BioCryst Pharmaceuticals, Inc.

biocryst.com

What Do They Do?

Sells ORLADEYO, an oral medicine to prevent hereditary angioedema attacks, and develops oral medicines and injectable protein therapies for people with hereditary angioedema and other rare diseases.

How Do They Make Money?

For product sales, BioCryst is paid when ORLADEYO or peramivir is delivered; license partners pay fees upfront, milestone payments when development, regulatory or sales goals are met, and royalties on sales of licensed medicines.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Product sales, net Sold outright	71% FY2022: 99%	Sold outright
License and other revenues Licensed	28%	Licensed
Collaborative and other revenues	0.9% FY2022: 1.2%

Who Are Their Customers?

In the United States, BioCryst sells ORLADEYO through a specialty pharmacy that dispenses it to patients and sells to pharmacy benefit managers, insurers, government programs and group purchasing organizations; the pharmacy is BioCryst’s customer. Outside the United States, BioCryst sells ORLADEYO to specialty distributors.

Do Revenues Turn Into Profits?

Yes. It kept 30 cents of every revenue dollar as net income in FY2025 and turned 39 cents into free cash flow.

Operating income, FY2025

39% of revenue

▲ Now profitable vs FY2024 (−$2.5M, −1%)

Net income, FY2025

30% of revenue

▲ Now profitable vs FY2024 (−$88.9M, −20%)

Free cash flow, FY2025

39% of revenue

▲ Now profitable vs FY2024 (−$53.1M, −12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +34%; vs $163.4M in Q2 FY2025
Net income: ▲ +1442%; vs $5.1M in Q2 FY2025

Product share of revenue vs 99.4% in Q2 FY2025

Jun 29, 2026 Plans to end internal discovery programs and close its Birmingham discovery center The plan includes closing the Discovery Center of Excellence facility in Birmingham.
May 4, 2026 Grants Neopharmed exclusive European rights to navenibart The deal includes $70 million upfront, up to $275 million in future milestones, and royalties on net sales ranging from 18% to 30%.

Growing. Revenue grew 5.6x in 4 years, from $157.2M in FY2021 to $874.8M in FY2025, about 54% a year.

Adds injectable therapies The older report focused on oral small-molecule medicines; the latest strategy also includes injectable protein therapies for rare diseases.

Adds external assets The older report described medicines from its discovery efforts; the latest strategy also pursues rare-disease assets through external business development and its commercial platform.

Revenue over time

Product sales, net License and other revenues Collaborative and other revenues

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Pharvaris, ADARx, Intellia, Argo Biopharma, Poseida Therapeutics, Quoin Pharmaceuticals, ResVita Bio, Azitra, Roche, Regeneron Pharmaceuticals, Rezolute, Merck &, Ocular Therapeutix, EyePoint Pharmaceutical, GlaxoSmithKline, Genentech, Shionogi, Daiichi, FUJIFILM, and Nektar Therapeutics

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