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- **Phase III Triumphs**: BBP-418 (80% glycosylation improvement) and encaleret (76% calcium normalization) exceed expectations, solidifying first-in-class status.
- **Attruby Dominance**: $108.1M Q3 sales, targeting 30%+ market share with unique efficacy (43% CVH risk reduction) and lowest price point.
- **Pipeline Expansion**: Infigratinib Phase III readout in early 2026; chronic hypoparathyroidism and achondroplasia each project $2B+ opportunities.
- **Financial Strength**: $645.9M cash runway supporting commercial growth and late-stage trials.

**【CEO Summary Section】**
- Announced Phase III success for BBP-418 (LGMD2I) and encaleret (ADH1), with BBP-418 achieving 80% glycosylation improvement and encaleret normalizing calcium/PTH in 76% of patients.
- Attruby net product sales reached $108.1M, driven by 5,259 unique patient prescriptions and 1,355 unique HCPs. Targeting 30-35% market share by volume in ATTR-CM.
- Highlighted Attruby's differentiation as the only near-complete stabilizer with fastest time to separation, supported by 43% CVH risk reduction in arrhythmic patients.
- Encouraged by Bayer's 50% NBRx share in Germany for Beyonttra, and expanding pipeline with infigratinib (achondroplasia) Phase III readout expected in early 2026.

**【CFO Financial Commentary】**
- Q3 2025 total revenue: $120.7M (Attruby: $108.1M, royalties: $4.3M, others: $8.3M), up $118M YoY.
- Operating expenses: $259.3M (SG&A: +$68.8M, R&D: slight decline), reflecting investment in commercialization and late-stage trials.
- Cash position: $645.9M, providing runway for pipeline expansion.

**【Q&A Key Highlights】**
- **Attruby Market Share**: CEO estimates ~20-25% naive patient share, with focus on new patient capture (30%+ peak target). Switching dynamics limited due to combo therapy adoption.
- **Competitive Dynamics**: Attruby's lower price (~$100K vs. ~$200K for AMVUTTRA) and efficacy (43% CVH risk reduction) position it as long-term leader. Buy-and-bill incentives minimal in high-volume practices.
- **Pipeline Potential**: Encaleret for chronic hypoparathyroidism (~12,000 U.S. patients) and infigratinib for achondroplasia/hypochondroplasia ($2B+ TAM each) seen as key growth drivers. Infigratinib Phase III data expected early 2026.
- **Real-World Evidence**: ACT-EARLY trial to assess presymptomatic ATTR-CM intervention; JACC paper shows Attruby's impact on cardiac function优于Tafamidis.


BridgeBio Pharma, Inc. (BBIO) Q3 2025 Earnings Call Transcript

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BBIO

BBIO fundamentals

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