BridgeBio Pharma, Inc. (BBIO)·Q2 2024 Earnings Summary

Executive Summary

• Q2 2024 revenue was $2.17M and GAAP EPS was -$0.39; EPS beat consensus (-$1.00) while revenue missed ($3.96M), driven by the timing of license/service recognition versus Q1’s upfronts from Bayer/Kyowa Kirin .
• Cash, cash equivalents, marketable securities, and short-term restricted cash ended at $587.2M, supporting commercialization readiness for acoramidis ahead of the November 29, 2024 PDUFA date .
• Clinical execution was strong: acoramidis ATTRibute-CM analyses showed significant reductions in composite ACM/CVH and quality-of-life benefits; PROPEL 2 Cohort 5 in achondroplasia showed sustained AHV improvements and body proportionality; FORTIFY surpassed interim enrollment .
• No quantitative financial guidance was issued; near-term stock catalysts remain regulatory milestones (acoramidis PDUFA), Phase 3 enrollment completion targets (2024) and anticipated readouts in 2025 .

What Went Well and What Went Wrong

What Went Well

• “We are well positioned to launch acoramidis and achieve three readouts in 2025,” reflecting confidence in commercialization and pipeline momentum .
• ATTRibute-CM: acoramidis demonstrated a 42% reduction in composite ACM/CVH events by Month 30, with benefits evident by Month 3; analyses also showed statistically significant reductions in ACM in the ITT population (p=0.04) and improvements in EQ-5D-5L and KCCQ .
• Achondroplasia program PROPEL 2: +2.50 cm/yr AHV at Month 18 and statistically significant body proportionality improvement (upper:lower segment ratio from 2.02→1.88) with encouraging tolerability; investigator commentary highlights potential functional benefits .

What Went Wrong

• Revenue missed consensus ($2.17M vs $3.96M) as Q2 lacked the sizable upfront license recognition seen in Q1; license/service revenue timing remains a volatility driver pre-product launch .
• Operating costs rose YoY (+$30.0M), led by SG&A for commercialization readiness and increased R&D; restructuring/impairment charges persisted though lower YoY .
• The business remains loss-making (net loss attributable to common stockholders: -$73.5M), despite a one-time $126.3M gain on deconsolidation recorded in other income; investors may focus on underlying burn absent product revenue in Q2 .

Financial Results

Revenue vs Estimates (Q2 2024):

Operating expense detail:

Notes:

• Revenue composition: Q2 revenue primarily reflects services under Bayer and Kyowa Kirin license/collaboration agreements; no product revenue recognized in Q2. Q1 revenue included non-refundable upfront payments under those agreements .

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “We are well positioned to launch acoramidis and achieve three readouts in 2025. Our differentiated capability to develop multiple candidates for genetic-based diseases provides a unique opportunity to create significant value for patients and shareholders.” — Neil Kumar, CEO .
• “With our recent equity financing activities, our licensing deal with Bayer for European commercial rights to acoramidis, our royalty funding agreement for $500 million upon FDA approval of acoramidis, and now the private financing of BBOT… we are in a strong financial position to launch acoramidis in the US at the end of this year and deliver three Phase 3 readouts in 2025.” — Brian Stephenson, CFO (Q1) .
• “These data indicate that treatment with infigratinib is continuing to show increased growth velocity and improvements in body proportionality in children with achondroplasia… build toward providing a safe and effective oral therapy.” — Dr. Ravi Savarirayan, PROPEL 2 global lead investigator .

Q&A Highlights

• The Q2 2024 earnings call transcript was not available in our document catalog or via standard sources; Q&A highlights are therefore unavailable based on accessible primary documents. We searched for “earnings-call-transcript” and “other-transcript” for BBIO between July–August 2024 and found none [functions.ListDocuments results showing 0].

Estimates Context

• Q2 2024 EPS beat consensus (-$0.39 vs -$1.00), while revenue missed ($2.17M vs $3.96M) .
• S&P Global (Capital IQ) consensus requests were attempted but unavailable due to request-limit errors; therefore, MarketBeat was used for consensus reference, and S&P Global data could not be retrieved for inclusion in tables at this time [GetEstimates error].

Key Takeaways for Investors

• Near-term catalyst: acoramidis PDUFA on November 29, 2024; management emphasizing launch readiness and supportive ATTRibute-CM analyses enhances launch thesis .
• Pipeline execution is on track and de-risking: FORTIFY achieved interim enrollment target (interim topline in 2025), PROPEL 2 Cohort 5 Month 18 data remain strong, and CALIBRATE topline expected in 2025 .
• Q2’s revenue miss versus consensus reflects licensing timing versus Q1’s upfronts; pre-launch quarters will likely remain volatile in revenue with EPS benefiting from one-time items (deconsolidation gain) — focus on cash runway and catalyst schedule .
• Operating expense intensity (SG&A/R&D) aligns with commercialization and Phase 3 execution; monitor expense trajectory into launch and 2025 readouts .
• Cash of $587.2M provides flexibility through key milestones; financing actions in H1 fortified the balance sheet ahead of launch .
• Clinical differentiation narrative continues to build for acoramidis (earlier event separation, mortality/CVH reductions, QoL gains); supports competitive positioning in ATTR-CM .
• Trading implication: regulatory outcome and early launch signals for acoramidis will likely be the primary stock drivers near term; pipeline interim/topline readouts in 2025 add medium-term optionality .