BridgeBio Pharma reported fourth‑quarter 2025 results that surpassed revenue expectations, with total net product revenue of $154.2 million, driven almost entirely by its ATTR‑CM drug Attruby. Attruby’s U.S. net product revenue rose 35% QoQ to $146.0 million, while its full‑year 2025 revenue reached $362.4 million, underscoring the drug’s rapid market penetration and patient persistence.
The company posted a net loss of $192.9 million for the quarter, a decline from the $182.7 million loss reported in Q3 2025, but still a loss that reflects the heavy investment in Attruby’s commercial launch. Full‑year 2025 net loss climbed to $724.9 million, largely due to a $61.8 million increase in selling, general and administrative expenses associated with the launch. Cash on hand fell to $587.5 million from $681.1 million at the end of 2024, reflecting significant operating cash outflows as the company scales its commercial and pipeline activities.
Management reiterated its 2026 outlook, noting that Attruby’s commercial momentum is expected to continue and that the company is preparing for potential launches of BBP‑418, encaleret, and infigratinib. "Attruby delivered 35% quarter‑over‑quarter growth in net product revenue in Q4, driven by its differentiated profile as the only near‑complete stabilizer on the market, continued prescribing growth, repeat use, and patient persistence that has exceeded our expectations," said Chief Commercial Officer Matt Outten. "This company will turn from a cash consumptive business to one that generates significant cash flows," added CEO Neil Kumar. "Our current pipeline will begin to generate cash in late ’27 and will be a cash generation engine by 2028."
Analysts noted that BridgeBio beat revenue estimates by about 2.8%, with a $154.2 million quarter‑year revenue versus an estimate of $150.02 million. However, the company missed earnings expectations, reporting a net loss per share of $1.00 against an estimate of –$0.75. After the release, shares moved modestly in after‑hours trading, rising 2.8% and 3.4% in separate sessions, and 0.8% on the day of the announcement. Forecasts for 2026 project sales of roughly $931.6 million, while management expects cash burn to remain steady through 2026 and begin to decline by the end of next year.
Competitive pressure remains intense in the ATTR‑CM market, with rivals Alnylam and Pfizer vying for market share. Ongoing intellectual‑property litigation over tafamidis and a recent EU patent withdrawal have added uncertainty, but BridgeBio’s differentiated product profile and strong commercial traction mitigate those risks. The company’s pipeline, including BBP‑418, encaleret, and infigratinib, is poised to generate cash by late 2027, positioning BridgeBio to transition from a cash‑consumptive to a cash‑generating business by 2028.
"Nothing about our fundamentals has deteriorated. If anything, our position is strengthened commercially, clinically and strategically," said Kumar. "In a little over three months, we’ve delivered three successful Phase 3 readouts, a testament to the rigor of our science, the dedication of our teams, and the trust of the patients and physicians we serve."
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