BridgeBio Pharma, Inc. Q4 FY2025 earnings call

• Clinical: Positive top-line Phase 3 results for Encalarec NADH1 BBP-418 in LGMD2I and infigratinib in achondroplasia. Atruby had strong commercial execution with 35% quarter-over-quarter growth in net product revenue, 7,804 new patient starts in Q4, and over 25% NBRx share as of 12/31/2025. For LGMD2I, a dedicated commercial team is in place and efforts are underway to expand awareness and diagnosis. For ADH1, patient finding efforts have identified over 1,700 unique patients and pre-NDA communications were supportive. - Commercial: Atruby's commercial momentum continues with accelerating first-line adoption, increasing new patient starts, expanding prescriber depth, and strong persistency and adherence. The company has a strong commercial team and is focused on future launches of pipeline products. - Financial: Total revenues increased significantly in Q4 and full year 2025 driven by Atruby's growth and royalty revenue, despite a decrease in license and service revenues.

In Q4 2025, total revenues were $154.2 million. Atruby net product revenue was $362.4 million for the full year and $146 million in Q4. Royalty revenue was $5.3 million in Q4, and license and service revenue was $2.9 million. For the full year 2025, total revenues were $502.1 million, with Atruby net product revenue contributing significantly. The company ended the year with $587.5 million in cash, cash equivalents, and marketable securities, and completed the issuance of $632.5 million aggregate principal amount of 2033 convertible notes.

• Cash burn: Expected to roughly hold steady through 2026 and start declining by end of 2027 given expected increases in Atruby revenue. Pipeline will begin to generate cash in late 2027 and be a cash generation engine by 2028, with projected profit over $600 million in 2028. - Launch readiness: Making significant investments for launch readiness against next three products. - PRVs: Three programs already have Rare Pediatric Disease designation and expect to be eligible for PRVs upon approval, with many more PRV-eligible programs expected in the Bridge ecosystem.

• IP uncertainty: Uncertainty surrounding the tafamidis IP situation, including the Pfizer withdrawal of one EU patent and ongoing U.S. proceedings. However, the company believes Atruby's clinical profile and market positioning are not dependent on tafamidis IP, and a less efficacious product would not undermine Atruby's role in ATTR cardiomyopathy.

Q: Why does Atruvio continue to show consistent growth even as competitors' growth seems to be slowing down?

A: Multifaceted, including the right field team (commercial and medical), the data showing near-complete stabilization and best time to separation, and staying disciplined focused on patients and HCPs with category-leading efficacy and safety.

Q: When will there be significant incremental real-world data, longer-term data, from acaramidis to establish clinical benefit?

A: Key pieces include early impact as early as one month, AF data with 70% reduction in downstream outcomes and 17% reduction in AF itself, and variant population data with 0.41 hazard ratio. Real-world evidence expected by end of 2025 and cardiorenal axis work ongoing.

Q: What is the timeline for launch readiness and expected field footprint in context of burn commentary and regulatory and commercial catalysts over next 12 - 18 months?

A: Will follow same rigor as Atruvio launch, launching globally. Cash burn expected to hold steady throughout most of 2026 and drop off towards end of year.

Q: What are key drivers of momentum beyond 2025 and when should investors expect new assets under pipeline?

A: Near term focus on getting approved products launched correctly and pursuing additional indications. Long term, relying on organic growth from BridgeBio activities and companies, with hope to bring in other assets when cost of capital is corrected and drugs are approved and launched.

Q: How is infigratinib thinking about competitive landscape across NP pathway therapies and other FGFR - targeted programs?

A: Infigratinib is best in class with balance of efficacy and safety. On efficacy, normalized absolute AHV to wild-type levels, had plus 2.1 centimeter per year change from baseline AHV and first statistically significant improvement in proportionality. On safety, no change in mean phosphate levels and no signs of FGFR1 or FGFR2 - associated toxicity, avoiding issues of other molecules.

Q: Views on TAF IP and why it does not matter for Atruby?

A: IP uncertainty exists, but Atruby's clinical profile and market positioning are not dependent on tafamidis IP. In Europe, base case is generic entry in 2030, but Bayer's strong treatment-naïve share shows differentiation. In U.S., IP position is stronger with higher legal threshold for invalidity. A less efficacious product would not undermine Atruby in ATTR cardiomyopathy.

Q: Expectations on priority review vouchers for non-dilutive capital?

A: Three programs have Rare Pediatric Disease designation and expect to be eligible for PRVs upon approval, with significant asset value in PRVs within portfolio and many more PRV-eligible programs expected in the Bridge ecosystem.