BridgeBio Pharma, Inc. Q2 FY2025 earnings call

Attruby Launch

• Strong launch with 3,751 unique patient prescriptions, 1,074 unique prescribers, and over 30% weekly script growth.
• Differentiated efficacy as the only medication with near complete stabilization in the label, being the least expensive in the ATTR-CM category, and generous access programs with almost 90% of patients paying $0 out of pocket in Q2.

Pipeline Updates

• Up to 3 novel assets in late-stage trials: ADH1 Phase III (aiming for normalization of urinary and serum calcium levels), LGMD2I Phase III (first-in-class for a deleterious condition), and achondroplasia.
• Encaleret shows promise in hypoparathyroidism with 80% normalization of urine and serum calcium levels in 10 patients within 5 days.

Scientific Share of Voice

• Publishing on subpopulations like variant subtypes (59% hazard reduction in time to first event CVH or ACM), cardiac arrhythmia (43% reduction in risk of CVH associated with cardiac arrhythmia and 17% reduction in onset of AFib), and connection between serum TTR levels and better outcomes.

The key segment is Attruby. In Q2 2025, Attruby generated global sales of approximately $78 million and U.S. net sales of $71.5 million, with around 100% revenue growth. The number of unique patient prescriptions was 3,751 with 1,074 unique prescribers, and there was over 30% growth in weekly scripts.

Phase III Readouts

• Anticipation of Phase III results in ADH1 (fall 2025), LGMD2I (fall 2025), and achondroplasia (early 2026).
• Each late-stage asset represents $1 billion-plus opportunities.

Risks

• Uncertainties in clinical trial outcomes, market competition, and regulatory approvals.
• Risks related to achieving expected response rates and market penetration for late-stage assets.

Q: Congrats on the quarter. I guess one from us on the 120 patient adds. So obviously -- per week. So obviously, that's faster than the 109 patient adds if we use the April and February numbers that you guys provided. I'm just curious if you can just break that down a little bit more, what you think is driving that patient add number? And specifically, if you can, how you would envision that number changing in the third and fourth quarter this year? And also, Neil, I don't know if you can comment on this, but I think it's -- or Matt, I think it's one of the more important metrics if you can provide, just what percentage of naive coming into the marketplace do you think you got in the second quarter?

A: Thanks for the question. I'm going to pass it on to Matt to talk about the first piece and then Neil to comment about the second piece.

Q: So it seems I guess per day in the third quarter accelerated compared to the prior period while you guys face a new competitor. Can you just maybe talk about community versus academic market share for Attruby? And then maybe a question on the pipeline. What are your thoughts on infigratinib's potential market share in achon? And how are you positioning the hypochondroplasia program given the recent preclinical data?

A: I'm going to pass it on to Matt to talk about what's driving the acceleration in the launch and specifically in the treatment-naive segment, both in the COEs and in the community setting. And then I'll pass on to Justin to talk about BNP program.

Q: Congratulations on all the progress. I want to turn maybe back to the pipeline for a moment and talk about encaleret and ADH1 and the potential lateral to hypoparathyroidism. Can you maybe speak to your level of conviction as to how success in ADH1 could translate to hypoparathyroidism? And maybe a little more specifically, how you're thinking about responder rates might compare to some of the existing or clinical stage therapies with regard to use of supplements or decreasing use of supplements specifically?

A: Paul, thank you for the question. I'll pass on to Ananth to talk about this.