BioCryst Pharmaceuticals Inc (BCRX) Reports Q3 2023 Earnings: ORLADEYO Revenue Up by 29.8% YoY
Q3 2023 ORLADEYO net revenue of $85.7 million, a 29.8% increase year-over-year (YoY).
Net cash utilization of $16.5 million in Q3 2023, a decrease of 43.9% YoY.
Total revenues for Q3 2023 were $86.7 million, a 14.4% increase YoY.
Net loss for Q3 2023 was $36.1 million, compared to a net loss of $42.5 million for Q3 2022.
On November 2, 2023, BioCryst Pharmaceuticals Inc (NASDAQ:BCRX) released its financial results for the third quarter ended September 30, 2023. The company reported a significant increase in ORLADEYO net revenue, which rose by 29.8% YoY to reach $85.7 million. The company also reported a decrease in net cash utilization by 43.9% YoY to $16.5 million.
Financial Performance
For the three months ended September 30, 2023, total revenues were $86.7 million, compared to $75.8 million in the third quarter of 2022, marking a 14.4% increase YoY. This increase was primarily due to an increase in ORLADEYO net revenue of $19.7 million, partially offset by a reduction in RAPIVAB (peramivir injection) revenue of $8.8 million, compared to the third quarter of 2022.
Research and development expenses for the third quarter of 2023 decreased to $46.9 million from $52.7 million in the third quarter of 2022, a decrease of 11.0% YoY. Selling, general and administrative expenses for the third quarter of 2023 increased to $50.7 million, compared to $36.9 million in the third quarter of 2022, an increase of 37.1% YoY. The increase was primarily due to increased investment to support the commercial launch of ORLADEYO.
Net Loss and Cash Position
Net loss for the third quarter of 2023 was $36.1 million, or $0.19 per share, compared to a net loss of $42.5 million, or $0.23 per share, for the third quarter of 2022. Cash, cash equivalents, restricted cash and investments totaled $399.2 million at September 30, 2023, compared to $462.6 million at September 30, 2022. Operating cash use for the third quarter of 2023 was $16.5 million, a decrease of 43.9% YoY.
Outlook for 2023
The company expects full year 2023 global net ORLADEYO revenue to be no less than $320 million. The company continues to be disciplined in its approach to capital allocation and is reducing its outlook for operating expenses for full year 2023, not including non-cash stock compensation, to between $365 million and $375 million, reflecting an expected decline from 2022 operating expenses.
About BioCryst Pharmaceuticals Inc (NASDAQ:BCRX)
BioCryst Pharmaceuticals discovers novel, oral, small-molecule medicines that treat rare diseases in which significant unmet medical needs exist and an enzyme plays a key role in the biological pathway of the disease. Oral, once-daily ORLADEYO (berotralstat) is approved in the United States and many global markets. BioCryst has active programs to develop oral medicines for multiple targets across the complement system, including BCX10013, an oral Factor D inhibitor in clinical development. RAPIVAB (peramivir injection) is approved in the U.S. and multiple global markets, with post-marketing commitments ongoing.
Explore the complete 8-K earnings release (here) from BioCryst Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
