BioCryst Pharmaceuticals ( NASDAQ: BCRX ) fell ~11% on Monday after announcing lower-than-expected sales for the company's hereditary angioedema therapy Orladeyo.
Citing preliminary, unaudited financials, BioCryst ( BCRX ) said net revenue for Orladeyo reached $70.7M in Q4 2022 and $251.6M for the full year with ~53% YoY and ~105% YoY growth, respectively.
In November, BioCryst ( BCRX ) reported ~$179.5M and ~$65.4M of Orladeyo sales for the first nine months of the year and the September quarter, indicating ~136% YoY and ~78% YoY growth, respectively.
The company attributed the underperformance to seasonal factors and lower-than-expected paid product conversions.
"Revenue in the quarter lagged our expectations slightly as we saw fewer paid product shipments based on seasonal factors and lower conversion from free to paid product than expected," the Chief Commercial Officer of BioCryst ( BCRX ) Charlie Gayer said.
"In our second year on the market we more than doubled our first year ORLADEYO sales and are more than a quarter of the way towards $1 billion in peak sales," he added.
The company expects global net ORLADEYO revenue to be at least $320M in 2023 despite a flat sequential revenue growth for the first quarter due to the seasonal impact of managed care reauthorizations.
Seeking Alpha contributor BioSci Capital Partners wrote in December, "Orledayo is poised to become a blockbuster in the next few years."
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BioCryst drops as sales for hereditary angioedema therapy lag forecasts