BioCryst Pharmaceuticals (BCRX -3.93%) had a Thursday to forget, at least as far as its stock was concerned. The company’s shares took an almost 4% tumble that day, due to first-quarter results that investors clearly considered inadequate.
For the quarter, BioCryst booked $49.9 million in revenue, which was more than double the slightly over $19 million in the same period of 2021. Nearly all of the latest top-line figure derived from the company’s latest FDA-approved and commercialized product, hereditary angioedema (HAE) drug Orladeyo.
Yet a 54% increase in research and development expenses, plus a roughly similar boost in selling, general, and administrative costs — new-ish drugs typically require higher marketing and advertising spend — kept profitability well in the red. BioCryst’s net loss sank to over $74 million ($0.40 per share), against first-quarter 2021’s $64 million-plus deficit.
It was a case of “close, but no cigar” for the biotech in terms of meeting analyst expectations. On average, prognosticators tracking BioCryst stock were anticipating nearly $51.4 million in revenue and a slightly narrower per-share net loss of $0.37.
BioCryst continues to have high hopes for Orladeyo, believing that it has the potential to be a blockbuster drug with a peak of $1 billion in sales. The company quoted its CEO Jon Stonehouse as saying that it is “excited to see strong and continuing patient demand and steady expansion in our prescriber base among both new and existing prescribers.”
Despite that, its projection for the treatment’s net revenue is more subdued. BioCryst provided very selected guidance for full-year 2022 that forecast $250 million for that line item with Orladeyo. However, it’s also estimating operating expenses (exclusive of noncash stock compensation) to land at $440 million to $480 million.