10-Q · May 6, 2026
BioCryst Pharmaceuticals (BCRX) reported strong Q1 2026 earnings with revenue reaching $156.4 million, surpassing estimates and marking a year-over-year increase of 7.5%. EPS for the quarter was reported at 0.14,…
Earnings analysis · 10-Q
BCRX earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
BioCryst delivered a strong Q3 operating result, with revenue of $180.292 million and diluted EPS of $0.14 beating consensus by approximately 8.7% and 27.3%, respectively. ORLADEYO contributed $174.833 million, although…
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BioCryst delivered a strong Q3 operating result, with revenue of $180.292 million and diluted EPS of $0.14 beating consensus by approximately 8.7% and 27.3%, respectively. ORLADEYO contributed $174.833 million, although reported product revenue benefited from an initial specialty-pharmacy inventory build in the upper teens of millions of dollars. Management raised 2026 total revenue guidance to $715 million-$730 million and lowered non-GAAP operating expense guidance, supporting a bullish outlook, while generic litigation, $400.0 million of Blackstone debt accruing at 8.88%, and the shift away from internal discovery remain material 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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $0.14
What stood out
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Revenue beat consensus and grew year over year
Third-quarter revenue was $180.292 million, up approximately 14% from $158.7 million in Q3 2025, but down approximately 17% from $218 million in Q2 2026. Revenue exceeded consensus of $165.830 million by approximately 8.7%.
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EPS beat estimates, but declined sequentially
Diluted EPS was $0.14 versus $0.06 in Q3 2025 and $0.30 in Q2 2026, and exceeded consensus EPS of $0.11 by $0.03, or approximately 27.3%.
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ORLADEYO remained the revenue engine
ORLADEYO generated $174.833 million of quarterly revenue, representing approximately 97% of total revenue of $180.292 million and confirming continued concentration in the core product.
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Full-year revenue outlook was raised
Total 2026 revenue guidance increased to $715 million-$730 million from $690 million-$715 million, while non-GAAP operating expense guidance improved to $415 million-$425 million from $420 million-$440 million.
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Inventory build boosted reported revenue
The new specialty pharmacy’s initial inventory build contributed an amount in the upper teens of millions of dollars to Q3 2026 product revenue, which boosted reported revenue but may not represent underlying patient demand.
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Management reported effective controls
The company stated that disclosure controls and procedures were effective as of September 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
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Generic ORLADEYO litigation remains unresolved
Annora’s ANDA challenges four ORLADEYO patents expiring in May 2040. BioCryst’s Delaware patent litigation is in the early stages and has been stayed until 2031, with no potential loss estimate currently possible.
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Large variable-rate debt burden
BioCryst entered into a Blackstone Loan Agreement with initial term loans totaling $400.0 million, with borrowings accruing at an effective rate of 8.88% for the three months ended September 30, 2026. The variable-rate debt and related covenants increase refinancing, liquidity and interest-cost risk.
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Pipeline now depends more on external innovation
The June 2026 Birmingham Closure Plan discontinued internal discovery programs and shifts pipeline expansion toward external innovation. The filing states that the strategy may result in acquisition, licensing and partnership costs, loss of institutional knowledge, and actual closure costs exceeding estimates.
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Specialty pharmacy transition adds revenue volatility
BioCryst transitioned to a new sole-source specialty pharmacy provider on August 5, 2026. The new provider purchases and holds inventory before dispensing, creating a risk that quarterly revenue will fluctuate with ordering patterns rather than underlying demand.
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Sustained profitability remains uncertain
The filing states that the company has not yet achieved sustained profitability despite annual GAAP profitability in 2025, and that royalties payable under the ORLADEYO Royalty Purchase Agreements may reduce product profitability.
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International data privacy exposure
The filing states that GDPR noncompliance can result in fines of up to 4.0% of global revenues or €20.0 million, whichever is greater, alongside potential restrictions on data processing.
Management's outlook
The filing does not provide numeric EPS guidance. Total 2026 revenue guidance was raised to $715 million-$730 million from $690 million-$715 million. ORLADEYO revenue guidance was maintained at $625 million-$645 million, while non-GAAP operating expense guidance improved to $415 million-$425 million from $420 million-$440 million.
Earlier filings 4
10-K · February 26, 2026
BioCryst describes a rare-disease-focused strategy built around commercialization of ORLADEYO and selective BD to expand a pipeline of oral small molecules and injectable proteins. Financials show a clear inflection in…
10-Q · August 6, 2024
BioCryst reported Q2 revenue of $109.3M (three months ended June 30, 2024) up from $82.5M a year ago, produced operating income of $8.8M versus a $20.7M operating loss in Q2 2023, and delivered a GAAP loss per share of…
10-Q · November 8, 2023
BioCryst reported Q3 revenue of $86,742,000 (up $10,915,000 vs. Q3 2022) and GAAP loss per share of $(0.19) (improved $0.04 vs. $(0.23) in Q3 2022). Product sales drove results ($85,288,000) with very high gross margins…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.