BioCryst (BCRX) AI Stock Analysis

• Market Cap: $2.19B
• Dividend Yield: N/A
• Average Volume (3M): 3.88M
• Price to Earnings (P/E): 7.3
• Beta (1Y): 0.79
• Revenue Growth: 45.38%
• EPS Growth: 92.85%
• Country: US
• Employees: 580
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 1.12
• Shares Outstanding: 248,039,060
• 10 Day Avg. Volume: 2,821,067
• 30 Day Avg. Volume: 3,882,021
• PEG Ratio: -0.02
• Price to Book (P/B): -13.74
• Price to Sales (P/S): 1.87
• P/FCF Ratio: 4.71
• Enterprise Value/Market Cap: 0.80
• Enterprise Value/Revenue: 2.02
• Enterprise Value/Gross Profit: 2.06
• Enterprise Value/Ebitda: 5.02
• 1Y Price Target: $21.50
• Price Target Upside: 145.71% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 0.29
• Revenue Forecast (FY): $657.11M

• Rating: 70 Outperform
• Price Target: $9.50 ▲(8.57% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is driven by a sharp 2025 financial turnaround (profitability and free cash flow) and supportive valuation (low P/E), reinforced by constructive 2026 guidance and pipeline progress. The main offsets are balance-sheet structure risk (negative equity) and near-term technical overbought signals that can raise volatility.

Positive Factors

Step-change revenue and profitability in 2025

A durable inflection to large-scale revenue and sustained profitability suggests the business model reached scalable economics. High revenue and a sizable net profit in 2025 create operating leverage that can fund commercialization, R&D and debt service over multiple years if ORLADEYO demand persists.

Material free cash flow conversion in 2025

Conversion of earnings into substantial free cash flow provides durable internal funding for clinical programs, potential M&A and working capital. Strong 2025 cash generation reduces near-term external financing needs and supports strategic optionality, improving long-term financial resilience.

High-potential pipeline asset (navenibart) with clear path

Navenibart’s strong efficacy and an established regulatory timetable offer structural upside: a long-acting injectable could expand the HAE franchise, diversify revenue streams beyond oral ORLADEYO, and capture patients seeking infrequent dosing, materially strengthening competitive positioning if approvals occur.

Negative Factors

Negative shareholders' equity persists

Negative equity reflects cumulative historical losses and constrains capital flexibility over the medium term. It can complicate covenant negotiations, limit unsecured borrowing capacity, and make the company more sensitive to adverse shocks despite recent profitability, prolonging structural leverage risk.

Acquisition financing increased leverage and dilution

The Astria deal strengthens the pipeline but raises durable financial obligations: a secured term loan with covenants and meaningful equity issuance increases leverage and dilutes shareholders. Integration execution and debt servicing will materially influence long-term returns and capital allocation flexibility.

Concentration risk and pediatric uptake uncertainty

Heavy reliance on U.S. sales after the European divestiture creates persistent geographic concentration and payer exposure, amplifying policy or reimbursement risks. Additionally, pediatric approval adds potential long-term upside but uncertain uptake delays diversification and near-term revenue predictability.

BioCryst Business Overview & Revenue Model

Company Description

BioCryst Pharmaceuticals, Inc., a biotechnology company, discovers novel, oral, and small-molecule medicines. The company markets peramivir injection, an intravenous neuraminidase inhibitor for the treatment of acute uncomplicated influenza under the RAPIVAB, RAPIACTA, and PERAMIFLU names; and ORLADEYO, an oral serine protease inhibitor to treat hereditary angioedema. It is also developing BCX9930, an oral factor D inhibitor, which is in Phase II clinical trial for complement-mediated diseases; BCX9250, an oral activin receptor-like kinase-2 inhibitor that is in Phase I clinical trial to treat fibrodysplasia ossificans progressiva; and Galidesivir, a RNA dependent-RNA polymerase inhibitor, which is in Phase I clinical trial to treat various RNA viruses, including Marburg, Yellow Fever, Ebola, and Zika. The company has collaborations and in-license relationships with the Torii Pharmaceutical Co., Ltd.; Seqirus UK Limited; Shionogi & Co., Ltd.; Green Cross Corporation; Mundipharma International Holdings Limited; National Institute of Allergy and Infectious Diseases; Biomedical Advanced Research and Development Authority; the U.S. Department of Health and Human Services; and The University of Alabama at Birmingham, as well as Albert Einstein College of Medicine of Yeshiva University and Industrial Research, Ltd. BioCryst Pharmaceuticals, Inc. was founded in 1986 and is headquartered in Durham, North Carolina.

How the Company Makes Money

BioCryst generates revenue primarily through the sale of its approved products, particularly ORLADEYO, which is marketed directly to patients and healthcare providers. In addition to product sales, the company may also earn revenue from strategic partnerships, collaborations, and licensing agreements with other pharmaceutical companies. These partnerships can involve upfront payments, milestone payments based on development progress, and royalties on future sales of products developed from these collaborations. The company’s focus on rare diseases often allows for premium pricing of its therapies, further enhancing its revenue potential.

BioCryst Financial Statement Overview

Summary

Strong 2025 inflection with rapid revenue scaling, a swing to meaningful profitability, and a major move to positive free cash flow. Offsetting this is a still-weak balance sheet structure (negative shareholders’ equity) and limited track record of durable profitability after multiple loss years.

Income Statement

Revenue growth has been strong, accelerating from $331M (2023) to $451M (2024) to $875M (2025), and profitability inflected meaningfully in 2025 with net income of $264M (about a 30% net margin) versus losses in 2021–2024. Gross margins are consistently very high (~95–99%), supporting strong operating leverage when revenue scales. Key weakness is the volatility of earnings history (multiple years of sizable losses before the 2025 step-change), which raises confidence risk around sustainability of the new profit level.

Balance Sheet

Leverage improved sharply in 2025 as total debt dropped to ~$12M from ~$825–$841M in 2023–2024, materially reducing financial risk. However, the balance sheet remains constrained by negative shareholders’ equity (still -$119M in 2025), which limits flexibility and signals accumulated losses despite the recent turnaround. Total assets are relatively stable (~$490–$550M range), but the negative equity profile remains the central weakness.

Cash Flow

Cash flow quality improved dramatically in 2025, with operating cash flow and free cash flow both at ~$347M after several years of negative operating and free cash flow (2020–2024). Free cash flow tracked net income closely in 2025, suggesting profits converted well into cash. The main concern is year-to-year volatility—cash generation was meaningfully negative as recently as 2024—so durability of the new cash profile remains to be proven.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	874.84M	450.71M	331.41M	270.83M	157.17M
Gross Profit	855.76M	438.23M	326.75M	264.23M	149.91M
EBITDA	347.65M	12.81M	-116.33M	-143.85M	-121.74M
Net Income	263.86M	-88.88M	-226.54M	-247.12M	-184.06M
Balance Sheet
Total Assets	514.16M	490.42M	516.96M	550.00M	588.15M
Cash, Cash Equivalents and Short-Term Investments	274.75M	321.06M	388.99M	424.31M	507.60M
Total Debt	11.64M	841.42M	825.15M	741.45M	593.24M
Total Liabilities	633.31M	966.35M	972.49M	844.60M	695.14M
Stockholders Equity	-119.15M	-475.93M	-455.53M	-294.60M	-106.99M
Cash Flow
Free Cash Flow	347.37M	-53.14M	-97.31M	-163.20M	-144.54M
Operating Cash Flow	347.37M	-52.02M	-95.14M	-161.85M	-142.16M
Investing Cash Flow	-13.69M	52.59M	-131.50M	-128.24M	15.80M
Financing Cash Flow	-349.93M	-5.76M	32.48M	88.03M	359.67M

BioCryst Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.75
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BCRX, the sentiment is Positive. The current price of 8.75 is above the 20-day moving average (MA) of 6.93, above the 50-day MA of 7.13, and above the 200-day MA of 8.07, indicating a neutral trend. The MACD of 0.20 indicates Negative momentum. The RSI at 70.15 is Negative, neither overbought nor oversold. The STOCH value of 86.38 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BCRX.

BioCryst Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BCRX	70 Outperform	$2.19B	7.27	―	―	45.38%	92.85%
AUPH	70 Outperform	$1.88B	6.82	20.65%	―	20.62%	―
VCEL	66 Neutral	$1.81B	115.92	4.52%	―	14.05%	241.86%
CLDX	56 Neutral	$1.65B	―	-40.62%	―	-73.94%	-31.70%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRPT	51 Neutral	$1.76B	-1.99	-63.17%	―	47.15%	-311.26%

BioCryst Corporate Events

BioCryst Boosts HAE Franchise With Astria Acquisition, Guidance

BioCryst Pharmaceuticals, Inc. is a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema (HAE) and other rare diseases. Its lead product ORLADEYO (berotralstat) is the first oral, once-daily plasma kallikrein inhibitor, and the company is advancing a pipeline of oral small-molecule and injectable protein therapeutics targeting niche rare-disease markets.

In 2025, BioCryst achieved its first full-year profitability, as total revenues nearly doubled to $874.8 million and ORLADEYO net revenue climbed 38% to $601.8 million despite the October sale of its European ORLADEYO business to Neopharmed Gentili. The company streamlined operations with that divestiture, gained FDA approval in December 2025 for an ORLADEYO pellet formulation for children aged 2 to under 12 with HAE, completed the acquisition of Astria Therapeutics in January 2026 to add the Phase 3 HAE antibody navenibart, and reaffirmed 2026 revenue guidance of $625 million to $645 million for ORLADEYO while investing in its expanded HAE franchise and broader rare-disease pipeline.

Non-GAAP figures show core operations strengthening, with 2025 revenues rising 45% to $592.9 million and operating profit up 198% to $214.2 million, alongside disciplined R&D spending and higher commercial outlays to support ORLADEYO’s growth. Positive long-term interim data from the ALPHA-SOLAR trial showed durable, high-level HAE attack suppression with navenibart and underpinned an ongoing Phase 3 program expected to support a regulatory filing by the end of 2027, reinforcing BioCryst’s bid to consolidate its leadership position in HAE prophylaxis.

The most recent analyst rating on (BCRX) stock is a Buy with a $17.00 price target. To see the full list of analyst forecasts on BioCryst stock, see the BCRX Stock Forecast page.

BioCryst Closes Blackstone Loan and Astria Acquisition

On January 23, 2026, BioCryst Pharmaceuticals closed a $400 million term loan facility led by Blackstone and completed its acquisition of Astria Therapeutics in a transaction valued at about $700 million net of Astria’s cash. The secured term loans, maturing in 2031 with interest-only quarterly payments and customary covenants and prepayment premiums, are being used primarily to fund the cash portion of the merger consideration, related transaction costs, and general corporate purposes, and are backed by substantially all of BioCryst’s and its subsidiaries’ assets. Astria shareholders received a mix of cash and BioCryst stock, with approximately 37.3 million BioCryst shares issued at closing, and Astria became a wholly owned subsidiary, adding navenibart, a Phase 3 long-acting plasma kallikrein inhibitor that could offer every-three- or every-six-month HAE dosing, and early-stage atopic dermatitis candidate STAR0310, for which BioCryst plans to pursue strategic alternatives. The deal broadens BioCryst’s HAE franchise by pairing its established oral therapy ORLADEYO with a potential best-in-class injectable prophylactic, potentially strengthening its competitive position in the HAE market while also increasing leverage and shareholder dilution, and it brings new leadership talent from Astria onto BioCryst’s board and executive team to support pipeline development and commercialization.

The most recent analyst rating on (BCRX) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on BioCryst stock, see the BCRX Stock Forecast page.

BioCryst Updates ORLADEYO Revenue Outlook and Guidance

On January 12, 2026, BioCryst Pharmaceuticals reported that preliminary, unaudited net revenue from its HAE drug ORLADEYO reached $151 million in the fourth quarter of 2025, up 22% year-on-year (36% on a comparable basis excluding prior European sales), and $601 million for full-year 2025, a 37% annual increase that surpassed its previous guidance range of $590 million to $600 million. Excluding European ORLADEYO revenue following the sale of its European business, full-year 2025 ORLADEYO revenue was $563 million, representing 43% year-on-year growth on a comparable basis, while cash, cash equivalents, restricted cash and investments stood at $338 million as of December 31, 2025; looking ahead, the company guided 2026 global ORLADEYO net revenue to $625 million–$645 million and total revenue to $635 million–$660 million, and outlined a 2026 non-GAAP operating expense range of $380 million–$390 million, rising to $450 million–$470 million including the anticipated Astria Therapeutics acquisition costs, underscoring its expectation of continued non-GAAP profitability and an expanded HAE franchise as it integrates Astria’s navenibart program and pursues further growth in rare-disease therapeutics.

The most recent analyst rating on (BCRX) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on BioCryst stock, see the BCRX Stock Forecast page.

BioCryst Raises Price of Key ORLADEYO Treatment

Effective January 9, 2026, BioCryst Pharmaceuticals raised the U.S. wholesale acquisition cost of its hereditary angioedema treatment ORLADEYO (berotralstat) from $44,484.33 to $48,487.92 per 28-day pack, covering both the 150 mg and 110 mg capsule strengths, marking a notable price increase for one of the company’s key rare-disease products and with potential implications for payers and patient access.

The most recent analyst rating on (BCRX) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on BioCryst stock, see the BCRX Stock Forecast page.

BioCryst Gains FDA Approval for Pediatric HAE Drug

On December 12, 2025, BioCryst Pharmaceuticals announced the FDA approval of its new drug application for an oral pellet formulation of ORLADEYO® (berotralstat) for prophylactic therapy in pediatric patients with hereditary angioedema (HAE) aged 2 to less than 12 years. This approval marks a significant milestone as it introduces the first and only oral prophylactic treatment for this age group, offering a more convenient administration method compared to previous intravenous or subcutaneous options. The approval was supported by positive interim data from the APeX-P clinical trial, which demonstrated early and sustained reductions in monthly attack rates. The new formulation aims to alleviate the treatment burden for young patients and their caregivers, potentially transforming the management of HAE in children.

The most recent analyst rating on (BCRX) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on BioCryst stock, see the BCRX Stock Forecast page.

BioCryst Announces Board Chair Transition Plan

On December 9, 2025, Nancy J. Hutson, Ph.D. announced her intention to retire from BioCryst Pharmaceuticals’ Board of Directors, effective by the earlier of the company’s 2026 annual meeting or the closing of its proposed acquisition of Astria Therapeutics. Dr. Hutson, who has served as Chair of the Board and various committees, cited no disagreements with the company. In response, the Board elected Vincent J. Milano as the next Chair, effective upon her retirement.

The most recent analyst rating on (BCRX) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on BioCryst stock, see the BCRX Stock Forecast page.

BioCryst Announces Early Termination for Astria Merger

On December 3, 2025, BioCryst Pharmaceuticals announced the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for its proposed acquisition of Astria Therapeutics. This development satisfies one of the conditions for the merger, which is expected to close in the first quarter of 2026, pending other customary closing conditions. The merger is anticipated to enhance BioCryst’s market position, although it carries risks such as potential integration challenges and financial implications.

The most recent analyst rating on (BCRX) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on BioCryst stock, see the BCRX Stock Forecast page.