For the most part, U.S. stocks had a good Monday, with the bellwether S&P 500 index confidently marching more than 1% higher. But BioCryst Pharmaceuticals (BCRX -2.94%) and its investors had a really good day, as the company delivered a first quarter that convincingly beat analyst estimates.

The market rewarded this performance by pushing BioCryst's share price more than 18% higher on the day.

A double beat in the opening quarter of 2024

BioCryst showed some solid growth numbers in that earnings report. For the quarter, it earned just under $93 million in total revenue, which was nearly 35% higher on a year-over-year basis. In terms of debits from the profit and loss statement, the pharmaceutical company managed to shave its all-important research and development expenses by almost $2 million thanks to discontinuations and out-licensing activities with several pipeline drugs.

As for the bottom line, BioCryst did a good job of narrowing its net loss. On both a generally accepted accounting principles (GAAP) and non-GAAP (adjusted) basis, this was a much slimmer $35 million ($0.17) per share compared to first quarter 2023's more than $53 million shortfall.

Those headline figures both convincingly beat the analyst consensus. On average, pundits following the stock were modeling just under $86 million on the top line, and a steeper $0.21 per share for net loss.

Nearly all of BioCryst's revenue comprises sales of Orladeyo, which treats the swelling disorder hereditary angioedema. The company said in its earnings release that it is seeing strong patient demand for the drug; adding to this, it anticipates advancing several of its investigational drugs into clinical testing.

Orladeyo should continue to lead the way

BioCryst also adjusted its guidance for the entirety of 2024. On the back of that demand, it's now expecting Orladeyo sales to come in at $390 million to $400 million. It added without elaboration that it will achieve an operating profit this year, and "be approaching," both positive earnings per share and cash flow in the second half of 2025.