Updated to indicate the latest share price move.
Despite exceeding Street forecasts with its Q3 2022 results, BioCryst Pharmaceuticals ( NASDAQ: BCRX ), the maker of hereditary angioedema (HAE) therapy Orladeyo fell ~11% on Wednesday. However, the biotech set its full year guidance for Orladeyo below Street forecasts.
BioCryst ( BCRX ) posted ~85% YoY growth as revenue for the period stood at $75.8M, thanks to $66.0M net revenue for Orladeyo.
The total number of U.S. patients receiving commercial Orladeyo grew ~9% as the new patient starts stood in line with the six-quarter average, driven by ~11% growth in the Orladeyo prescriber base in the country.
While R&D and SG&A expenses jumped ~6% YoY each to $52.7M and $36.9M, respectively, the net loss for the period slipped ~28% YoY to $42.5M, and the company reported $462.6M of cash and equivalents marking ~127% rise from a year ago.
Based on the treatment uptake in the first three quarters of the year, BioCryst ( BCRX ) projects net ORLADEYO revenue to reach $255M in 2022, indicating over twofold rise compared to the previous year.
However, the forecasts fell marginally short of analysts’ estimates of $256.5M based on Bloomberg data.
In December 2020, the FDA approved the oral, once-daily medication for HAE prophylaxis in adults and children.
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BioCryst falls 11% despite Q3 beat