Research · Sep 3, 2026
[BCRX] BioCryst Thesis 2026: ORLADEYO Crosses $450M and Turns Adj. Profitable as Garadacimab Advances
BioCryst's ORLADEYO crossed ~$465M (+21%) in FY2025 and hit its first adj. operating profit (~$65M) as commercial infrastructure costs were fully absorbed. ~1,320 active patients globally (US ~880, int'l ~440) at ~$352K net annual revenue/patient. FY2026 thesis: penetration from ~25-30% toward 40% of eligible US HAE patients (8,000-10,000 diagnosed) + sequential EU country expansions + garadacimab NDA/launch preparation drives revenue toward $550-600M with adj. EPS compounding toward $1.50-2.00 as operating leverage accelerates.