- Atruby Revenue Growth: 35% quarter-over-quarter net product revenue growth in Q4 2025, reaching $146 million, with $362.4 million annual total.
- Phase 3 Program Success: Positive top-line results for 3 late-stage assets (Encalarec NADH1 BBP-418, infigratinib, and infigratinib for achondroplasia), including 2.1 cm/year AHV improvement in infigratinib.
- Cash Position & Burn: $587.5 million cash reserves as of year-end 2025, with cash burn declining Q4 2025 and projected stability through 2026.
- Future Profitability: Four post-Phase 3 assets expected to generate >$600 million in profit by 2028, with cash generation starting late 2027.
- ATTR Cardiomyopathy Momentum: 7,804 new patient starts in Q4 2025, with 1,856 unique prescribers, driven by Atruvio’s near-complete TTR stabilizer differentiation.
Revenue Growth and Cash Position
The company's total revenues for the fourth quarter were $154.2 million, consisting of $146 million of Atruvio net product revenue, $5.3 million of royalty revenue, and $2.9 million of license and service revenue. The cash position is further bolstered by the issuance of $632.5 million aggregate principal amount of 2033 convertible notes in January 2026, providing significant cash runway to support the transition into a diversified late-stage multiproduct business.
Valuation Metrics
Looking at the valuation metrics, the company's P/S Ratio stands at 36.33, indicating a relatively high revenue multiple. The EV/EBITDA ratio is -21.66, suggesting that the company's enterprise value is not justified by its current EBITDA. The ROE is 38.94%, indicating a relatively strong return on equity. The Net Debt / EBITDA ratio is 0.96, suggesting a manageable debt burden.
Commercial Momentum and Pipeline
Atruvio continues to show consistent growth, driven by its differentiated profile as the only near-complete stabilizer on the market. The company attributes this success to its field team, strong data, and discipline in focusing on what's important for patients and HCPs. As Matt Outten stated, "Atruvio is accelerating growth at a significantly faster rate versus previous quarters, while the competition lags behind." The company's pipeline is also progressing well, with positive top-line Phase 3 results for Encalarec NADH1 BBP-418 in LGMD2I and positive top-line data for infigratinib in achondroplasia.
Future Prospects
The company's focus continues to be making sure the drug products registered successful Phase 3s are approved and launched correctly. With a strong commercial momentum and a promising pipeline, BridgeBio Pharma is well-positioned for future growth. The company's guidance on cash burn and expected increases in Etrubee revenue provide a positive outlook for the company's financials.