BioCryst still sees FY operating expense $420M to $440M

BioCryst Pharmaceuticals reported its 2024 financial results and updated its guidance for 2025, maintaining its operating expense outlook for the year. The company expects full-year 2025 operating expenses to range between $420 million and $440 million, excluding stock-based compensation. This projection reflects a disciplined approach to managing costs while continuing to invest in its pipeline and commercial operations.

For the full year 2024, the company achieved $437.7 million in ORLADEYO net revenue, 34.3 percent year-over-year increase. ORLADEYO, the company’s oral, once-daily plasma kallikrein inhibitor for the prevention of hereditary angioedema (HAE) attacks, continues to drive revenue growth. The company also raised its 2025 revenue guidance for ORLADEYO to between $535 million and $550 million, up from the previous range of $515 million to $535 million.

Despite the increase in operating expenses related to higher revenue, the company expects these costs to remain within the updated $420 million to $440 million range for 2025. This includes increased spending on cost of goods sold, distribution, and incentive compensation tied to the growth of ORLADEYO. The company anticipates that revenue growth will continue to outpace operating expense growth, with an estimated annual compound annual growth rate (CAGR) of around 20 percent for revenue versus a projected CAGR of approximately five percent for operating expenses over the next three years.

In 2024, BioCryst reported a GAAP operating loss of $2.5 million but achieved a non-GAAP operating profit of $62.9 million, excluding stock-based compensation. The company expects to approach quarterly positive earnings per share (EPS) and positive cash flow in the second half of 2025 and to be profitable on an EPS basis with positive cash flow for full-year 2026.

The company’s operating expense guidance for 2025 does not include one-time costs or non-cash stock compensation. BioCryst’s financial strategy emphasizes capital efficiency and profitability, with the company projecting that it can achieve its financial milestones without raising additional funds.