BridgeBio (BBIO) Q1 2025 earnings summary

Executive summary

• Q1 2025 marked the first full quarter of net product revenue from the US launch of Attruby, generating $36.7 million in product sales and $116.6 million in total revenue, including a $75 million EU regulatory milestone; BEYONTTRA approved in EU, Japan, and UK.

• Early uptake of Attruby was strong, with 2,072 unique patients and 756 healthcare providers prescribing by April 25, 2025.

• The pipeline remains robust, with three phase three readouts expected in the next year for limb-girdle muscular dystrophy type 2i, achondroplasia, and ADH1, and additional programs advancing.

• Attruby's clinical profile includes a 42% relative risk reduction in cardiovascular hospitalization and mortality at 30 months, and a 50% reduction in cardiovascular hospitalization.

• Ended Q1 2025 with $540.6 million in cash and equivalents, not including $105 million in anticipated Q2 regulatory milestone payments.

Financial highlights

• Total Q1 2025 revenue was $116.6 million, with $36.7 million from Attruby sales and $79.9 million from license and services revenue; revenue declined year-over-year due to lower license revenue.

• Operating expenses were $218.4 million to $221.0 million, up year-over-year, reflecting continued investment in Attruby and late-stage pipeline.

• R&D expense decreased to $111.4 million from $141 million year-over-year due to divestitures and focus on late-stage programs.

• SG&A expense rose to $106.4 million from $65.8 million, driven by the commercial rollout of Attruby.

• Net loss widened to $169.6 million in Q1 2025 from $36.2 million in Q1 2024, reflecting higher SG&A and interest expenses.

Outlook and guidance

• Expect modest growth in quarterly operating expenses for the remainder of 2025, with Attruby sales offsetting cash burn.

• Anticipate $105 million in regulatory milestone payments in Q2 2025 for ex-U.S. BEYONTTRA approvals and $30 million milestone from Japan approval.

• Three phase three program readouts expected: ADH1 and LGMD2i in H2 2025, achondroplasia in early 2026; plans to advance encaleret to registration and initiate new studies.

• Long-term goal for Attruby is 30-40% market share, aiming for $4.3 billion in peak year sales.

• Cash and equivalents expected to fund operations for at least 12 months under current plans.