10-Q · August 10, 2026
BridgeBio delivered strong Q2 revenue of $243.7 million, up approximately 25% sequentially and 119% year over year, with $222.4 million from Attruby. Losses improved year over year and liquidity totaled $720.2 million,…
Earnings analysis · 10-Q
BBIO earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
BridgeBio delivered strong third-quarter momentum, with revenue of $353.2 million versus $121 million a year earlier and EPS improving to $(0.42) from $(0.95). Net loss also narrowed substantially to $60.5 million,…
Read full summary
BridgeBio delivered strong third-quarter momentum, with revenue of $353.2 million versus $121 million a year earlier and EPS improving to $(0.42) from $(0.95). Net loss also narrowed substantially to $60.5 million, while $1.5 billion of liquidity and $1.1 billion of working capital support near-term operations. However, the company remains highly leveraged, with $2.5 billion of debt, $920.1 million of deferred royalty obligations and meaningful exposure to future pricing, regulatory and supply-chain risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.42
What stood out
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Revenue growth accelerated
Third-quarter revenue was $353.2 million, up from $121 million in Q3 2025, an increase of approximately 192%. Reported EPS improved to $(0.42) from $(0.95) year over year.
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Net loss narrowed materially
Net loss narrowed to $60.5 million for Q3 2026 from $184.9 million in Q3 2025, a reduction of $124.4 million or approximately 67%.
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Strong liquidity position
The company held $1.5 billion of cash, cash equivalents and marketable securities at September 30, 2026, and reported $1.1 billion of working capital.
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Liquidity outlook remains funded
Management stated that available liquidity and expected Attruby product revenue should fund operations through at least the next 12 months from the filing date.
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Supply diversification progressing
A secondary supplier has delivered commercial drug product for Attruby and Beyonttra; the tablets are expected to enter finished-goods inventory later in 2026 after packaging is completed.
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No reported control deficiency
Disclosure controls and procedures were concluded to be effective at the reasonable assurance level as of September 30, 2026, with no material change in internal control over financial reporting during the quarter.
What to watch
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Large debt and royalty obligations
Consolidated indebtedness was $2.5 billion and deferred royalty obligations were $920.1 million as of September 30, 2026, compared with $1.5 billion of cash, cash equivalents and marketable securities. The 2027 Notes and 2031 Notes are convertible during a period beginning October 1, 2026, which could pressure liquidity if settled partly or wholly in cash.
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Attruby royalty burden may increase
The Funding Agreement currently requires royalty payments equal to 5% of global Attruby net sales, with the rate potentially increasing to 10% in 2027. The obligation terminates after payments of $950.0 million or an applicable buyout payment.
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Drug-pricing policy exposure
The GLOBE model is effective November 30, 2026, begins January 1, 2027, and will test internationally benchmarked Medicare Part B rebates through March 31, 2032. Additional rebates could reduce U.S. product revenue if exemptions do not apply.
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FDA promotional scrutiny
The company received an FDA untitled letter concerning a direct-to-consumer Attruby broadcast advertisement. The filing notes that heightened promotional scrutiny could require modification or withdrawal of promotional materials and create liability.
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Commercial supply concentration
Attruby and Beyonttra currently have one primary drug-product supplier, although an alternative supplier has been engaged. Unexpected delays in processing, packaging, release or supply remain possible before secondary-source inventory is available.
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Capital allocation and dilution risk
The company repurchased 712,165 shares in September 2026 at an average price of $66.68, leaving $325.025 million available under the repurchase program, while also maintaining an at-the-market program of up to $500.0 million that could dilute shareholders.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that cash, cash equivalents and marketable securities of $1.5 billion, together with expected Attruby revenue, should fund operations through at least the next 12 months from the filing date.
Earlier filings 4
10-Q · May 7, 2026
BridgeBio reported Q1 2026 revenues of $194.5 million, which beat estimates of $178.8 million, and net product revenue from Attruby increased significantly to $180.6 million. However, the company reported a diluted EPS…
10-K · February 24, 2026
BridgeBio’s 10‑K describes a transition to a commercial-stage portfolio anchored by Attruby (acoramidis), which generated $362.4 million in U.S. net product revenues in 2025 and drove stronger quarterly company revenue…
10-Q · August 5, 2025
BridgeBio reported Q2 revenue of $110.565M (three months ended June 30, 2025) driven by first product sales (net product revenue $71.501M) and higher license/services revenue ($37.440M), materially above Q2 2024 revenue…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.