BioCryst Pharmaceuticals, Inc. (BCRX) | Investment Case

1. Company Snapshot

1.a. Company Description

BioCryst Pharmaceuticals, Inc., a biotechnology company, discovers novel, oral, and small-molecule medicines.The company markets peramivir injection, an intravenous neuraminidase inhibitor for the treatment of acute uncomplicated influenza under the RAPIVAB, RAPIACTA, and PERAMIFLU names; and ORLADEYO, an oral serine protease inhibitor to treat hereditary angioedema.It is also developing BCX9930, an oral factor D inhibitor, which is in Phase II clinical trial for complement-mediated diseases; BCX9250, an oral activin receptor-like kinase-2 inhibitor that is in Phase I clinical trial to treat fibrodysplasia ossificans progressiva; and Galidesivir, a RNA dependent-RNA polymerase inhibitor, which is in Phase I clinical trial to treat various RNA viruses, including Marburg, Yellow Fever, Ebola, and Zika.

The company has collaborations and in-license relationships with the Torii Pharmaceutical Co., Ltd.; Seqirus UK Limited; Shionogi & Co., Ltd.; Green Cross Corporation; Mundipharma International Holdings Limited; National Institute of Allergy and Infectious Diseases; Biomedical Advanced Research and Development Authority; the U.S. Department of Health and Human Services; and The University of Alabama at Birmingham, as well as Albert Einstein College of Medicine of Yeshiva University and Industrial Research, Ltd.BioCryst Pharmaceuticals, Inc.was founded in 1986 and is headquartered in Durham, North Carolina.

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1.b. Last Insights on BCRX

BioCryst Pharmaceuticals' recent performance was driven by strong Q3 2025 earnings, with ORLADEYO net revenue growing 37% year-over-year to $159.1 million. The company's non-GAAP operating profit margin improved significantly, driven by operating leverage. Additionally, BioCryst raised its FY 2025 ORLADEYO revenue guidance to $590-600 million and lowered its non-GAAP operating expense guidance. A definitive agreement to acquire Astria Therapeutics was also announced, expected to close in Q1 2026. The company also completed the sale of its European ORLADEYO business, using proceeds to retire debt.

1.c. Company Highlights

Last Price	6.66
Change Percentage	0.38%
Open	6.62
Previous Close	6.63
Market Cap ( Millions)	1402
Volume	2852277
Year High	11.31
Year Low	6
M A 50	7.24
M A 200	8.22

FCF Yield	3.38%
Dividend Yield	0.00%
ROE	2.02%
Debt / Equity	-176.11%
Net Debt / EBIDTA	714.21%
Price To Book	-3.61
Price Earnings Ratio	-159.33
Price To FCF	29.62
Price To sales	2.34
EV / EBITDA	23.86

2. BioCryst's Q3 2025 Earnings: A Strong Performance

BioCryst reported a robust third quarter of 2025, with ORLADEYO revenue reaching $159.1 million, representing a 37% year-over-year growth, driven primarily by $141.6 million in U.S. sales. The company's non-GAAP operating profit surged 107% year-over-year to $51.7 million, resulting in non-GAAP net income of $35.6 million and non-GAAP EPS of $0.17 per share, slightly above the actual EPS of $0.06 reported, which was near the estimated $0.07. The company finished the quarter with $269 million in cash and paid off its Pharmakon debt of approximately $200 million after closing the sale of its European business.

Publication Date: Nov -30

                                    📋 Highlights
                                    ORLADEYO Revenue Surge:
                                                Q3 revenue reached $159.1 million (+37% YoY), driven by $141.6 million in U.S. sales.
Non-GAAP Profitability Leap:
                                                Operating profit hit $51.7 million (+107% YoY), with net income of $35.6 million and EPS of $0.17.
Debt Payoff & Cash Reserves:
                                                $200 million Pharmakon debt settled, leaving $269 million in cash post-European business sale.
Pipeline Expansion:
                                                Acquisition of Astria Therapeutics adds navenibart, projected to drive double-digit HAE revenue growth through 2030s.
Long-Term Revenue Outlook:
                                                Market simulation forecasts $1 billion peak revenue by 2029, supported by ORLADEYO’s 60% patient retention and pediatric approval in December.

                                

Pipeline Progress and Strategic Developments

The company is making significant strides with its pipeline, including BCX17725, a novel investigational KLK5 inhibitor for Netherton syndrome, with early data expected in a small number of patients later in Q1 next year. Moreover, the proposed acquisition of Astria Therapeutics is expected to close in Q1 next year, adding a late-stage asset, navenibart, to BioCryst's portfolio. As stated by the company, "I'm excited and confident that the team will continue to deliver innovative treatments for patients with rare diseases, creating real value," reinforcing the potential of these developments.

ORLADEYO Performance and Future Prospects

ORLADEYO continues to be the most differentiated prophylaxis therapy for patients with HAE, with a growing prescriber base. The company is enthusiastic about the prospect of adding navenibart to its portfolio, expecting it to drive double-digit HAE revenue growth well into the 2030s. BioCryst's market simulation predicts $1 billion in peak revenue for BioCryst in 2029. The pediatric approval expected in mid-December will open up new opportunities, with around 500 patients diagnosed with HAE under age 12.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 7.5%. With a P/S Ratio of 2.52 and an EV/EBITDA of 26.58, the market seems to be pricing in a certain level of growth. The ROE of 1.93% and ROIC of 31.57% indicate a relatively efficient use of capital. However, the Net Debt / EBITDA ratio of 8.0 raises some concerns about the company's leverage. Overall, BioCryst's strong Q3 performance and promising pipeline developments position the company for continued growth and profitability.

3. NewsRoom

BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) Receives Average Recommendation of “Moderate Buy” from Analysts

Feb -02

Source: defenseworld.net

BioCryst Completes Acquisition of Astria Therapeutics, Expanding Leadership in Hereditary Angioedema

Jan -23

Source: globenewswire.com

Analyzing BioCryst Pharmaceuticals (NASDAQ:BCRX) and Prelude Therapeutics (NASDAQ:PRLD)

Jan -22

Source: defenseworld.net

Campbell & CO Investment Adviser LLC Decreases Position in BioCryst Pharmaceuticals, Inc. $BCRX

Jan -20

Source: defenseworld.net

BioCryst Pharmaceuticals Touts ORLADEYO Momentum, Astria Deal and 2026 Outlook at JPM Conference

Jan -13

Source: defenseworld.net

BioCryst Pharmaceuticals, Inc. (BCRX) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript

Jan -12

Source: seekingalpha.com

BioCryst Announces Preliminary Full Year 2025 ORLADEYO® (berotralstat) Net Revenue of $601 Million (+37 percent y-o-y), Beating Prior Guidance Range

Jan -12

Source: globenewswire.com

Synchronoss Technologies Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Synchronoss Technologies, Inc. - SNCR

Jan -07

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Oral Small Molecule and Protein Therapeutics

Expected Growth: 9.27%

BioCryst Pharmaceuticals' Oral Small Molecule and Protein Therapeutics segment growth is driven by increasing demand for convenient, orally administered treatments, advancements in protein therapeutics, and the company's strong pipeline of novel compounds. Additionally, growing prevalence of diseases such as hereditary angioedema and increasing adoption of oral therapies over injectables contribute to the 9.27% growth.

7. Detailed Products

Rapivab

Rapivab is an antiviral medication used to treat and prevent influenza (flu) in adults and children.

BCX9930

BCX9930 is an oral, small molecule factor D inhibitor being developed for the treatment of complement-mediated diseases.

BCX9250

BCX9250 is an oral, small molecule inhibitor of plasma kallikrein being developed for the treatment of hereditary angioedema (HAE).

BCX7353

BCX7353 is an oral, small molecule inhibitor of plasma kallikrein being developed for the prevention of hereditary angioedema (HAE) attacks.

8. BioCryst Pharmaceuticals, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

BioCryst Pharmaceuticals, Inc. operates in a highly competitive industry, but the threat of substitutes is mitigated by the company's focus on developing novel oral serine protease inhibitors for the treatment of hereditary angioedema.

Bargaining Power Of Customers

BioCryst Pharmaceuticals, Inc. has a diverse customer base, including pharmaceutical companies and research institutions, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

BioCryst Pharmaceuticals, Inc. relies on a limited number of suppliers for raw materials and services, which gives them some bargaining power, but the company's strong relationships with suppliers mitigate this risk.

Threat Of New Entrants

The biotechnology industry is highly competitive, and new entrants can easily disrupt the market with innovative products and services, posing a significant threat to BioCryst Pharmaceuticals, Inc.'s market share.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players and new entrants vying for market share, leading to a high intensity of rivalry that BioCryst Pharmaceuticals, Inc. must navigate.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	219.26%
Debt Cost	12.74%
Equity Weight	-119.26%
Equity Cost	13.75%
WACC	11.53%
Leverage	-183.85%

11. Quality Control: BioCryst Pharmaceuticals, Inc. passed 5 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

BioCryst Pharmaceuticals

A-Score: 4.9/10

Value: 7.0

Growth: 7.2

Quality: 6.0

Yield: 0.0

Momentum: 5.0

Volatility: 4.0

1-Year Total Return ->

Arbutus Biopharma

A-Score: 4.6/10

Value: 6.0

Growth: 4.0

Quality: 4.1

Yield: 0.0

Momentum: 9.0

Volatility: 4.7

1-Year Total Return ->

Ocular Therapeutix

A-Score: 4.3/10

Value: 6.2

Growth: 5.0

Quality: 4.4

Yield: 0.0

Momentum: 8.5

Volatility: 2.0

1-Year Total Return ->

Poseida Therapeutics

A-Score: 4.1/10

Value: 4.5

Growth: 4.8

Quality: 4.7

Yield: 0.0

Momentum: 7.0

Volatility: 3.3

1-Year Total Return ->

EyePoint Pharmaceuticals

A-Score: 4.0/10

Value: 6.2

Growth: 2.2

Quality: 4.9

Yield: 0.0

Momentum: 9.5

Volatility: 1.3

1-Year Total Return ->

Lipocine

A-Score: 3.8/10

Value: 7.7

Growth: 6.8

Quality: 2.7

Yield: 0.0

Momentum: 3.0

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

86.49%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

11.53%

BioCryst Pharmaceuticals, Inc. - US09058V1035

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BCRX

1.c. Company Highlights

Better Quality

Weak Momentum

Average Growth

Earnings Beats

Revenues Beats

Average Quality

Fairly Valued

Average Yield

Stable Momentum

Revenues Miss

Strong Momentum

Earnings Miss

Higher Growth

Medium Volatility

2. BioCryst's Q3 2025 Earnings: A Strong Performance

Pipeline Progress and Strategic Developments

ORLADEYO Performance and Future Prospects

Valuation and Growth Prospects

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Oral Small Molecule and Protein Therapeutics

Expected Growth: 9.27%

7. Detailed Products

Rapivab

BCX9930

BCX9250

BCX7353

8. BioCryst Pharmaceuticals, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: BioCryst Pharmaceuticals, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.65$

Current Price

6.66$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA