DURHAM — BioCryst Pharmaceuticals (BCRX) on Wednesday reported a loss of $53.3 million in its first quarter, but the company’s CEO says its top product is on its way to a billion dollar a year sales target.
“The strong new patient growth in the first quarter, building on our large patient base with Orladeyo, positions us very well to achieve our expectations for 2023, and advances us on a trajectory to peak sales of $1 billion. This growing revenue stream, alongside our robust balance sheet, has dramatically reduced our reliance on the capital markets as we drive value with continued commercial execution and disciplined investment in our pipeline,” said Jon Stonehouse, president and chief executive officer of BioCryst.
Orladeyo is an oral, once-daily treatment for prevention of hereditary angioedema (HAE) attacks.
First quarter of 2023 was $68.4 million, +37.6 percent year-over-year, the company said.
On a per-share basis, the Durham, North Carolina-based company said it had a loss of 28 cents.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 30 cents per share.
The drugmaker posted revenue of $68.8 million in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $72.9 million.
BioCryst shares have dropped 36% since the beginning of the year. The stock has fallen 23% in the last 12 months.
