BioCryst Raises 2026 Revenue Outlook After CareMed Shift

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter total revenue was $180.3 million as ORLADEYO net revenue reached $174.8 million and the company lifted full-year total revenue guidance to $715 million to $730 million.

BioCryst Pharmaceuticals, Inc. (BCRX) reported third-quarter total revenue of $180.3 million, up 13% from a year earlier and 24% on a comparable basis excluding European revenue, as the company completed its shift to CareMed as sole-source specialty pharmacy for ORLADEYO shipments.

ORLADEYO net revenue was $174.8 million, compared with $159.1 million in the year-ago quarter. License and other revenues were $5.5 million. The company said growth benefited from the CareMed transition and an initial ORLADEYO inventory build, and that it expects that inventory level to remain relatively stable. ORLADEYO revenue excluding European revenue grew year-over-year when removing the effect of the initial inventory build.

GAAP operating profit was $53.3 million, compared with $29.6 million a year earlier. Non-GAAP operating profit was $86.5 million, versus $50.8 million. Net income was $37.9 million, or $0.14 a share on a diluted basis, compared with $12.9 million, or $0.06 a share, a year earlier. Non-GAAP net income was $71.1 million.

GAAP research and development expense was $58.2 million, including $6.3 million of cash and $9.3 million of non-cash restructuring tied to the Birmingham site closure. R&D excluding stock-based compensation was $52.4 million. Non-GAAP R&D was $37.1 million, compared with $38.0 million a year earlier; the company said costs rose with the navenibart pivotal program while expenses related to BCX17725 and terminated Birmingham-related programs fell. Sales and marketing excluding stock-based compensation was $37.7 million on a GAAP basis and $36.0 million on a non-GAAP basis, with the company citing specialty-pharmacy transition fees. General and administrative excluding stock-based compensation was $21.0 million on a GAAP basis and $19.1 million on a non-GAAP basis.

Cash, cash equivalents, restricted cash and investments totaled $376.4 million on September 30, 2026, after positive cash flow in the quarter.

The company maintained full-year 2026 ORLADEYO revenue guidance of $625 million to $645 million. It raised full-year total revenue guidance, including RAPIVAB and licensing of navenibart European rights, to $715 million to $730 million from $690 million to $715 million, citing higher navenibart licensing revenue and higher RAPIVAB orders from international partners. It improved full-year non-GAAP operating expense guidance, excluding stock-based compensation, restructuring and transaction-related costs, to $415 million to $425 million from $420 million to $440 million, citing progress on the Birmingham closure.

In August the company launched ORLADEYO oral pellets for patients with hereditary angioedema aged 2 to under 12 and said early reimbursement was strong and new prescriptions continued to be filled ahead of its expectations. In October the FDA approved the 150 mg oral pellet formulation for patients aged 12 and older. CareMed began operations as the sole-source specialty pharmacy partner in August.

Birmingham site closure activities are expected to be substantially complete by year-end, with about $10 million of cash costs and $30 million to $35 million of annualized savings once fully realized, not including additional savings from other program-related expenses. The company discontinued STAR-0310, the atopic dermatitis program acquired with Astria, to focus on rare diseases.

Navenibart ALPHA-ORBIT remains on track to report top-line six- and twelve-month results in the third quarter of 2027. BCX17725 Phase 1 Part 4 is enrolled, with initial Netherton syndrome data expected by the end of 2026.