What happened
Shares of BioCryst (BCRX -3.88%), a biopharmaceutical company, are falling after the company reported third-quarter earnings results. A drop in top-line revenue and softer-than-expected guidance aren't sitting well with investors, who have driven the stock 16.5% lower as of 11:50 a.m. on Wednesday.
So what
This morning, BioCryst Pharmaceuticals reported $41 million in total revenue during the third quarter. That was around 18% less than the company reported during the second quarter. A large one-time payment from a collaboration partner recorded in the second quarter was the reason revenue sagged.
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The FDA approved BioCryst's first drug, Orladeyo, for patients with hereditary angioedema last December. Independent new drug launches have a terrible tendency to miss expectations, so the stock market is extra jumpy about revenue figures right now.
Now what
While the topline numbers weren't amazing, the launch is proceeding as well as can be expected for a newly formed sales team. Third-quarter sales of Orladeyo came in 17% higher than the previous quarter at $39.1 million. New patient starts were in line with the previous quarter, and many of those patients are switching from the standard drug, Takhzyro from Takeda (TAK -1.12%).
We can tell Orladeyo's launch is humming along nicely because the competitor is losing ground. During the three-month period ended September, U.S. sales of Takhzyro fell 2.2% year over year.
Takhzyro sales in the U.S came in at an annualized $592 million, so we also know there's still plenty of room for Orladeyo sales to climb. This year, Biocryst expects Orladeyo sales to land in a range between $115 million and $120 million.
