Companies

BioCryst Raises 2026 Revenue Outlook After Licensing Deal

The Tip Desk · August 5, 2026 · 3 min read

Total revenue guidance moved to $690 million to $715 million as ORLADEYO sales slowed to $158.2 million.

BioCryst Pharmaceuticals, Inc. (BCRX) raised its full-year 2026 total revenue outlook to $690 million to $715 million after recognizing $55.7 million from a May licensing deal for European rights to navenibart, while holding ORLADEYO guidance at $625 million to $645 million.

The rare-disease company said total revenues for the quarter ended June 30, 2026, were $218.3 million, up 34% from a year earlier and 45% on a comparable basis excluding European revenue. License and other revenues were $60.0 million. The company received $70.0 million of upfront consideration from an Irish affiliate of Neopharmed Gentili and is eligible for up to $275.0 million in future regulatory and sales milestones plus tiered royalties of 18% to 30% on net sales. The remaining license consideration is to be recognized over the next few years.

ORLADEYO net revenue was $158.2 million, up 1% year over year and 10% on a comparable basis excluding European revenue. That year-over-year rate slowed from the first quarter, when ORLADEYO net revenue was $148.3 million, up 11% year over year and 21% on the comparable basis. New patient prescriptions maintained momentum in the second quarter.

GAAP operating profit was $98.5 million, compared with $29.8 million a year earlier. Non-GAAP operating profit was $113.2 million. Net income was $78.4 million, or $0.31 a share, versus $5.1 million, or $0.02 a share, a year earlier.

Research and development expenses excluding stock-based compensation were $46.5 million, up 37% year over year. Costs of the navenibart ALPHA-ORBIT study following the January 2026 acquisition of Astria Therapeutics were the primary driver of the increase. Sales and marketing expenses excluding stock-based compensation were $33.9 million. General and administrative expenses excluding stock-based compensation were $20.8 million.

Cash, cash equivalents, restricted cash and investments totaled $354.0 million at June 30, 2026. The company generated positive cash flow in the second quarter even excluding the navenibart licensing upfront.

In June, BioCryst completed enrollment in ALPHA-ORBIT, the pivotal study of navenibart in hereditary angioedema, with top-line results from both every-three-month and every-six-month dosing still expected in the third quarter of 2027. The company also announced the discontinuation of its internal discovery programs and closure of its Birmingham facility by the end of 2026. In July, it appointed David W. Jenkins as Chief Scientific Officer.

Full-year 2026 non-GAAP operating expense guidance, excluding stock-based compensation, restructuring and transaction-related costs, was $420 million to $440 million, a range improved in June from $450 million to $470 million after those plans.

After quarter-end, BioCryst began shipping ORLADEYO oral pellets to pediatric patients the week of August 3, 2026. Forty-seven prescriptions had been written year to date, with more than half having completed prior authorization. CareMed will become the company’s sole-source specialty pharmacy for ORLADEYO shipments beginning in the third quarter of 2026.

President and Chief Executive Officer Charlie Gayer said the company remained focused on cost discipline while directing capital toward opportunities where it can have the greatest impact.

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