BioCryst Pharmaceuticals, Inc. ( BCRX ) on Monday reported first-quarter sales of $145.50 million, up 52.7% year over year, beating the consensus of $126.87 million.

The increase was primarily due to $134.2 million (+$45.3 million yoy) in Orladeyo’s net revenue in the first quarter of 2025, compared to $88.9 million in the first quarter of 2024 (+51.0 percent yoy). 

Orladeyo’s net revenue increased to $134.24 million from $88.87 million a year ago.

Net income for the first quarter of 2025 was $32 thousand, or $0.00 per share, compared to a net loss of $35.4 million, or $0.17 per share, for the first quarter of 2024. 

Operating income for the first quarter of 2025 was $21.2 million, compared to an operating loss of $14.5 million for the first quarter of 2024. Non-GAAP operating income, excluding stock-based compensation expense, was $42.6 million for the first quarter of 2025, compared to a non-GAAP operating loss of $0.8 million for the first quarter of 2024.

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Guidance: BioCryst increased its 2025 outlook for Orladeyo revenue to $580 million and $600 million from $535 million and $550 million.

The company now expects full year 2025 operating expenses will be $440 million to $450 million (previously $425 million to $435 million).

The company is accelerating its expectation for sustainable profitability and positive cash flows by a year.

The company now expects to deliver net income and positive cash flows for the full year 2025 (previously, both were expected for the full year 2026).

Positive cash flow refers to the improvement in cash, cash equivalents, restricted cash, and investments from year-end 2024 to year-end 2025, not including the impact of the $75 million Pharmakon prepayment made in April 2025.

Price Action: BCRX stock closed higher by 23.50% to $11.03 on Monday.

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