BioCryst Pharmaceuticals 2Q要点及管理层细节

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

05 August 2026

BioCryst Pharmaceuticals

2Q Takeaways & Tidbits from Mgmt

Neutral

BCRX, BCRX US

Price (04 Aug 26):$9.02

Biotechnology - Large Cap

Orladeyo 2Q net revs of ~$158mm are in line with JPMe/cons of $159mm, while

total 2Q revs of $218mm (34% YoY, 40% QoQ), came in ahead of JPMe/cons of

$162mm driven by $56mm of license revenue recognised this quarter from the

Neopharmed Gentili agreement outlicensing European rights for navenibart.

Guidance for Orladeyo was left unchanged from 1Q at $625-645mm for the full

year (JPMe/cons of $636mm/$637mm). Total revenue guidance meanwhile was

lifted by $55mm to $690-715mm (from $635-660mm) due to the upfront payment

mentioned above. The non-GAAP opex guide was maintained at $420-440mm

(previously updated in late June).

With BCRX’s decision to shift to an “external innovation model” and wind-down

its internal discovery programs / close the Birmingham, Alabama site, comments

on the call touched on how mgmt thinks about this strategy. When it comes to what

assets BCRX might bring in, we expect focus on early/mid-stage pipeline assets in

the rare disease space with ‘validated biology / proof of principle.' From a deal size

perspective, mgmt has no intentions of putting stress on the balance sheet and in

terms of the potential development costs associated with advancing new products,

BCRX also emphasized its commitment to remaining profitable and cash flowpositive. We came away with the impression that while the company will be active

in evaluating targets, they are not operating from a defensive/urgent posture and

will look for assets that can best leverage the company’s core competencies.

Stepping back, while we see some upside to valuation based on the existing

business alone, we think the path to upside for BCRX in the near/medium term is

heavily dependent on the navenibart launch and the market’s view of its future

deal(s), and we would prefer to get closer to the navenibart launch and/or see what

BCRX’s next deal looks like before becoming more constructive on the stock.

Orladeyo tidbits… Orladeyo revenue grew 10% YOY on a comparable basis

…