BridgeBio Revenue Nearly Triples as Attruby Sales Accelerate
BridgeBio Pharma's total revenue climbed to $243.7 million in the second quarter, up 120% from a year earlier as its heart-drug Attruby scaled toward blockbuster volumes.
BridgeBio Pharma (BBIO), the biotechnology company developing treatments for genetic diseases, reported second-quarter revenue of $243.7 million, up from $194.5 million in the first quarter and more than double the $110.6 million recorded a year earlier.
The growth was driven almost entirely by Attruby, BridgeBio's treatment for transthyretin amyloid cardiomyopathy. U.S. net product revenue from the drug rose to $222.4 million from $180.6 million in the prior quarter and from $71.5 million in the second quarter of 2024, a 211% increase, with gains in the treatment-naive patient segment. Royalty revenue from BEYONTTRA, the drug's counterpart sold in the European Union and Japan, added $15.4 million, up from $1.6 million a year earlier. License and services revenue fell to $5.8 million from $37.4 million, a decline tied to a $30.0 million regulatory milestone recognized in the year-earlier quarter that did not repeat.
Operating costs rose alongside the commercial ramp. Total operating costs and expenses climbed to $350.8 million from $244.8 million a year earlier, an increase of $106.0 million driven by a $57.1 million rise in selling, general and administrative spending tied to commercialization and pre-launch investment, a $38.2 million increase in research and development, and an $11.4 million rise in cost of revenues that tracked higher Attruby sales volume. Even so, the net loss attributable to common stockholders narrowed to $152.2 million, or $0.78 a share, from $181.9 million, or $0.95 a share, a year earlier, as revenue growth outpaced the increase in expenses.
Cash, cash equivalents and marketable securities stood at $720.2 million as of June 30, down from $940.2 million at the end of the first quarter, though still up from $587.5 million at the end of 2024. The sequential decline came before a $1 billion preferred equity financing led by Sixth Street, with participation from HealthCare Royalty and KKR, closed on July 1 at a conversion price of roughly $137.79 a share — proceeds not yet reflected in the second-quarter balance sheet.
BridgeBio also repurchased $210.0 million of common stock in the first half of the year, up from $48.3 million in the same period of 2024, though the $500 million buyback program authorized earlier in the year was not featured among the headline disclosures in the latest release. The company added new debt in the period as well, issuing 2033 notes with a net carrying value of $620.1 million, a financing source that had no counterpart in the first half of 2024, when BridgeBio issued 2031 notes and fully repaid its term loans. Accounts receivable nearly doubled to $254.5 million from $139.4 million at the end of 2024, and inventories nearly doubled to $52.8 million from $26.8 million, both consistent with the scale-up in Attruby sales volume.
The quarter also marked a shift in BridgeBio's regulatory pipeline. As of the first quarter, only BBP-418 had an NDA submitted to the Food and Drug Administration, with applications for encaleret and infigratinib still planned. By the end of the second quarter, all three had been submitted, and BBP-418 and encaleret were both granted Priority Review, with PDUFA dates set for November 27, 2026 and May 8, 2027, respectively — the company's first PDUFA dates of this development cycle.
Other expense, net was roughly flat at $48.8 million compared with $47.4 million a year earlier, as a $15.3 million increase in noncash interest expense on deferred royalty obligations was partly offset by a $13.8 million improvement in equity-method investment losses.