BridgeBio Pharma, Inc. Q3 FY2025 earnings call

Key Points

• Strong commercial execution of Attruby with 5,259 unique patient prescriptions to 1,355 unique HCPs and $108.1 million in net product sales in Q3.
• Positive Phase III results for BBP-418 in limb-girdle muscular dystrophy type 2i and encaleret in autosomal dominant hypocalcemia type 1, both exceeding expectations across primary and secondary endpoints.
• Update on pipeline including expected Phase III readout of infigratinib in early 2026.
• Decentralized hub-and-spoke model and focus on targeting well-described genetic diseases at their source as key to the company's R&D success.
• Continued investment in Attruby brand awareness and late-stage clinical programs, with a strong cash position of $645.9 million in cash, cash equivalents, and marketable securities at the end of Q3.

Total revenues in 3Q 2025 were $120.7 million. This included $108.1 million of Attruby net product revenue, $4.3 million of royalty revenue, and $8.3 million of license and services revenue. The $118 million increase in total revenues was primarily due to a $108.1 million increase in net product revenue from Attruby, driven by strong growth across all market segments. Royalty revenue of $4.3 million came from ex-U.S. net sales of Beyonttra in Europe and Japan.

Forward-Looking Statements

• Expect to read out infigratinib in achondroplasia in early 2026.
• Confidence in achieving 30-plus percent market share by volume in the years to come for Attruby.
• Anticipation of future growth from expansion programs in hypochondroplasia and chronic hypoparathyroidism, as well as potential growth from sister company GondolaBio's pipeline.

Risks Discussed

• Competition in the rare disease market, including potential actions from competitors like matching market access programs.
• Uncertainties related to market adoption and pricing of new pipeline products, such as encaleret and BBP-418.
• Challenges in identifying and accessing patients for new therapies, including potential low rates of genetic testing in the community for conditions like autosomal dominant hypocalcemia type 1.

Q: Possible to comment on the percentage of new patient share and if it remains the primary focus for growth?

A: Neil Kumar mentioned naive share is well in the 20s now, with double-digit growth in overall script quarter-on-quarter number, and focus on capturing new patients as peak steady-state share is driven by new patient capture multiplied by market growth and divided by dropout rate.

Q: Could you elaborate on the ATTR cardiomyopathy diagnosis rates and thoughts on Pfizer matching the 28-day free trial with VYNDAMAX?

A: Neil Kumar said diagnosis rates have been robust and continue to increase, expecting them to get closer to the 250,000 target in the U.S. Regarding Pfizer's 28-day free trial, he sees it as a positive, welcoming competition and emphasizing the importance of an even playing field for efficacy data to speak.

Q: What are the most important differentiating elements for infigratinib in achondroplasia?

A: Neil Kumar stated infigratinib is more efficacious, safer, and more convenient with an oral route of administration, demonstrating superior efficacy in preclinical and Phase II data, and expected to provide broader impact for the community compared to current injectable products.

Q: Can you provide any more detail on the serious treatment-related adverse events observed with encaleret?

A: Neil Kumar explained that serious treatment-related adverse events with encaleret were mild, involving mild hypercalcemia with no discontinuation, and the drug was safer than standard of care with less discontinuations, driving high normalization rates.