Biocryst Pharmaceuticals (BCRX)
NASDAQ:BCRX
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BioCryst
(NASDAQ:BCRX)
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Rating:70Outperform
Price Target:
$11.00
▲(15.06% Upside)
Action:ReiteratedDate: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
Commercial scale & margins
A large, high‑margin ORLADEYO business creates durable operating leverage: with 2025 revenue scale and ~95–99% gross margins, incremental sales largely flow to the bottom line, supporting repeatable profitability, internal funding for R&D/marketing, and a stronger ability to withstand pricing pressure over time.
Negative Factors
Negative shareholders' equity
Negative equity signals accumulated historical losses and constrains strategic flexibility: it can limit borrowing capacity, complicate covenant negotiation despite recent debt reduction, and increase the sensitivity of capital‑raising decisions if growth or cash conversion falter, raising medium‑term financing risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial scale & margins
A large, high‑margin ORLADEYO business creates durable operating leverage: with 2025 revenue scale and ~95–99% gross margins, incremental sales largely flow to the bottom line, supporting repeatable profitability, internal funding for R&D/marketing, and a stronger ability to withstand pricing pressure over time.
Read all positive factors
BioCryst (BCRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.40B
Dividend YieldN/A
Average Volume (3M)6.20M
Price to Earnings (P/E)6.2
Beta (1Y)0.68
Revenue Growth45.38%
EPS Growth92.85%
CountryUS
Employees580
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.12
Shares Outstanding250,800,610
10 Day Avg. Volume4,544,527
30 Day Avg. Volume6,202,896
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)-13.74
Price to Sales (P/S)1.87
P/FCF Ratio5.00
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue2.70
Enterprise Value/Gross Profit2.76
Enterprise Value/Ebitda6.73
Forecast
1Y Price Target
$21.14Price Target Upside121.13% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.27
Revenue Forecast (FY)$650.76M
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 ...
How the Company Makes Money
BioCryst primarily makes money from sales of ORLADEYO (berotralstat) for the prevention of hereditary angioedema (HAE) attacks. Revenue is generated through (1) direct commercial sales in markets where BioCryst sells ORLADEYO itself, and (2) sales...
BioCryst Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where BioCryst is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where BioCryst is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyBioCryst Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum, record profitability, solid balance sheet and financing, successful pediatric approval, and highly encouraging clinical data for Navenibart and BCX17725. Management emphasized disciplined capital allocation, profitability, and scalable commercialization. Near-term headwinds include a seasonal Q1 reauthorization impact, rising 2026 R&D spend to support late-stage activities, uncertainty in pediatric uptake timing, and exposure of Navenibart regulatory timing to enrollment and data milestones. Overall, the positives — strong growth, record non-GAAP operating profit (+198% YoY), robust clinical efficacy (Navenibart mean attack reductions ~90%+, median 97%), and solid liquidity — outweigh the manageable near-term challenges.Positive Updates
Record ORLADEYO Full-Year Revenue
Full-year ORLADEYO revenue of $601.8M, up 38% year-over-year and up 43% when excluding the European business sold in October 2025.
Negative Updates
European Business Divestiture and Impact
Sale of European ORLADEYO business removed a portion of revenue and was described as previously loss-making; results and comparisons are being presented on a Europe-excluded basis, reducing near-term geographic diversification.
Read all updates
Q4-2025 Updates
Positive
Negative
Record ORLADEYO Full-Year Revenue
Full-year ORLADEYO revenue of $601.8M, up 38% year-over-year and up 43% when excluding the European business sold in October 2025.
Read all positive updates
Company Guidance
BioCryst guided full‑year 2026 ORLADEYO revenues of $625–$645 million (midpoint ≈13% growth vs. 2025 ex‑Europe; 2025 ORLADEYO revenue was $601.8M, +38% YoY and +43% ex‑Europe), and non‑GAAP operating expense of $450–$470 million (including Astria), while expecting 2026 R&D to increase as navenibart Phase III and BLA‑enabling CMC work complete. The company finished 2025 with $337.5M cash and investments and a $400M Blackstone financing facility, reported 2025 non‑GAAP operating profit of $214M (up 198% YoY), cited 2025 base U.S. business costs of ~$380M and sales & marketing spend of $144M (with ~4x ROI on S&M vs. ORLADEYO net sales), and said the U.S. now represents >90% of sales after the European divestiture. Management stated that reaching $1B peak revenue by 2029 requires roughly +150 net patients/year over the next four years, expects a modest Q1 revenue dip for reauthorizations before a Q2 rebound, has taken a 9% list price increase in January (netting ~4.5%), includes the Dec‑2025 pediatric (ages 2 to <12) pellet approval in 2026 guidance (as a small contribution), and remains on track to enroll ~145 patients in the navenibart pivotal trial by mid‑2026 with a BLA filing targeted by end‑2027 and potential approval in late‑2028.BioCryst Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
42
Neutral
Cash Flow
70
Positive
| 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 | 477.33M | 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 | 327.41M | -53.14M | -97.31M | -163.20M | -144.54M |
| Operating Cash Flow | 329.88M | -52.02M | -95.14M | -161.85M | -142.16M |
| Investing Cash Flow | -13.69M | 52.59M | -131.50M | -128.24M | 15.80M |
| Financing Cash Flow | -332.44M | -5.76M | 32.48M | 88.03M | 359.67M |
BioCryst Technical Analysis
Positive
9.56
Price Trends
8.27
Positive
7.77
Positive
7.87
Positive
Market Momentum
0.35
Positive
57.69
Neutral
79.43
Neutral
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 9.56 is above the 20-day moving average (MA) of 9.44, above the 50-day MA of 8.27, and above the 200-day MA of 7.87, indicating a bullish trend. The MACD of 0.35 indicates Positive momentum. The RSI at 57.69 is Neutral, neither overbought nor oversold. The STOCH value of 79.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BCRX.
BioCryst Risk Analysis
BioCryst disclosed 61 risk factors in its most recent earnings report. BioCryst reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BioCryst Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.10B | 7.46 | 70.37% | ― | 20.62% | ― | |
70 Outperform | $2.40B | 6.20 | -76.45% | ― | 45.38% | 92.85% | |
66 Neutral | $1.72B | 110.29 | 5.17% | ― | 14.05% | 241.86% | |
56 Neutral | $2.48B | -6.98 | -41.68% | ― | -73.94% | -31.70% | |
53 Neutral | $2.22B | -3.16 | -57.52% | ― | 47.15% | -311.26% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
BCRX
BioCryst
9.56
2.52
35.80%
VCEL
Vericel
33.70
-7.53
-18.26%
CLDX
Celldex
32.24
14.45
81.23%
SRPT
Sarepta Therapeutics
21.18
-33.45
-61.23%
AUPH
Aurinia Pharmaceuticals
15.76
8.03
103.88%
BioCryst Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A TransactionsProduct-Related Announcements
BioCryst Boosts HAE Franchise With Astria Acquisition, Guidance
Positive
Feb 26, 2026
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 pl...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsPrivate Placements and Financing
BioCryst Closes Blackstone Loan and Astria Acquisition
Positive
Jan 23, 2026
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 ter...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
BioCryst Updates ORLADEYO Revenue Outlook and Guidance
Positive
Jan 12, 2026
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 s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.