BioCryst stock drops following Q4 earnings miss

Investing.com -- Shares of BioCryst Pharmaceuticals , Inc. (NASDAQ:BCRX) tumbled 12% after the company reported a larger-than-expected loss per share for the fourth quarter of 2024. The reported Q4 EPS of ($0.13) was $0.06 worse than the analyst estimate of ($0.07). Despite this, the company’s revenue for the quarter was $131.53 million, surpassing the consensus estimate of $127.17 million and marking a 40.8% increase year-over-year (YoY) from $93.4 million in the fourth quarter of the previous year.

The company’s financial outlook for 2025 shows promise, as it has raised its full-year outlook for global net ORLADEYO revenue to between $535 million and $550 million, up from the previous range of $515 million to $535 million. This adjustment is based on early indications that more Medicare patients can afford therapy under the Inflation Reduction Act, along with strong patient demand for ORLADEYO at the start of the year. Total (EPA:TTEF) revenue for 2025, including RAPIVAB® (peramivir injection), is now expected to be between $560 million and $575 million, a previous estimate of $540 million to $560 million.

The increased revenue guidance comes with a rise in related operating expenses, primarily due to cost of goods sold, distribution costs, and higher incentive compensation. The company has reiterated its 2025 non-GAAP operating expense outlook of $425 million to $435 million, which does not include stock-based compensation, with the expense increases reflected at the higher end of this range.

BioCryst’s Q4 ORLADEYO net revenue saw a significant 36.6% YoY increase, reaching $124.2 million. The full-year 2024 ORLADEYO net revenue also grew by 34.3% YoY to $437.7 million. The company achieved a non-GAAP operating profit of $62.9 million for the full year 2024, excluding stock-based compensation, and expects to approach positive EPS and positive cash flow in the second half of 2025.

JPMorgan analyst Jessica Fye maintained an Overweight rating and a $10.00 price target on BioCryst Pharma. Fye commented that the upward guidance revision for FY25 ORLADEYO revenues "will be well received as it supports 24% growth YoY for Orladeyo at the midpoint after 34% Orladeyo growth in ’24." She anticipates that the consensus estimates for ORLADEYO revenues will likely increase following this update and views the company’s updates as supporting a clear path to profitability.

Despite the positive revenue outlook and progress in the company’s rare disease pipeline, investors reacted to the EPS miss, leading to the stock’s decline in the trading session.

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