What happened
BioCryst Pharmaceuticals (BCRX -3.88%) attracted the wrong kind of attention Wednesday with its latest quarterly results. By the end of the trading session, the stock had fallen by nearly 6%.
So what
For the fourth quarter, BioCryst brought in net revenue of $47.2 million, nearly 12 times the $4.0 million it booked in the prior-year period. What made the difference was Orladeyo, a drug targeting hereditary angioedema (HAE) that was approved in December 2020. Orladeyo was responsible for $46.2 million of the company's net revenue last quarter.
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But on the bottom line, BioCryst's non-GAAP (adjusted) net loss was $73.6 million, or $0.40 per share. That was deeper than its nearly $60.5 million loss in the year-ago period.
Despite the powerful impact of Orladeyo's sales on the company's financials, analysts were expecting better. According to data compiled by Yahoo! Finance, analysts' consensus top-line estimate for Q4 was $50.8 million, and they were anticipating only a $0.30 per share net loss.
Now what
BioCryst management nonetheless sounded upbeat and offered positive notes about the future, particularly as regards Orladeyo. The company described new patient demand for the treatment as "strong and consistent," and added that these recipients "are well-controlled on Orladeyo and remain on therapy."
Based on this, BioCryst believes sales of the drug will rise to at least $250 million this year. However, it also anticipates that expenses will balloon to somewhere in the range of $440 million to $480 million, up from 2021's tally of just under $335 million.
