.2 million for the quarter; net income was $78.4 million, or $0.30 per diluted share.

• Cash, cash equivalents, and investments totaled $354 million at June 30, 2026.

• Operating cash flow for the first half was $42.6 million; $400 million in new term loans funded the Astria acquisition.

Outlook and guidance

• Raised total revenue guidance to $690–$715 million for 2026, including licensing and other product revenues.

• Maintained full-year 2026 ORLADEYO revenue guidance at $625–$645 million.

• Non-GAAP operating cost guidance for 2026 set at $420–$440 million, reflecting cost reductions from R&D rationalization.

• Financial resources expected to fund operations for at least the next 12 months.

• HAE franchise expected to deliver double-digit revenue growth into the next decade, with $1.8B+ portfolio revenue projected by 2029.