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DATE

Monday, Aug. 10, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

• Senior Vice President, Strategic Finance-Chinmay Shukla
• Chief Executive Officer-Neil Kumar
• Chief Commercial Officer-Matthew Outten
• President and Chief Financial Officer-Thomas Trimarchi
• Lead, Encaleret Program-Ananth Sridhar
• Lead, BBP-418 Program-Christine Siu
• Lead, Infigratinib Program-Justin To

TAKEAWAYS

• Total Revenue -- $243.7 million, representing an increase from $110.6 million last year primarily driven by a rise in product revenue from Attruby.
• Attruby Net Product Revenue -- $222.4 million, reflecting 23% brand growth and a sequential quarterly increase of more than $35 million.
• Royalty Revenue -- $15.4 million, earned primarily from net product sales of BEYONTTRA in the European Union and Japan.
• Net Loss -- $152.2 million attributable to common stockholders, compared to a $181.9 million net loss in the second quarter of 2025.
• Research and Development Expense -- $149.4 million, representing an increase from $111.2 million last year to support the development of late-stage product candidates.
• Selling, General and Administrative Expense -- $186.3 million, reflecting investment in commercialization activities and headcount expansion for upcoming product launches.
• Cash and Marketable Securities -- $720.2 million as of June 30, 2026, which does not include the $1 billion preferred equity financing closed on July 1, 2026.
• Total Cash Position -- Approximately $1.7 billion as of July 1, 2026, intended to fund three potential product launches and ongoing clinical expansion.
• BBP-418 Regulatory Milestone -- The FDA accepted the New Drug Application with priority review and a PDUFA target action date of Nov. 27, 2026, for limb-girdle muscular dystrophy type 2I/R9.
• Encaleret Regulatory Milestone -- The FDA granted priority review with a PDUFA target action date of May 8, 2027, for the treatment of autosomal dominant hypocalcemia type 1.
• Infigratinib NDA Submission -- Application submitted for achondroplasia with a projected U.S. launch in mid-2027 and a European application planned for the fourth quarter.
• Real-World Cardiovascular Outcomes -- A JSCAI publication associated acoramidis with a 37% reduction in composite cardiovascular events relative to tafamidis at six months.
• Real-World Hospitalization Data -- Independent propensity score-matched analysis associated the therapy with a 34% reduction in hospitalizations at six months.
• Direct Kidney Protection -- Post-hoc analysis showed a 13.7% reduction in urinary albumin-to-creatinine ratio through month 30, a profile resembling standard kidney-protective medicines.
• Kidney-Mediated Survival Benefit -- Acoramidis patients with acute eGFR dips favored survival and lower cardiovascular hospitalization with a hazard ratio of 0.42.
• ATTR-CM Market Growth -- The total market grew 51% year over year, with management noting that stabilizers dominate share in the frontline patient segment.
• ADH1 Patient Identification -- Over 2,200 unique patients identified through the E20.810 ICD-10 code, representing a diagnosis rate of approximately 70 new patients per month.
• LGMD2I/R9 Patient ID -- 500 genetically confirmed patients identified in the United States ahead of the scheduled Nov. 2026 regulatory decision.
• Chronic Hypoparathyroidism Phase 3 -- Commenced screening for the RECLAIM-HP trial with top-line data anticipated within the next 18 months.
• Achondroplasia Market Share Target -- Management projects a peak achievable share above 65% for infigratinib due to its oral dosing advantage over injectable competitors.
• Operating Loss Improvement -- Loss from operations improved 20% year over year to $107.1 million despite increased investment in pre-commercial activities.
• GondolaBio EPP Data -- Phase 2a results for erythropoietic protoporphyria showed an 80% reduction in PPIX, with a Phase 2b/3 study scheduled to initiate in the third quarter of 2026.
• ATTRibute-CM Outpatient Data -- New analysis demonstrated a 41% reduction in the risk of outpatient worsening heart failure versus placebo through month 30.

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RISKS

• CEO Kumar noted that "the case for combination therapy seems today null from a trial data perspective," following results from a competitor's study that failed to show benefit for silencers added to stabilizers.
• Chief Commercial Officer Outten stated that the "switch opportunity is settling into a lower and more normalized steady state" as initial high-volume switches from competitor products subside.

SUMMARY

Management reported that BridgeBio Pharma, Inc. (BBIO +1.59%) achieved sequential revenue growth driven by first-line product sales of Attruby in the transthyretin amyloid cardiomyopathy market. The company transitioned three pipeline candidates into the regulatory review phase, with the first potential approval scheduled for late 2026. Following a preferred equity financing, the company stated that its cash position is sufficient to fund the planned commercial launches and continue clinical expansion into orphan kidney and endocrine indications. The company expects these programs to contribute to an improving operating line as it approaches potential profitability in 2027.

• CEO Kumar indicated the company has reached a "transition point" as all three late-stage programs moved from clinical data into active regulatory review.
• Management emphasized that "stabilization is the first line standard of care" for ATTR cardiomyopathy after competitor results for combination therapy failed to meet primary endpoints.
• CEO Kumar noted that "Attruby may protect the heart and the kidney simultaneously," providing a mechanism for the early onset of clinical benefit observed in trials.
• The company plans to initiate clinical studies of BBP-418 in patients under 12 years of age in the first half of 2027 to expand the muscular dystrophy program.
• Management expects the first oral option in achondroplasia to "expand the market by two or three times" based on historical analogs for transitioning from injectable therapies.
• Chief Commercial Officer Outten reported that the neuromuscular sales team is fully hired and trained, with focus on approximately 150 centers ahead of the Nov. 2026 PDUFA date.

INDUSTRY GLOSSARY

• ADH1: Autosomal dominant hypocalcemia type 1, a genetic condition affecting calcium regulation.
• ATTR-CM: Transthyretin amyloidosis cardiomyopathy, a progressive heart condition.
• eGFR: Estimated glomerular filtration rate, a measure of kidney function.
• FGFR3: Fibroblast growth factor receptor 3, a protein target for treating achondroplasia.
• ICD-10: International Classification of Diseases, 10th Revision, a coding system for medical diagnoses.
• LGMD2I/R9: Limb-girdle muscular dystrophy type 2I/R9, a rare muscle-wasting disease.
• NDA: New Drug Application, a request for the FDA to approve a new medicine.
• PDUFA: Prescription Drug User Fee Act, the date by which the FDA targets a regulatory decision.
• PPIX: Protoporphyrin IX, a metabolite used as a biomarker in erythropoietic protoporphyria.

Full Conference Call Transcript

Operator: Good afternoon. I will be your conference operator today. All lines have been placed on mute to prevent any background noise. After the company's remarks, there will be a question and answer session. Before we begin, I would like to remind everyone that today's call may contain forward looking statements within the meaning of the federal securities laws. Including, but not limited to, statements about BridgeBio's future operating and financial performance, business plans and prospects and strategy. These statements are based on current expectations and assumptions that are subject to and uncertainties, which could cause actual results to differ materially from those expressed or implied in these forward looking statements.

For a discussion of these risks and uncertainties, please refer to the disclosure in today's earnings release and BridgeBio's periodic reports and SEC filings. All statements made here are based on information available to BridgeBio as of today and the company undertakes no obligation to update any forward looking statements made during this call except as required by law. With that completed, BridgeBio, you may begin your conference.

Chinmay Shukla: Good afternoon, everyone, and thank you for joining BridgeBio Pharma's second quarter 2026 earnings call. I'm Chinmay Shukla, senior vice president, strategic finance. With me today are Neil Kumar, our CEO who'll walk through our commercial pipeline and business updates, Matt Outten, our chief commercial officer, who'll provide additional detail on our Attruby and our launch readiness, and Tom Trimarchi, our president and CFO, who will review our financial results. During today's call, we will cover another quarter of consistent growth for Attruby, along with new data reinforcing its clinical differentiation. Including the first evidence of direct kidney protection in ATTR-CM.

We will then turn to the pipeline where this quarter all three of our late stage programs moved from data into being with the FDA. With our first PDUFA date now set for November 27, 2026. And we will review our financial position including the $1 billion preferred equity financing completed on July 1, 2026, and how it supports the three launches ahead of us. Following our prepared remarks, we will open the call for questions. For the Q&A session, we will be joined by Ananth Sridhar, Christine Siu and Justin To, who lead our programs with encaleret, BBP-418, and infigratinib, respectively. With that, I'll turn it over to Neil.

Neil Kumar: Thanks, Chinmay, and thanks, everyone, for joining today. As always, these calls are where we communicate relevant aspects of our business to investors and so we welcome your questions and feedback. In sessions past, we've had occasion to marry comments on the portfolio with comments regarding financing and strategy. Today, however, I wanna focus entirely on the portfolio itself and the progress being made across research, development, and commercial. I'm going to do so because I believe, as I hope you might appreciate at the end of my somewhat lengthy comments, that this is an important transition point for BridgeBio.

One in which if we continue executing at a high level, sets us up well for delivering substantial returns for patients and investors alike. Put more simply, it feels like we're at t equals zero in BridgeBio's next chapter. I don't say this glibly, but rather due to the following and overlapping advances. First, as we will discuss, the combination of learnings from CARDIO-TTRansform, our own unique kidney protective data, and extraordinary real world evidentiary results come together to provide the basis of what I'm calling Launch 2.0 for Attruby. I believe we will start to see significant commercial fruit from this in the 6- to 9-month range and beyond judging from analogs.

We think the market is shaping up to be a stabilizer first market with a constrained number of competitors and one in which we have increasing numbers of proof points that our near complete stabilizer is superior to Pfizer's partial stabilizer. Second, all three NDAs for LGMD2I/R9, ADH1, and achondroplasia have been submitted. With LGMD2I/R9 and ADH1 garnering priority review and are hoping that achondroplasia might too. Our commercial readiness work is on track, even ahead of what we were able to do ATTR cardiomyopathy, given our relatively lean resourcing at the time. To deliver strong launches, Third, our chronic hypoparathyroid Phase 3, which we believe is overlooked has commenced and will read out in the next 18 months.

With potential to provide a differentiated efficacy and safety profile, as we will discuss, in addition to being the only oral in this space. Finally, we anticipate novel trials in areas like Turner and hypochondroplasia for infigratinib, a new trial in a to be disclosed high proteinuria orphan kidney disease for acoramidis, and the advancement of a potentially best in class TTR antibody into the clinic in coming 12 to 18 months. All of this activity together provides the substrate for well over $10 billion in risk adjusted revenue with $8 billion of that being post Phase 3 today.

In addition, our interest in earlier but still advanced genetic medicine R and D within our GondolaBio pipeline continue to bear fruit. So this is a company with no dearth of pragmatic ideas, that can drive a continued flux of important medicines on a risk adjusted basis for the next decade or more to come. I'll begin my portfolio comments with Attruby. First and most importantly, we observed continued commercial momentum this quarter, with Attruby being the fastest growing brand in the space at 23% And this growth does not account for the impacts of cardiac our kidney data, and most of the real world evidence data to date since that occurred after the quarter end.

We've always said that the most important thing commercially and medically in this whole space is diagnosing new patients. To that end, we were heartened see the substantial overall market growth of 19% this quarter, representing a 51% increase year on year and substantially outstripping the market growth observed in the last three quarters. Consistent with these numbers is the growth in frontline patients, where stabilizers have dominated share, a trend that we think will strengthen as we learn more from CARDIO-TTRansform's important results. Indeed, we observed a slight downtick in numbers of second line patients in the second quarter.

We believe our share in frontline has grown some 2 to 3 percentage points although it's hard to tell precisely given some of the inventory dynamics from our competitor, Pfizer. Our gross to net also remains within the 30% to 40% that we have indicated previously. Going forward, we expect that the first line market will continue to grow and we intend to continue growing our share in it. Which should translate into continued steady sales growth. Attruby's strongest tailwind, however, is its continually growing clinical differentiation story, driven for the most part by the expanding body of real world evidence, as well as the now documented renal protective effect.

In July of this year, we published in Circulation: Heart Failure on acoramidis is driving the first ever early and sustained direct kidney protective effects in ATTR cardiomyopathy. Including chronic eGFR slope improvement, and urinary albumin to creatinine ratio reduction. The upshot of this is that Attruby may protect the heart and the kidney simultaneously in ATTR patients, a hemodynamically mediated effect, which we do not observe with other ATTR cardiomyopathy medicines, either knockdowns or other stabilizers. Critically, as pointed out in the paper, the dynamics of this effect mirror the early separation uniquely observed with Attruby in terms of clinical outcomes, helping to explain this early impact.

Furthermore, and intriguingly, the magnitude of the acute dip in EGFR on Attruby is actually important and suggestive of down benefit. More specifically, comparing acoramidis versus placebo subgroups with acute eGFR dips greater than or equal to the median of 4.89 mL/min/1.73 m² favored acoramidis for all cause mortality or cardiovascular related hospitalization, with a whopping hazard ratio of 0.42 with an associated p value of 0.006. And cardiovascular related hospitalization alone with a similarly impressive hazard ratio of 0.34 with an associated p value of 0.002. Intriguingly, within the placebo arm, eGFR dips portended worse outcomes. So something initially thought to be a crutch has now been shown to be an important differentiator for our product.

The observed effect compares favorably to what we see other kidney protective cardiac treatments like SGLT2 inhibitors. In a recently held meeting of nephrologists and cardiologists, one KOL explained to me It looks like have a kidney drug here. Building on that, as referred to above, we intend to further interrogate the signal by conducting clinical studies in an orphan kidney indication. More information on that in the weeks to come. Meanwhile, the generation of real world evidence continues apace. When one looks at analogs in the cardiovascular space, where double blind head to heads were not immediately possible, real world evidence sets the bedrock of ultimate commercial outperformance. The most storied of these analogs is likely the Eliquis-Xarelto marketplace.

Calling back to last quarter, there was an independent propensity score match analysis presented at SCAI since published, which continues to resonate with physicians. That analysis associated Attruby with a 37% reduction in composite cardiovascular events and a 34% reduction in hospitalizations at 6 months. Relative to tafamidis, with an effect deepening at 9 months. Remarkably, there was no observed clinical outcome that did not favor Attruby versus Vyndamax in all measures except for dizziness and syncope reached statistical significance of p<0.01 with an n just shy of 600 patients.

Building on this data, we have our own now soon to be published and available online today preprint analysis that parenthetically has been downloaded more than 400 times now showing again Attruby outperformance as compared to Vyndamax. Importantly, in this study, a 34% reduction in diuretic intensification, heart failure hospitalization, and mortality was observed. Again, statistically significantly. And separation is again observed as early as 30 days. And continues to improve over time. These types of analyses are what the community has been asking for. Importantly, a large scale independent EHR based analysis will be coming at HFSA.

Our hope is that Attruby continues to perform well there, and that then these several RWE studies will form the basis for decision making and guideline updates. The growing body of research supporting Attruby clinical differentiation will take place alongside evidence from other studies in this rapidly evolving field of ATTR cardiomyopathy. Last month, as you all know, the top line results for CARDIO-TTRansform studying of eplontersen in ATTR cardiomyopathy read out, and the study did not meet primary efficacy endpoint with no benefit observed with combination therapy. At this point, we mostly want to acknowledge that this is a blow to the patients who participated in the trial and their families and the investigators.

And we feel for them as part of the ATTR cardiomyopathy community. The case for combination therapy seems today null from a trial data perspective. Given the similar degrees of knockdown between eplontersen and vutrisiran, we'll be interested to see how the knockdown performs in two settings. Number one, does the monotherapy relative risk reduction continue to underperform what we observed from Attruby at 30 months? And two, does monotherapy knockdown actually not outperform partial stabilizer in tafamidis? As we actually observed in HELIOS-B. Recall, of course, that in addition to the real world evidence I just cited, everywhere we looked in our ATTRibute-CM trial, acoramidis outperformed tafamidis.

The conclusions of this important study run by AstraZeneca and Ionis, we believe, will likely reinforce the case for stabilizers first. And if the monotherapy benefit, again, lags in time, this is a observed with vutrisiran and in magnitude of effect as compared with Attruby, we believe this begins to make an even stronger case for using Attruby first in the second line setting. Now I'd like to discuss the three pipeline programs that have moved into regulatory review this quarter. And which we are preparing to launch. For BBP-418, our LGMD2I/R9 program, the FDA accepted our NDA on May 27, 2026, with priority review.

PDUFA date is November 27, 2026, and there is no advisory committee planned We continue to have positive interactions with the agency. This is in line to be the next approval in our portfolio, and it will be the first approved therapy for LGMD2I/R9, a devastating condition affecting a little more than 1,000 patients in The US alone with significant unmet need. There's really no displacing credible competition in this space with gene therapy really the only other pipeline approach. And it suffers from safety and efficacy issues, coupled with the fact that too much FKRP is toxic. So dosing might well be an issue.

I'll remind everyone as well that the data generated by our program are easily the most profound ever in the LGMD space and perhaps the broader muscular dystrophy space, given that biochemical improvements tied strongly to functional and statistically significant improvements in ambulation, breathing, and other outcomes. And that the drug promoted improvements as opposed to ever worsening observations on placebo. From a clinical perspective, our goals are, number one, to educate broadly on already established data and two, to reinforce our observations in the non ambulatory and severe patient population that may initially be reluctant to try anything. Recall, we observed remarkably consistent benefit in our trial across ages, degree of severity, and the homozygous and compound heterozygous populations.

Building on that, we'll be analyzing whether our established functional impacts also marry with some cardiovascular benefit. Which affects many patients on the severe end of the spectrum. Our plan is to cut that data and present the results at World Muscle Society in late September early October, so we are hopeful for a good outcome for the patients we serve there. As we prepare for launch, our neuromuscular commercial and medical field teams are hired, trained and in the field. And market access is engaging with payers in a preapproval information exchange.

There are approximately 500 genetically confirmed patients today in The United States, with many who remain unidentified and misclassified within the broader LGMD or Becker muscular dystrophy space. Our goal is to find every patient who can benefit and be ready the moment we're able to reach them. Turning to encaleret for ADH1, FDA accepted our NDA on July 22, 2026, with a PDUFA target action date of May 8, 2027, and no advisory committee planned. At the end of July, the agency granted priority review, and we have announced that today.

We have also submitted our MAA to the EMA on July 27, 2026, and it is under review. encaleret would be the first therapy approved for ADH1 in both The United States and EU, and we are excited to serve this patient population. Speaking of that population, our patient finding efforts continue. And more than 2,200 patients have been identified in the ICD-10 claims between October 2023 and June 2026, That is an increase of about 300 since the first quarter, it's been driven by genetic testing, awareness education, use of the ICD-10 code, BridgeBio supported family testing events.

We have also completed enrollment in the first of four cohorts in our pediatric ADH1 study, and are preparing to open cohort two. But ADH1 approval is the beginning of encaleret's potential, not the end. Chronic hypoparathyroidism affects some 200,000 patients in The US and EU. A blockbuster opportunity in and of itself, where, as discussed last quarter, we see a real appetite for an oral option that corrects both hypocalcemia and hypercalciuria. I want to spend a minute on this opportunity because I think it's been overlooked significantly by investors. First, there may be a belief that PTH replacement is the beginning and end of the game here.

With advances around dosing, for instance, going from daily to weekly, being the only salient dynamic for patients. But that overlooks a couple key facts. First, the benefits of existing therapy do not importantly extend to normalization of urine calcium. With some 40% of patients not normalizing and some 50% of chronic hypoparathyroidism patients, actually being hypercalcicuric. Two, there's a well documented decrease in efficacy of PTH replacement over time, suggesting that other approaches may be important here. Third, perhaps most importantly, there is a need for a drug that spares the impact of PTH mediated bone issues, especially considering that in a recent survey of 160 patients, 48% of them had osteoporosis or osteopenia.

And fourth, that many individuals would prefer an oral medicine. I think some may have discounted this opportunity based on likely probability of technical success. That, I believe, is a mistake First, the pathomechanism here is well described. Recall first that the hypercalciuria in chronic hypoparathyroidism arises from three independent contributors. One, loss of calcium reabsorption at the distal nephron, that's PTH driven, Second, decreased calcium reabsorption in the thick ascending limb, that's calcium-sensing receptor driven. And third, obviously exacerbation by conventional therapy.

Analogous to PTH activity in the kidney to mediate reabsorption of calcium, encaleret's action on the calcium-sensing receptor has been shown to increase paracellular reabsorption of calcium in the thick ascending limb by reducing claudin-14 expression, which in turn decreases the amount that integrates into the claudin-16/19 complex which acts as a calciuria promoting pore blocking component. This mechanistic rationale helps to explain the observation from our proof of concept Phase 2 where 80% of postsurgical hypoparathyroidism patients administered with encaleret achieved both normal blood and urine calcium within 5 days. Okay. So we understand how negative allosteric modulation of the calcium-sensing receptor can mechanistically raise serum and lower urine calcium even in a wild-type setting.

But for those of you who don't want to bet on mechanism, recall also there's clinical evidence in the wild-type setting that exists for these drugs, namely the extensive data from the legacy clinical development program of encaleret in osteoporosis participants expressing wild-type calcium-sensing receptor like the chronic hypoparathyroidism population, that we intend to study in the RECLAIM-HP trial. And recall that in that osteoporosis study, the drug demonstrated dose proportional increases in serum calcium at daily doses of 15 mg or above.

So we believe, given the endpoints of serum and urine calcium normalization, with all that we've seen and know and the stability of those endpoints statistically, that we have a high probability of technical success trial on our hands. Secondly, investors may believe that the opportunity is not near term. But this is a relatively quick trial given the aforementioned endpoints and the rapidity of onset of our drug. And as mentioned in our press release, we have already activated our first site for the RECLAIM trial, our global Phase 3. Have begun screening with FPI imminent and a trial readout expected in the next 18 months. Okay.

Finally, I'll come to infigratinib, our oral treatment for achondroplasia, where we presented our Phase 3 PROPEL 3 results at the International Congress of Children's Bone Health on June 28. And simultaneously published them in the New England Journal of Medicine. The only achondroplasia program with Phase 3 results in the New England Journal. Following that publication, I'm excited to announce we submitted our NDA, and we are targeting an MAA submission in Q4 of this year. We hope to see NDA acceptance and ideally priority review in Q4 2026 with approval following in mid-2027. Approval would make infigratinib the first FGFR3 targeted oral therapeutic for achondroplasia.

And on top of its oral dosing advantage, it remains the only therapy with efficacy measures beyond annualized high velocity demonstrated in a placebo controlled setting at 52 weeks. Including proportionality. Adding to this, we demonstrated a clean functional differentiator in our Phase 3 results with a statistically significant 0.37 standard deviation improvement on arm span with a p value of <0.0001. This is the first ever placebo controlled arm span benefit an achondroplasia trial. We look forward to presenting more data in the second half of this year and continuing to build infigratinib's scientific story through the preapproval period.

On the commercial front, our regional sales directors and medical affairs personnel are onboarded, and the field medical team is fully built. Our RSDs are building team. For meaningful share of voice in a market where two competitors are already present, and where we see a real gap especially in The US, between kids confirmed to have achondroplasia and those on treatment. We continue to think our peak achievable share in this space is above 65%. Finally, I also want to make mention of the critical work occurring off our balance sheet at GondolaBio, where BridgeBio shareholders retain exposure via our ownership stake and ongoing operational support. Our program in EPP announced positive Phase 2a data in June.

And following a productive End-of-Phase-2 meeting with the agency, we would be initiating a Phase 2b/3 study in Q3 of this year. Critically, given the over 80% magnitude of PPIX reduction with the quick onset of action and safety profile, the agency suggested that the Phase 2b could form the basis of registration if PPIX lowering was met statistically and other functional trends lined up with it from the point estimate standpoint. Meanwhile, the rest of the pipeline continues to progress, with some 17 programs and indications including ADPKD, alpha-one antitrypsin, neurofibromatosis type 1, and CMT1A.

In total, the activity has potential to yield 5 additional INDs by the end of this year, with some 8 clinical proof-of-concept readouts to come in the 2027-2028 time frame. Of course, despite all of this, we continue to stay focused on delivering our important medicines to patients in the commercial setting. And for more information on that, I'll pass it over to Matt.

Matthew Outten: Thanks, Neil. Q2 was another strong quarter, that demonstrated consistent growth in the treatment naive segment for Attruby as physicians are increasingly starting and keeping patients on Attruby. Net product revenue was $222.4 million, marking another quarter of $35 million or more of sequential sales increase. I wanna spend a moment on the composition of that growth. Because that is the part that matters most how we think about the franchise from here. The engine is the first line. Our first line share stepped up again in Q2, on a first line market that held roughly steady quarter over quarter and new patient starts were consistent with the first quarter.

That is the durable driver of this franchise and it is what we are building against. The second line or switch segment is behaving differently and I want to be clear about it. The forced Vyndaqel switching that inflated that pool in the fourth and first quarters has now largely been worked through. At roughly 18 months post launch, the switch opportunity is settling into a lower and more normalized steady state. What changed there is the size of the pool not our performance within it. So the shape of our growth is evolving. Continued first line strength partially offset by a smaller switch market.

That is the mix we would expect going forward and it is the mix we are planning around. Neil covered the clinical differentiation data so I want to speak to what it is doing commercially. Because this was a meaningful quarter on that front. The endpoints Neil walked through are the ones practicing cardiologists manage week to week. Such as hospitalizations, diuretic escalation, and kidney function. And because much of that work was conducted independently of us, it carries the credibility with physicians and with payers that sponsor generated data does not. We expect additional independent real world work to read out over the balance of the year. On CARDIO-TTRansform, the outcome was disappointing for patients.

Who had hoped combination therapy would improve on stabilizer monotherapy. What it did do is reinforce stabilization as the first line standard of care. As the only near complete stabilizer available, we believe Attruby is well positioned in that setting. That said, the first line remains competitive. And we expect it to stay that way. Our job is to keep earning share on the strength of the data quarter by quarter. Neil noted last quarter that we expected acoramidis to reach block status in 2026. And we remain on track for that. To be precise about what sits inside of that number, we are referring to worldwide sales of acoramidis.

Which includes BEYONTTRA sales recorded by our partners outside of The United States. It is not a forecast for The US Attruby net product revenue. For the balance of my time, I wanna focus on the three approvals ahead of us. The Attruby launch gave us much of the infrastructure any future launch requires. And we have been hard at work making sure each of these goes as well as that one did. These would be the fourth, fifth, and sixth launches in BridgeBio's history. Let me take them in expected order of approval. First, BBP-418. LGMD2I/R9 has never had an approved therapy.

Approval would mark the first for LGMD2I/R9 and the first for any form of limb girdle muscular dystrophy. We have submitted a brand name and have conditional acceptance of a proposed proprietary name from the FDA, which we will announce at approval. Our field medical team sales leadership, and sales team are hired and in field. More than 95% of the sales team has prior neurology experience, with an average of 9 years in rare disease. These patients are diagnosed and managed by neurologists, and neuromuscular specialists working with a multidisciplinary team so our target universe is concentrated. Roughly 700 institutions and 5,300 target specialists with priority reach against approximately 150 parent MDA centers.

Ahead of any approval, the team is focused on disease state education and genetic testing awareness. And we continue to build a scalable patient identification engine that has already identified eligible patients. We are also engaged with payers, through preapproval information exchange, so they understand the value story ahead of the decision and we will bring the same patient support programs that have supported our prior launches. Second, encaleret in ADH1. At the end of July, the FDA granted priority review for encaleret. The PDUFA target action date is May 8, 2027. And no advisory committee meetings currently planned. We have built an equally strong field team here with nearly 90% bringing rare disease experience.

ADH1 is a genetically distinct condition driven by gain of function mutations in the calcium sensor receptor. Which causes low serum calcium, low or inappropriately normal PTH, and a more pronounced increase in urine calcium than hypoparathyroidism generally. Encaleret is designed to target that receptor directly with the potential to address both serum and urine calcium. If approved, it would be the first therapy specifically indicated for adult and adolescent patients with ADH1. As with BBP-418, are engaged early with payers. So that the clinical rationale is well understood before a decision. Third, infigratinib and achondroplasia. We have submitted the NDA, and we anticipate approval in mid-2027.

Unlike the other two launches, infigratinib enters the market where competitors are already established. We have delivered against that kind of setup before. What we hear consistently from families, from our HCP and community steering committees, and from market research, is that there is real anticipation for an oral option. And awareness of infigratinib is high. The ability to give this medicine as a small once daily capsule is about considerably more than convenience. Aversion to injections is one of the primary barriers keeping families from starting treatment at all, one of the leading reasons they discontinue, and a persistent burden on daily routines and family dynamics.

Infigratinib can be swallowed, or the capsule can be twisted open and sprinkled over food. No refrigeration. No reconstitution. No working out how to travel with it. No injection site reactions, and no shots. Families and physicians also see the differentiation as more than the capsule. They consistently point to the efficacy in the PROPEL 3 program, and in particular, the proportionality data in the prespecified 3- to 8-year-old subgroup. Operationally, our commercial infrastructure continues to build. We are being deliberate here. Because this community is unique and requires a different kind of support when families are weighing whether to start therapy.

Our partnership with the achondroplasia community over the past 7 years is under how we are approaching this launch. In short, are on track across all three programs. With that, I'll turn the call over to Tom. Thank you, Matt.

Thomas Trimarchi: Good afternoon, everyone. I'll now walk through our financial results for the second quarter of 2026. Our commentary will focus on GAAP financials unless otherwise noted. Total revenues for the second quarter of 2026 were $243.7 million compared to $110.6 million for the same period in 2025. The $133.1 million increase was primarily driven by a $150.9 million increase in Attruby net product revenue. Attruby net product revenue in the quarter was $222.4 million compared to $71.5 million in the same period last year. Royalty revenue increased $15.4 million compared to $1.6 million in the same period last year. Primarily earned from net product sales of BEYONTTRA in the EU and Japan.

License and services revenue was $5.8 million compared to $37.4 million in the same period last year, which included a onetime $30 million regulatory milestone recognized under the Alexion agreement following pricing approval in Japan. Total operating expenses for the second quarter of 2026 were $335.7 million compared to $241.2 million for the same period last year. A $94.5 million increase reflects deliberate and disciplined investment in the Attruby preparations for three upcoming launches. It was primarily driven by scale up of sales, marketing, medical affairs, and pre commercial product supply related activities. Turning to the operating line.

In the second quarter, we recorded a $107.1 million loss from operations compared to a $134.3 million loss in the same period last year. An improvement of $27.2 million or approximately 20% year over year. Now on to the balance sheet. As of June 30, 2026, our cash, cash equivalents, and marketable securities $720.2 million. Subsequent to the quarter end on July 1, 2026, we closed a $1 billion preferred equity investment led by Sixth Street. With participation from HealthCare Royalty. Our cash balance at approximately $1.7 billion as of July 1, 2026.

We believe our current cash position provides us with significant runway to fund our operating activities, execute on three potential launches over the next 12 months, and continue to invest in Attruby's commercial growth all while maintaining the financial discipline we have demonstrated to date. With that, I'll turn the call back over to Chinmay.

Chinmay Shukla: Thank you, Neil, Matt, and Tom. Operator, please open the line for questions now.

Operator: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press 1 on If you would like to withdraw your question, simply press 1 again. We ask that you please limit yourself to one question to allow everyone an opportunity to ask a question? We'll go first to Tyler Van Buren at TD Cowen.

Tyler Van Buren: Hey, guys. Good evening, and congratulations on another strong quarter. It's great to see the more than 35,000,000 sequential U. S. Revenue that Attruby added again this quarter. But as the release specifically calls out Attruby growth led by the treatment naive, segment as physicians increasingly start and keep patients on Atrubi, Can you discuss what is driving that consistency in the first line And perhaps most importantly, given competitive developments, why those drivers are durable? And perhaps could also layer that in with expectations for the potential impact that the CARDIO-TTRansform failure and upcoming data ESC could have on Attrubyus treatment naive share as well.

Chinmay Shukla: I'm sorry. I'm gonna pass on to Matt. To comment on some of the commercial dynamics, and then I'll I'll pass on to Neil if he wants to add things on CARDIO-TTRansform expectations at ERC.

Matthew Outten: Okay. Thanks for the question, Tyler. I think there's two interesting components here. There's the reason that Attruby has done so well to date, namely how quickly Attruby separates from placebo along with the incredible reduction in hospitalization rates, And then there's the new data that Neil discussed today. The performance you've seen to date has been rooted in the clinical differentiation story. Now we can add to that with compelling insights from the real world evidence kidney data, and CARDIO-TTRansform And this is going to add on to the earlier messaging and continue to push share forward in the future. And I'll let Neil add on with the CARDIO-TTRansform hubs.

Neil Kumar: Yeah. Thanks, Tyler. I guess I'd just say, I mean, we have to see what the data looks like. But by and large, I would expect that Stabilizer frontline will do nothing but gain from the CARDIO-TTRansform dataset. So just be a larger pool And in that pool, I think, you know, to Matt's point, we'll continue to differentiate and I think we're gonna see the fruit that I as I mentioned in my comments, of the real world evidence, kidney differentiation, up here, really, by kinda, like, half a year from now or so. If you if you look at analogs, it generally takes about six to nine months to pull through. Some of this data.

Obviously, also dependent on what HFSA looks like in of the independent RWE analysis, but it everything continues to go the way of Attruby. I mean, you know, as you well know, it's sort of like yeah, as you start to as you start to connect all the dots from biochemistry to serum TTR, I mean, 1 mg/dL is a 5% decrease in mortality risk in 30 months. To, you know, all of the real world evidence against both survival. At least we'll see that at HFSA. And we saw some hints of that with the and independent more data around it. Time that we launched. Hospitalization and ODI as we mentioned today.

I think all of that comes together to say, we have a superior stabilizer, and that's really the message we gotta continue to hit. I mean, my expectation would be that we really hit a positive second derivative here and continue to grow pretty aggressively in the frontline over the coming 12 to 18 months. So let's see.

Operator: We'll go next to Cory Kasimov at Evercore ISI.

Cory Kasimov: Hey. Good afternoon. Thanks for taking my question. Perhaps not surprisingly, I also wanna ask a question regarding CARDIO-TTRansform. Missing the primary endpoint. So know, at this point, we obviously know there was substantial background stabilizer use. And putting the silencer on top of it didn't improve outcomes. So I know you touched on some of this in your prepared remarks, but in your view, does this not only cement stabilizers kind of the first line backbone here in future treatments? But, also, do you have any feedback at this point from your KOLs and payer discussions as to how prescribing and reimbursement of any combination therapy may evolve from here? Thank you.

Neil Kumar: Yeah. Thanks for the question. I Maybe I'll start, and, Matt, you can add on. You know, I'd say it's a little early for us to get feedback from payers. On the KOL side, for sure, I mean, we've been hearing I think, a bit of surprise, honestly. And you know, there are folks that can be convinced with biochemistry and biophysics, but I think a large trial like this convinces a lot of folks and might be changing folks' minds. So do think Stabilizer will be an increasing increasingly large part They already are a large part, but an increasing large part of the frontline, and I think that's where the real action will be in this category.

I'd say, you know, the three things that we're looking for with regard to CARDIO-TTRansform, I do think of eplontersen and vutrisiran have a very similar knockdown profile. We have to look at pharmacokinetics. And see whether eplontersen is slightly superior to vutrisiran because vutrisiran obviously took a long time. To get to its mean max knockdown, but that'll be the first thing that will be intriguing to look at. And then within the context of the clinical data, you know, first and foremost, what's the thirty month data look like? Is anyone getting to three forty two fifty? And to Matt's point, how quickly are folks separating in terms of effect?

Because I think if you look at the totality of evidence my suspicion will be that not only do you get the magnitude of relative risk reduction, that you, you know, that basically Attruby will look superior at 30 months But if there's no early separation, it really starts to suggest that you ought to be using Attruby in that switch setting just given both its magnitude and the early onset now well described by this kidney data that we put out and will continue to elaborate on I think the second super intriguing point will be to see whether or not monotherapy knockdown actually outperforms a partial stabilized You know, people sometimes know you and I have chatted about this, but, you know, people sometimes forget that in HELIOS-B, and that would tell us that all Jack favor that we didn't significantly outperform tafamidis, which was a bit of a head scratcher to me based on the toxic monomer hypothesis.

Until you look at the pharmacokinetics. And I hear again, if eplontersen doesn't out outperform a partial stabilizer, recall, we've had a stabilizer to outperform tafamidis in every single part of the ATTRibute-CM trial that we looked at. In all major RWE studies And so, again, starts to establish, I think, Attruby is a superior efficacious agent as compared to both knockdowns and the partial stabilizer. Of Pfizer. So this will be the second big thing we're looking for Yeah. Is anything else you'd add? No. I mean, I've

Matthew Outten: well said. I think we're interested in seeing the full data set at ESC, but certainly the results don't appear to support combination therapy. Which just then reinforces stabilization of the backbone of therapy. And, again, your comments, I think, on the partial stabilizer versus a near complete stabilizer, that's kind of kind of where we are, and I don't think anything would see it. ESC is gonna change that based on the initial results that were posted.

Operator: We'll go next to Eliana Merle at Barclays.

Eliana Merle: Guys. Thanks for taking the question, and congrats on all the progress. So the Pfizer release cited net price erosion from new payer contracts. While your gross to net has remained stable within the range you guided to. Given Attruby launched at a list price below tafamidis, do you see any need to respond on price, or is clinical differentiation carrying access and share on a own? Thanks.

Neil Kumar: Yeah. Thanks, Ali. It's an important question. I mean, I think we'd like clinical differentiation to continue to carry the day here. We there's no way that we could respond and meet Pfizer's rebates if they're gonna be aggressive and in that channel. Nor do I think we need to. I think we've had productive discussions with our partners all the way through, basically, the channel. They understand what we're trying to accomplish in terms of clinical differentiation, in terms of the added reduction in hospitalizations. And here's where the real world evidence really comes in handy. I mean, a 35% or 34% in an independent study reduction in hospitalizations as compared to tafamidis that's super meaningful.

These are patients that are quite sick, quite expensive. And there's some unworthiness that can also happen when you favor one brand over the other. So I think long term, these brands will be a parity generally in terms of access. I think clinical differentiation will be where we where we win. So we do not intend to chase anyone down the rabbit hole of trying to play near term price dynamic games.

Operator: Our next question comes from Salim Syed at Mizuho.

Salim Syed: Great. Congrats on the quarter, guys, and thanks for the question. Just one from us on this heart failure publication data on the kidney protection. So, you know, obviously, you know, the better stabilizer, everybody knows that. All the real world the real world curves show that also Attruby is better than tafamidis. Just wondering how this adds into sort of that thinking here. Like, when you guys are talking to physicians, how important is this kidney protection?

How meaningful is it in terms of how they're prescribing a stabilizer, choosing a stabilizer, we kinda, like, drag that forward a little bit with the list price already being below TAF, what does this eventually mean for Attruby the market evolves and when tafamidis goes generic?

Chinmay Shukla: Yeah. Salim, thanks for the question. I'm gonna let Matt handle all the data that's being received by KOLs, and then I'll send the back on

Matthew Outten: the generic question. But not currently talk about differentiation on the kidney data. Yeah. I mean, I think first thing to note, this is new. So up to this point, it's been about the three forty two fifty as Neil mentioned. It's about early separation, and not only how fast Attruby works, but how well it works. How many people it keeps out of the hospital, how soon you see the curves separate, So that's what's led us Through Q2.

I think in terms of the kidney data, it's very important to physicians and you're going to see that impact moving forward which I think is that to me is probably one of the most exciting things about the call today because the kidney data hasn't been out. It's it's brand new. So you're gonna see that impact now as we move forward over the next couple of quarters.

Chinmay Shukla: Yeah. And just to but on that we might have discussed this. I'll I'll I'll I'll leave But on this, but we do expect the brand to keep growing even after Vyndamax goes generic. In mid-2031 in The US. And, really, there are five reasons for it. Right? I think the first is to be exponentially differentiated. You've heard a lot about that on the call today. That is driving the strength and treatment manual for us, and I think from the keep driving strength there. The second, which I think is less understood by folks is that stakeholder economics in this market, the SPs, they don't largely support a preference for genetics.

And you can also see that Pfizer's been successful in the finding other franchises. And I think that there's a potential for some upside because if Pfizer stops promoting post ROE, that would increase relative share of voice for Attruby. If you look at all of this, and you look at all the analysis on analogs, which I know you and Ben and have done a retile on it. I think that we expect that even as opposed to market, less potent stabilized approach to net, a near complete stabilized and actually, we can't keep growing

Neil Kumar: So can I just build on one point that Matt made? Because I think the kidney data is super fresh. So we're, you know, we're gonna have to see in the next six to nine months kinda how it changes prescribing behavior. But first and foremost, I think it's important because the actual mechanism of turning down toxic monomer, you wouldn't expect to pick up impact as early as 28 days or 1 month. So if you're now, you have a viable mechanism by which you have this early onset of efficacy And, you know, as I mentioned in my in my remarks where I hinted at, like, it was previously sort of considered a harmful piece of our label.

But I think now what you see is the greater that ammunition early, the better off you are later in terms of cardiovascular hospitalization. And death. So that's also a profound suggestion here. That I that I think will be very important on a go forward basis. And you we gotta remember, like, 50% of the patients close to 50% of patients with ATTR cardiomyopathy have some sort of kidney involvement. So this is an important this protective signature is gonna be an important piece, we believe, of the emerging story here, you know, and potentially an interesting piece of the story. As if we can move Attruby into novel indications.

Operator: We'll move to our next question from Andrew Tsai at Jefferies.

Andrew Tsai: Congrats on the solid execution. So I think this was a quarter where all three of your pipeline programs moved from the clinic into the regulatory phases. You got LGMD submitted within 5 months of the top line, two priority reviews, no adcoms planned. So it seems like your relationship with the FDA is quite healthy, but maybe talk to us in detail what your regulatory engagement has been like and how you're feel feeling about the review timelines from here. I'd also be curious about your ex US. Interactions too. Thank you.

Neil Kumar: Sure. I'm I'm happy to take that. I mean, I think first and foremost, as you probably know in the in the rare disease setting, I think the gold standard is the ability to run an RCT a solid RCT with a placebo arm. We've been able to do that across all three indications here. And demonstrate profound functional benefits. So you know, I think one of the one of the senior administrators at the agency once said that we're kind of the poster child of what one tries to do at least in the rare disease setting. It's not obviously always gonna be the case.

For instance, in, Kanavan disease, we may not be able to run an analogous trial. But certainly for these three data sets with the p values where they are, with the safety where it is. I mean, you know, people forget that with these small molecules, we've been able to provide an exquisite safety profile. So the risk benefit is pretty straightforward as well. So, yeah, based on all of that, we've we've had productive discussions with the agency to date, and, you know, we look forward to putting into engage them on that front. And similarly, I'd say, in Europe as well, there hasn't been a dichotomy between tenor of our conversations there yet.

Operator: Our next question comes from Anupam Rama at JPM.

Anupam Rama: Hey, guys. Thanks so much for taking the question. I'm just thinking a little bit about, the November 27, 2026, PDUFA for BBP-418 in limb girdle muscular dystrophy. Sounds like you guys have made a lot of progress here on the field team, the neuro neuromuscular field team being hired, trained, deployed. Can you walk us through what the near term focus here to be ready on your launch readiness? And then how you're going about identifying more patients heading into PDUFA to go beyond that, I think, 500 patients you talked about being identified today? Thanks so much.

Chinmay Shukla: Yeah. Thanks, Anupam. We're gonna pass on Christine to talk about the BBP-418 launch.

Christine Siu: Hi, Anupam. Just as a reminder, this is a opportunity where we think it's a $1 billion peak sales opportunity. We think there's 7,000 patients in The US and EU with 2,000 to 3,000 in The US. In The US, in terms of launch readiness, we do benefit from having a concentrated prescriber base with the majority of patients treated at about 150 MDA centers. So as we mentioned, we do have a dedicated sales force that's been fully hired if trained in the field now. Really focused on disease awareness and site profiling before the launch. Our MSLs are also fully trained. They've been in the field for over a month.

They're also focused on disease awareness and increasing the awareness of genetic testing. And that's been key for driving increasing patient ID and genetic testing. On the patient side of things, we have identified over 500 patients who are genetically confirmed. That's actually grown over the course of the year, and we would expect it to actually continue growing. We have seen that genetic testing rates have also increased over the past 9 months, and that is a that is key to increasing the number patients that are identified, including the fact that we now have dedicated sales force as well as MSLs in the field driving awareness.

There's also a new dedicated ICD-10 code specific for LGMD2I/R9, that's also gonna help with tracking patients and just greater visibility as we commercialize BBP-418. On payer side of things, this is an area of strength for this launch where we can really maximize access and price. The market research with payers has been consistently positive. They've been quite receptive to the strength of our data and the unmet need on the patient side. They view the closest price analog as the exon skipping D and D drug. As a comparable patient population for them. And I guess the ones having here they even acknowledge that we have much stronger data because we actually have the function data.

It's not the base of biomarkers. And so that's an area of strength for us to launch.

Operator: We'll go next to John Boyle at William Blair.

John Boyle: Congrats on the strong quarter, and thanks for taking our question. So I wanted to ask on encaleret. Now that you have priority review, the MAA is submitted and diagnoses are increasing with each month with the ICD-10 code, Wondering if you could walk us through the launch setup into the May 2027 PDUFA date. And as a follow-up with RECLAIM-HP Now screening, hoping you could walk us through how you view the size of that opportunity. And how you're viewing it as the next leg of growth for the franchise. Thanks.

Chinmay Shukla: Thanks, John. Really appreciate your question. Gonna pass on to Ananth to talk about encaleret.

Ananth Sridhar: Sure. John, thanks for the great question.

On the on the setup in advance of our PDUFA date for encaleret in ADH1, As we shared today, we see about over 2,200 patients uniquely coded under the dedicated ICD-10 code, which is E20.810 for autosomal dominant hypocalcemia What we see is about 70 patients per month have been diagnosed and coded according to that code in the claims databases, it's suggestive of what we would have anticipated, which is the availability of promising and positive clinical data driving awareness and suspicion, to test for ADH1 in the clinic, And between now and PDUFA, as one way expect, we're investing further in raising disease state awareness and have our medical team meeting with institutions and providers amplifying disease state awareness efforts, and growing familiarity with our evidence.

And between now and PDUFA as well, we will continue to engage with our payer audience to date. The quite positive. The anticipation for a new in first modality directly targeted to treat ADH1 has been quite well received among the payer audience, we anticipate constructive dialogue as we approach people more closely. And then to your second question regarding reclaim, it's a really exciting update today as we shared that screening activities have started for that Phase 3 study. We anticipate to deliver top line results from that study in about 18 months or so.

And it might be a great opportunity for us to grow the clinical utility of encaleret into the broader chronic hypoparathyroid population we see around 200,000 individuals in The US and Europe be afflicted with chronic hypoparathyroidism If we're successful in this indication, we see another blockbuster opportunity for us to grow into.

Operator: We'll move to our next question from Derek Archila at Wells Fargo.

Derek Archila: Hey, good afternoon. Thanks for taking the questions. Just a quick one. So know in the past, you had mentioned like 30% to 40% peak share for Attruby assumed a four-player market with combo use expanding. So I guess, how does the failure of CARDIO-TTRansform raise that ceiling? And just curious if you plan to update that assumption anytime soon.

Chinmay Shukla: Yeah. Thank you for the question. We're conducting research, and I think that we'll probably keep it off more after the CARDIO-TTRansform results come out more fully at ESC. And so at that point, we can more formally talk about what we expect to feature. I think as Neil mentioned in his prepared remarks, we do think that the case for combo therapy scientifically is quite dead now, and so I think that does benefit and I think the stabilizer shows the main front line as we just got. So we expect those things to be positive, but we don't have new market research to share at this point. It would be a bit preliminary to do it before.

The medical conference has happened and physicians have a chance today to solve it. Really appreciate your question.

Operator: Our next question comes from Luca Issi at RBC.

Luca Issi: Great. Congrats on the progress. Maybe on achondroplasia, you know, obviously, BioMarin last week mentioned that 100 patients have switched from Voxzogo to YUVIWEL or less than 10% of all the Voxzogo patients. You know, they're obviously arguing that 10% such a low number to suggest that the market is very sticky and the patients are loyal to Voxzogo and know, so just kinda wondering what's your comment on that? What's your view on that number as we kinda think about the launch of infigratinib potentially next year? Thanks so much.

Chinmay Shukla: Thanks, Luca. Appreciate the question. I'm gonna pass on to Justin talk about the infigratinib program.

Justin To: Yeah. No. Thanks so much for the question. I think we've been really pleased by what we've heard the last few weeks from both BioMarin and Ascendis. I think there's a lot of favorable tailwinds for our upcoming launch. Now on the side of things, they continue to increase the treatment rate and build the market globally, really enlarging the pie for everyone. Across all markets. You know, because it's easier to get a get a switch than to get a patient who's never been on treatment before. Mean, that's been really great to see if they're launching a change already there. Now based on the recent Ascendis numbers, it really validates two of our key assumptions for launch.

The first is that there's really not that much brand stickiness. Space. Families want their kids to switch the notion of being an option. And when we're on the market, not only will we have the notion of being an option, but by far the most efficacious. And so Ascendis having a strong launch here is good for us. If families and HCPs think about which think about new options. And ever since Ascendis's approval, we've noticed a huge uptick in outreach of ACT. Now the second key assumption that Ascendis's launch validates is that having a more convenient option will help expand the market Now I think that is being a good chunk of their treatment. I use scripts.

From families who never won Voxzogo really. You kinda do some of the math based on that it's Mars. And we know from multiple analogs, from prior launches that the availability of the first oral tends to expand the market by two or three times. So we think in totality, some of the numbers we're seeing from BioMarin and Ascendis in their remarks is gonna be for our launch.

Operator: Next, we'll go to Jason Zemansky at Bank of America.

Jason Zemansky: Good afternoon. Congrats on the nice quarter, and thanks for squeezing us in. BEYONTTRA royalties just reached $15 million for the quarter. It looks like they're starting to scale quickly. So as encaleret, BBP-418, and now infigratinib have moved toward their respective European decisions, How are you weighing potential partnership structures like the BEYONTTRA agreement? Versus commercializing independently, ex US? And mean, is there anything you can extrapolate from your experiences about maximizing value abroad? Thanks.

Chinmay Shukla: Hey, Jason. It's it's great from to hear from you, and thank you for the question. Our framework for any partnership decision always remains We want to do what is going to be best for patients and shareholders alike. We want to put the asset in the hands of the person that is the best owner. I think that we think for these next three launches, we feel very confident about being able to commercialize them globally on our own. I think we've learned a lot from the Attruby launch. And I think we're excited to grow our footprint internationally. Because I think actually serving those countries and KOLs is going to help us improve our development engine too.

So that's how we are thinking about it. Obviously, with the fact that we have both $1.7 billion of cash on our balance sheet, we're very well capitalized. To fund those launches, and I think that the footprint is also going to be light as we've discussed before. So I think that's how we are thinking about it today, but, you know, we're always open to suggestions and ideas, and all we always evaluate is what is best for our shareholders and patients that we wish to serve.

Neil Kumar: Well, also, as a important to your control price? Globally. In an MFN world. So that's what we intend to do.

Operator: And next, we'll move to Danielle Brill at Truist Securities.

Danielle Brill Bongero: Hi, guys. Good afternoon. Thanks for the question, and congrats on the really strong execution this quarter. So it looks like operating loss improved roughly 20% year over year. Despite the added investment required to support potentially three new launches over the next 12 months, So as Attruby continues to scale and the portfolio transitions to a multiproduct commercial business, how should investors think about incremental margins and operating leverage from here? What are the key milestones that ultimately drive Bridge to profitability and sustainable cash flow generation. Thank you.

Thomas Trimarchi: Hey, Danielle. Thanks for the question. So I would say with another quarter behind us, we are increasingly confident in the evolution of the p and l toward a point where we'll start to see breakeven profitability and, ultimately, cash generation in the in the relative near term. Just to give you a sense for how we think of this. So we look year on year, we're seeing an improvement on the operating line, which has been pretty consistent year on year for the last few quarters. On quarter, though, we're we're pretty much stable. We expect to be stable on the operating lines for the several quarters before that starts to improve again.

The end of the year into next year. To break this down a bit further, you've got two pieces really driving this. One is Attruby, which is in, basically, I would say, margin expansion mode where OpEx is relatively stable, but we're seeing, obviously, sales growth continue to improve the margin. That's pretty much offsetting the investment we're making into the upcoming launches. So we're scaling up all the activities around field medical marketing as well as expensing precommercial inventory right now. So as we get to toward steady state on those activities toward the end of next year, we'll start to see, again, a trend toward improving the operating line.

Ultimate breakeven on a on the on the horizon as we look into 2027.

Operator: And that concludes our Q&A session. I will now turn the call back over to Chinmay for closing remarks.

Chinmay Shukla: Thank you, everyone, for joining us. For our second quarter earnings call today. We appreciate your interest, and we look forward to seeing many of you at our commercial day in New York on October 8. Where we will go deeper on commercial readiness and launch strategy across our three upcoming launches. Thank you.

Operator: And this concludes today's conference call. Thank you for your participation. You may now disconnect.