BioCryst's Orladeyo: Strong Growth and Strategic Moves Reinforce Buy RatingWe expect 2025 will reflect continued Orladeyo outperformance, and expect full year sales of $600MM (+37%). We believe investors should focus on the value discount for Orladeyo, with proposed Q1 ATXS acquisition to established BCRX as incumbent in HAE (here) - while maintaining profitability.BCRX is trading ~2x 2027E revenues, with IP through 2039. We believe the substantial disconnect reflects concern for the emerging development landscape - despite KOL views that Orladeyo will steadily grow, with high KOL enthusiasm for navenibart. Our KOLs expect use for both oral and injectable prophylaxis, and a split in preference of 60-70% injectable/30-40% oral (survey here). We expect navenibart can capture ~20% of HAE prophylaxis patients to achieve $1B in sales, even while sharing the HAE market with other injectable/oral options.