R&D Strategy Refined; Leaner Cost Structure and Corresponding Model Update

研报英文原文证据摘录

R&D Strategy Refined; Leaner Cost Structure and Corresponding Model Update

Biotechnology

BioCryst Pharmaceuticals, Inc. (BCRX)

EQUITY RESEARCH Company Update

June 29, 2026

R&D Strategy Refined; Leaner Cost Structure and Price: $9.55

Price Target: $29.00 (From $27.00) Corresponding Model Update

Rating: Overweight

We remain Overweight on BCRX following strategic pipeline and operating

Key Statistics: updates. Our price target increases from $27 to $29 primarily due to

Symbol NASDAQ: BCRX lower operating expense assumptions, offset by reduced nearer-term 52-Week Range 6.00 - 10.94

navenibart revenue with expected launch in late-2028 vs. our prior Market Cap 2,427.3

ADV (3 mo) 4,921,409 ~mid-2028 assumption. Longer term commercial opportunity for a Q6M

Shares Out (M) 254.2 HAE prophylaxis agent (particularly one with best-in-class efficacy) is

strong / unchanged, in our view. Moreover, we believe 12-month data will

Research Analysts: be noticeably stronger (i.e., greater attack rate reduction) vs. 6 months,

Steve Seedhouse based on virtually every precedent dataset, plus our QSP modeling for

212-915-1240 navenibart specifically. Steve.Seedhouse@cantor.com

Timur Ivannikov BioCryst lowered 2026 non-GAAP operating expense guidance from

312-469-7406 $450-470M to ~$420-440M, ~$30M lower at mid-point as a result of Timur.Ivannikov@cantor.com

closing/discontinuing internal pipeline discovery programs in Birmingham, Nick Econom

312-469-7407 Alabama. We expect the actual annualized run-rate savings will be >$30M

Nick.Econom@cantor.com to be realized in 2027+. BioCryst believes pursuing external innovation

opportunities will be more capital-efficient. REV ($M)

FYE Dec 2025A 2026E 2027E Additionally, BioCryst:

1Q $145.5 $156.4A $165.9