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BridgeBio Pharma, Inc. (BBIO)·Q3 2025 Earnings Summary

Executive Summary

  • BridgeBio delivered a strong Q3 2025: total revenue of $120.7M, driven by $108.1M U.S. Attruby net product revenue and incremental royalty/license contributions; revenue beat consensus materially, reflecting accelerating launch momentum in treatment‑naïve patients .
  • EPS loss widened year over year given higher SG&A to support commercialization and noncash interest on deferred royalty obligations; however, Primary EPS was better than S&P Global consensus, and EBITDA tracked slightly better than expected (see Estimates Context) .
  • Clinical catalysts were significant: CALIBRATE (encaleret in ADH1) met all primary/key secondary endpoints and FORTIFY (BBP‑418 in LGMD2I/R9) achieved robust biomarker and functional improvements; both programs target NDAs in 1H26 .
  • Balance sheet remains solid with $645.9M cash, cash equivalents and marketable securities, funding Attruby commercialization and late-stage pipeline execution .
  • Near-term stock narrative: dual Phase 3 wins and accelerating U.S. Attruby adoption versus consensus underpin beat; watch payer/formulary dynamics, combo-therapy use, and Q4 ramp as prescriber breadth grows .

What Went Well and What Went Wrong

What Went Well

  • Attruby commercial momentum: $108.1M U.S. net product revenue; 5,259 unique patient prescriptions by 1,355 prescribers as of Oct 25, underscoring strong treatment‑naïve uptake and growing prescriber base .
  • Pipeline execution: CALIBRATE achieved 76% normalization of serum/urine calcium vs 4% on conventional therapy and 91% normalization of intact PTH; encaleret well tolerated, NDA planned 1H26 .
  • LGMD2I/R9: FORTIFY interim analysis met all primary/secondary endpoints, with 1.8x αDG glycosylation increase (p<0.0001), 82% CK reduction (p<0.0001), and clinically meaningful gains in ambulation and pulmonary function .
  • Quote (CEO): “We are now seeing that same success echoed in our pipeline with home‑run data in both ADH1 and LGMD2I/R9… we continue to advance one of the broadest and fastest‑moving portfolios in genetic medicine” .

What Went Wrong

  • Profitability: GAAP net loss widened to $(182.7)M; net loss per share $(0.95) vs $(0.86) prior year; operating costs rose to $265.9M on SG&A investments for Attruby .
  • Other income/expense: Total other expense increased to $(41.3)M, driven by noncash interest on deferred royalty obligations and lower gains on deconsolidation, pressuring EPS .
  • R&D reprioritization: While total R&D declined Y/Y, the company noted program reprioritization; near‑term expense levels remain elevated to support commercialization and late-stage programs .

Financial Results

Core P&L – Actuals vs Prior Year and Prior Quarter

MetricQ3 2024Q2 2025Q3 2025
Revenue ($USD Millions)$2.7 $110.6 $120.7
GAAP Net Loss per Share ($)$(0.86) $(0.95) $(0.95)
Loss from Operations ($USD Millions)$(191.8) $(134.3) $(145.2)
Total Operating Costs ($USD Millions)$194.5 $244.8 $265.9

Q3 2025 Actuals vs S&P Global Consensus

MetricActualConsensusBeat/Miss
Revenue ($USD Millions)$120.7 $106.1*Bold beat
Primary EPS ($)$(0.72)*$(0.89)*Bold beat
EBITDA ($USD Millions)$(135.0)*$(136.8)*Beat (less negative)

Values with asterisk retrieved from S&P Global.

Segment Revenue Breakdown

Segment ($USD Millions)Q3 2024Q2 2025Q3 2025
Net Product (U.S. Attruby)$0.0 $71.5 $108.1
License & Services$2.7 $37.4 $8.3
Royalty (ex‑US BEYONTTRA)$0.0 $1.6 $4.3
Total Revenue$2.7 $110.6 $120.7

Margins (company-level)

MetricQ3 2024Q2 2025Q3 2025
EBIT Margin %n/a(120.7%)*(113.0%)*
Net Income Margin %n/a(164.5%)*(151.4%)*

Values with asterisk retrieved from S&P Global.

KPIs (Commercial)

KPIQ1 2025Q2 2025Q3 2025
Unique Patient Prescriptions (cumulative)2,072 (as of Apr 25) 3,751 (as of Aug 1) 5,259 (as of Oct 25)
Unique Prescribers (cumulative)756 1,074 1,355
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$540.6 $756.9 $645.9

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
BBP‑418 (LGMD2I/R9) – NDA filing1H 2026Topline interim in fall 2025 “Intends to file NDA in 1H 2026” Formalized filing timeline (raised specificity)
Encaleret (ADH1) – NDA filing1H 2026Topline in fall 2025 “Intends to submit NDA in 1H 2026” Formalized filing timeline (raised specificity)
Encaleret – Pediatric ADH12026Registrational study to be initiated in 2026 “Initiate registrational pediatric ADH1 in Q1 2026” Narrowed timing (Q1 start)
Encaleret – Chronic Hypoparathyroidism (Phase 3)2026Late-stage study to be initiated in 2026 “Plan to initiate Phase 3 in 2026” Maintained
Infigratinib (Achondroplasia) – PROPEL 3 ToplineEarly 2026Early 2026 Early 2026 Maintained

Earnings Call Themes & Trends

TopicPrevious Mentions (Q1 & Q2)Current Period (Q3)Trend
Treatment‑naïve share focusQ2: Naïve share ~18–20% and growing; priority for long‑term peak share Q3: Naïve share “well in the 20s” with combo use impacting switches Improving
Diagnosis rates & market growthQ2: Rapid expansion, high‑volume centers, just‑in‑time supply Q3: Continued robust diagnosis growth; conference interest high Improving
Access & pricingQ1: Least expensive option; generous assistance; 28‑day free trial; lifetime drug for trial pts Q3: Competitor matched trial program; BridgeBio emphasizes white‑glove experience Stable/competitive
Combo therapy dynamicsQ2: Combo emerging in switches Q3: Combo use rising; push to use best stabilizer atop knockdown Rising
Ex‑US momentum & royaltiesQ2: Monetized EU royalties; BEYONTTRA approvals Q3: Bayer nearing leadership in Germany; royalties rose to $4.3M Improving
Regulatory/legalQ1/Q2: Multiple Phase 3 timelines; NDA plans implied Q3: Formal NDA timelines for encaleret & BBP‑418; pediatric ADH1 Q1 2026 De‑risking
R&D executionQ2: Three Phase 3 near term; ACT‑EARLY variant work Q3: Two Phase 3 “home‑run” readouts; CMR and cardiorenal exploration planned Strong

Management Commentary

  • CEO on pipeline momentum: “We are now seeing that same success echoed in our pipeline with home‑run data in both ADH1 and LGMD2I/R9” .
  • CEO on commercial goals: “We… are ever more confident today that we will achieve our goal of 30+% market share by volume in the years to come” .
  • CCO on launch drivers: “Patients and physicians want a medication that works well and works fast, and Attruby continues to deliver on both efficacy and speed” .
  • CFO on financial position: “We ended the third quarter with a strong cash position of $645.9 million… funding our transition into a diversified late-stage multi‑product business” .
  • CEO on differentiation: Early separation and variant/arrhythmia subpopulation benefits; exploring cardiorenal axis and CMR outcomes .

Q&A Highlights

  • Treatment‑naïve share rising: Management estimates naïve share “well in the 20s,” with combo therapy diluting pure switch dynamics; focus remains maximizing new patient capture .
  • Diagnosis & buy‑and‑bill: Continued diagnosis momentum; buy‑and‑bill economics may limit high‑priced injectables in community cardiology; expect payer control to increase over time .
  • Formulary and generics: No current payer discussions on Tafamidis generics; emphasis remains on access parity and clinical data to compete frontline .
  • Ex‑US outlook: Bayer progressing toward leadership; U.S./EU revenue ratio expected to resemble Tafamidis over time, acknowledging pricing differences .
  • Encaleret safety clarifications: Serious TEAEs tied to hypercalcemia were manageable; fewer discontinuations on drug vs SOC; robust efficacy supports “therapeutic cure” potential for many .

Estimates Context

  • Q3 2025 results versus S&P Global consensus: Revenue $120.7M vs $106.1M*, a clear beat; Primary EPS $(0.72)* vs $(0.89), a beat; EBITDA $(135.0)M vs $(136.8)M*, slightly better than expected. Values retrieved from S&P Global.
  • Q4 2025 outlook: Consensus Revenue $147.6M*, Primary EPS $(0.67), EBITDA $(94.5)M; continued ramp implied as prescriber base expands and ex‑US royalties contribute. Values retrieved from S&P Global.
  • Note: Company-reported GAAP net loss per share for Q3 2025 was $(0.95), which can differ from S&P’s Primary EPS normalization methodology .

Key Takeaways for Investors

  • Revenue beat was powered by stronger‑than‑modeled U.S. Attruby adoption and higher ex‑US royalties; continued traction in treatment‑naïve segment supports Q4 ramp .
  • Near‑term clinical catalysts de‑risk diversification: encaleret and BBP‑418 both moved to 1H26 NDA timelines after strong Phase 3 readouts; pediatric ADH1 and chronic hypopara trials start in 2026 .
  • Watch margin trajectory: SG&A intensity remains high as launch scales; noncash royalty obligation interest is a persistent EPS headwind; operating leverage will hinge on U.S. volume growth .
  • Competitive dynamic favors efficacy, speed, and access: management emphasizes early separation, variant and arrhythmia data, and white‑glove patient support to win first‑line share .
  • Ex‑US remains a steady contributor via royalties; Bayer’s European execution adds credibility to global franchise while U.S. pricing/access advantage aids domestic share .
  • Trading implications: Positive estimate revisions likely after revenue/EPS beats; pipeline wins are material upside optionality; monitor payer actions around combo therapy and any Tafamidis generic developments .
  • Medium‑term thesis: Transition to multi‑medicine company with durable ATTR‑CM cash flows and additional rare disease launches; balance sheet supports execution through major 2026 milestones .

Values with asterisk retrieved from S&P Global.