EarningsQ2 2026 Earnings Report
MX:BCRX Q2 2026 EPS Results
Actual EPS$5.45
Consensus EPS$2.80
Beat/MissBeat by +$2.65
One Year Ago EPS$0.36
MX:BCRX Q2 2026 Revenue Results
Actual Revenue$3.96B
Expected Revenue$3.33B
Beat/MissBeat by +$635.07M
YoY Revenue Growth+33.61%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
MX:BCRX Upcoming Earnings
BioCryst's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:BCRX Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive operational and financial picture: strong comparable revenue growth (+45% total; ORLADEYO +10% YoY), solid cash balance (~$350M+) and non-GAAP profitability ($113.2M), successful enrollment milestones (navenibart pivotal study completed ahead of schedule), and an initiated pediatric launch with encouraging early demand (47 prescriptions). Management also reinforced financial discipline, tightened operating cost guidance, and secured a €55.7M upfront license payment. Offsetting items include a prior manufacturing delay for pediatric pellets (now shipping), a strategic wind-down of internal discovery and Birmingham facility closure that reduces in-house R&D capacity, continued competition from new injectables, and timing uncertainty for several material clinical data readouts (navenibart top line in Q3 2027; BCX17725 POC by end-2026). On balance, the positive financial and commercial momentum and clear cost discipline outweigh the challenges and transition risks.Company Guidance
Strong Revenue Growth
Total revenue for Q2 2026 increased 45% year-over-year on a comparable basis (excluding the European divestiture).
ORLADEYO Quarterly Performance
ORLADEYO revenue was $158.2 million in Q2, up 10% year-over-year on a comparable basis; new prescriptions for ORLADEYO capsules in Q2 were consistent with historical expectations.
Pediatric Launch Initiated and Early Demand
ORLADEYO oral pellets for children started shipping; 47 pediatric prescriptions received through July 31 (reported as well ahead of the total expected for all of 2026), with about half of prior authorizations completed and strong early approval rates.
Improved Payer Dynamics
Paid rate ended the quarter at 84%, up from 83% one year ago (noting ~4% of patients receive free product), and reauthorization season largely complete with incremental paid-rate improvements.
Cash, Profitability and Balance Sheet Strength
Ended the quarter with just over $350 million in cash, cash equivalents and investments; generated positive cash flow in the quarter even excluding upfront license proceeds; reported strong non-GAAP operating profit of $113.2 million for the quarter.
Business Development and License Milestone
Recognized $55.7 million in Q2 from the upfront payment of the navenibart European license agreement with Neopharmed Gentili, and completed integration of Astria Therapeutics.
Clinical Program Progress — Navenibart
Completed enrollment of the pivotal ALPHA-ORBIT study for navenibart (largest blinded HAE trial ever) ahead of schedule; trial remains blinded to 12 months of data per FDA agreement and top-line data expected in Q3 2027.
Clinical Program Progress — Netherton (BCX17725)
BCX17725 proof-of-concept (Part 4 of Phase Ib) is enrolling well with expectation of early clinical data by the end of 2026; healthy volunteer data showed good tolerability and target epidermal distribution.
Cost Discipline and Updated OpEx Guidance
Shift to external innovation and planned closure of Birmingham research unit intended to reduce legacy R&D costs; non-GAAP operating cost guidance for the year tightened/improved from prior $450–$470M to $420–$440M.
Specialty Pharmacy Partnership
Announced CareMed as sole-source pharmacy for ORLADEYO shipments to support scaling operations and pediatric distribution, with transition planned for the 12-and-up population during the month.
MX:BCRX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed