Biocryst Pharmaceuticals Inc (BCRX)

Price$8.55Cached quoteAs of 2026-10-10 18:19 UTC

AI: Fair-priced

Price checkThe shares look reasonably priced because recurring drug sales support profits, but debt and dilution reduce the cushion.

Using the observed quote and about 255 million shares outstanding, equity value is roughly $2.3 billion; adding about $410 million of debt and subtracting about $155 million of cash gives enterprise value near $2.6 billion. That is about 3.7 times the midpoint of 2026 revenue guidance and roughly 7.5 times FY2025 diluted earnings of $1.21 per share. Those are reasonable multiples for a growing profitable medicine, but licensing and acquisition accounting make the margin of safety moderate rather than wide.

Big pictureBioCryst has reached profitability, but one unusually strong year does not yet prove lasting cash power.

Revenue rose from $17.8 million in 2020 to $874.8 million in 2025, while operating income improved from a $174.8 million loss to a $341.0 million profit. Operating cash flow also swung from a $135.1 million outflow in 2020 to a $347.4 million inflow in 2025. The trend is impressive, but 2025 included the European ORLADEYO business sale, and 2026 includes a $697.8 million noncash Astria research charge, making reported earnings comparisons unusually noisy.

Business strengthORLADEYO is a fast-growing, high-margin rare-disease product, yet concentration in one medicine remains the central business weakness.

ORLADEYO revenue reached $601.8 million in 2025, up 38% from 2024, and second-quarter 2026 product revenue was $158.2 million. Management expects $625–$645 million from ORLADEYO in 2026, roughly nine-tenths of total guidance, so demand is relatively defensive because hereditary angioedema prevention is a chronic need, but the company has little room for a product-specific setback. The bull case is continued patient additions and pediatric expansion; the bear case is slower adoption, reimbursement pressure, or specialty-pharmacy dependence.

What could change the storyValue improves if costs fall and navenibart succeeds; value weakens if debt, dilution, or the core product disappoints.

ALPHA-ORBIT enrollment was completed in June, with top-line data expected in the third quarter of 2027; approval remains uncertain, so today’s valuation should not rely heavily on it. BioCryst received $70 million upfront for European navenibart rights, but as much as $275 million of milestones and 18%–30% royalties depend on future success. At June 30, debt was $409.9 million versus $155.0 million cash, while shares outstanding reached 255.3 million versus 213.1 million at 2025 year-end. Lower costs help, but leverage and dilution limit downside protection.

AI: News

Second-quarter outlook raisedSecond-quarter sales beat expectations, and management raised full-year revenue guidance while keeping the core drug target unchanged.

On August 5, 2026, BioCryst reported $218.3 million of second-quarter revenue, up 34% year over year, including $158.2 million from ORLADEYO. It raised total 2026 revenue guidance to $690–$715 million from $635–$660 million, while maintaining ORLADEYO guidance at $625–$645 million and lowering non-GAAP operating-expense guidance to $420–$440 million. The improvement supports the profit case, although $55.7 million of quarterly revenue came from the navenibart license and is not recurring product demand.

Research strategy resetBioCryst stopped internal discovery work, cutting expected costs while narrowing the number of programs it develops itself.

On June 29, BioCryst said it would discontinue internal discovery programs and close its Birmingham research facility by the end of 2026. It cut non-GAAP operating-expense guidance from $450–$470 million to $420–$440 million, completed enrollment in the pivotal ALPHA-ORBIT study, and said pediatric ORLADEYO pellets would ship in early August. Lower spending should support cash generation, while the research shutdown removes some internal pipeline optionality; the investment effect is therefore mixed.

European licensing dealBioCryst secured cash and future royalties for European navenibart rights, while shifting development risk to a partner.

On May 4, BioCryst granted Neopharmed exclusive European commercialization rights to investigational navenibart. The deal provided $70 million upfront, up to $275 million in regulatory and sales milestones, and 18%–30% royalties. BioCryst recognized $55.7 million of related revenue in the second quarter, with the balance deferred. This improves near-term funding and signals commercial interest, but milestones and royalties depend on approval and sales, and a United States filing is not expected until the end of 2027.

Japan pediatric approvalJapan approved pediatric ORLADEYO, expanding the addressable market but leaving launch timing dependent on reimbursement pricing.

On August 25, Japan’s health ministry approved once-daily ORLADEYO for hereditary angioedema patients aged 2 to under 12. BioCryst said launch would follow the national insurance pricing process, so the approval expands long-term reach without immediately proving revenue. It strengthens the pediatric growth case alongside United States approval and August shipping, but the financial effect remains unquantified. The event is strategically positive, while its near-term effect on earnings and cash flow is still uncertain.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$874.8M	$450.7M	$331.4M	$270.8M	$157.2M	$17.8M	$48.8M	$20.7M	$25.2M	$26.4M	$48.3M	$13.6M	$17.3M	$26.3M	$19.6M	$62.4M	$74.6M
Gross profit	$855.8M	$438.4M	$326.9M	$264.4M	$149.9M	$16.3M	$45.1M	—	$24.0M	$24.1M	$46.9M	$13.6M	—	—	—	$62.3M	$70.0M
Gross margin	97.82%	97.28%	98.65%	97.63%	95.40%	91.30%	92.37%	—	95.47%	91.28%	97.17%	99.99%	—	—	—	99.86%	93.91%
Research & development	$166.1M	$174.6M	$216.6M	$253.3M	$208.8M	$123.0M	$107.1M	$84.9M	$67.0M	$61.0M	$72.8M	$51.8M	$41.9M	$49.2M	$57.2M	$83.9M	$73.7M
Operating expenses	$533.8M	$453.3M	$435.1M	$419.3M	$334.9M	$192.6M	$148.3M	$114.9M	$82.6M	$75.0M	$87.7M	$59.4M	$48.0M	$60.2M	$69.2M	$96.7M	$88.3M
Operating income	$341.0M	−$2.5M	−$103.7M	−$148.4M	−$177.7M	−$174.8M	−$99.5M	−$94.2M	−$57.4M	−$48.6M	−$39.4M	−$45.8M	−$30.7M	−$33.9M	−$49.6M	−$34.4M	−$13.7M
Operating margin	38.98%	−0.56%	−31.29%	−54.81%	−113.08%	−981.12%	−203.66%	−456.20%	−227.95%	−184.45%	−81.74%	−336.35%	−177.24%	−128.89%	−252.44%	−55.08%	−18.42%
EBITDA	$342.4M	−$1.3M	−$102.1M	−$147.0M	−$176.9M	−$174.0M	−$98.7M	−$93.5M	−$56.7M	−$48.1M	−$39.3M	−$45.6M	−$30.4M	−$33.3M	−$48.7M	−$32.1M	—
EBITDA margin	39.14%	−0.29%	−30.79%	−54.28%	−112.58%	−976.92%	−202.17%	−452.48%	−225.15%	−182.61%	−81.36%	−335.05%	−175.48%	−126.50%	−247.93%	−51.44%	—
Net income	$263.9M	−$88.9M	−$226.5M	−$247.1M	−$184.1M	−$182.8M	−$108.9M	−$101.3M	−$65.8M	−$55.1M	−$43.0M	−$45.2M	−$30.1M	−$39.1M	−$56.9M	−$33.9M	−$13.5M
Net profit margin	30.16%	−19.72%	−68.36%	−91.24%	−117.11%	−1,026.35%	−222.99%	−490.25%	−261.18%	−209.25%	−89.15%	−332.08%	−173.72%	−148.64%	−289.91%	−54.27%	−18.03%
Basic EPSper basic share	$1.26	-$0.43	-$1.18	-$1.33	-$1.03	-$1.09	-$0.94	-$0.98	-$0.78	-$0.75	-$0.59	-$0.68	-$0.55	-$0.79	-$1.26	-$0.76	-$0.35
Diluted EPSper diluted share	$1.21	-$0.43	-$1.18	-$1.33	-$1.03	-$1.09	-$0.94	-$0.98	-$0.78	-$0.75	-$0.59	-$0.68	-$0.55	-$0.79	-$1.26	-$0.76	-$0.35

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

9.36%of listed shares

BlackRock, Inc.23.89M shares · Jun 30, 2026

View holders

Top 20 reported holders of BCRX
Holder	% owned
BlackRock, Inc.	9.36%23.89M shares
RA CAPITAL MANAGEMENT, L.P.	6.20%15.83M shares
STATE STREET CORP	5.95%15.19M shares
DEERFIELD MANAGEMENT COMPANY, L.P.	5.91%15.1M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.45%11.36M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.36%11.14M shares
TCG Crossover Management, LLC	4.32%11.02M shares
PERCEPTIVE ADVISORS LLC	4.04%10.31M shares
Jupiter Topco LLC	3.74%9.54M shares
Vestal Point Capital, LP	3.25%8.3M shares
TWO SIGMA INVESTMENTS, LP	2.65%6.78M shares
GEODE CAPITAL MANAGEMENT, LLC	2.45%6.25M shares
Aberdeen Group plc	2.08%5.31M shares
UBS Group AG	1.99%5.08M shares
BANK OF AMERICA CORP /DE/	1.88%4.8M shares
GOLDMAN SACHS GROUP INC	1.76%4.48M shares
Frazier Life Sciences Management, L.P.	1.57%4.01M shares
Nuveen, LLC	1.57%4.01M shares
Nantahala Capital Management, LLC	1.49%3.8M shares
MILLENNIUM MANAGEMENT LLC	1.33%3.39M shares

Percentages use 255.27M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)12$4.78M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 18, 2026Form 4	McKee Amy EDirector	SellCommon Stock	11.2K	$8.97	$100.3K	31.3K
May 13, 2026Form 4 · 10b5-1	Barnes Alane PChief Legal Officer	SellCommon Stock	62.5K	$9.54	$596.3K	400.7K
Mar 20, 2026Form 4	HEGGIE THERESADirector	SellCommon Stock	49.9K	$10.11	$504.8K	65.4K
Mar 16, 2026Form 4 · 10b5-1	Barnes Alane PChief Legal Officer	SellCommon Stock	150.0K	$9.15	$1.37M	400.7K
Dec 22, 2025Form 4 · 10b5-1	Barnes Alane PChief Legal Officer	SellCommon Stock	21.8K	$7.65	$166.6K	398.8K

Review ownership filings at SEC.gov ↗

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Biocryst Pharmaceuticals Inc (BCRX)

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