# BioCryst Pharmaceuticals, Inc. (BCRX)

> Source: Nexqual · https://nexqual.com/BCRX · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, BioCryst Pharmaceuticals, Inc. (BCRX), nexqual.com/BCRX" · informational, not investment advice.

**Price:** USD 7.65 (-1.67% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 7.78 · day 7.52–7.76 · 52w 6.23–11.22 · market cap $1.95B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $941M, net income -$385M (-40.9% margin), free cash flow $373M (SEC filings).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $697K; 1 not under a Rule 10b5-1 plan ($100K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (11 analysts), mean target USD 20.55 (range 11–32).
- Total return with dividends: 1Y +6.3% vs S&P 500 +13.4%; 5Y -48.8% vs S&P 500 +76.9%.
- Next earnings: 2026-11-04, EPS estimate USD 0.12, revenue estimate $166M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $157M | $271M | $331M | $451M | $875M | $941M |
| Gross profit | $150M | $264M | $327M | $438M | $856M | — |
| Operating income | -$178M | -$148M | -$104M | -$2.5M | $341M | -$313M |
| Net income | -$184M | -$247M | -$227M | -$88.9M | $264M | -$385M |
| EPS (diluted) | -$1.03 | -$1.33 | -$1.18 | -$0.43 | $1.21 | — |
| Free cash flow | -$145M | -$163M | -$97.3M | -$53.1M | $345M | $373M |
| Gross margin | 95.4% | 97.6% | 98.6% | 97.3% | 97.8% | — |
| Operating margin | -113.1% | -54.8% | -31.3% | -0.6% | 39.0% | -33.3% |
| Net margin | -117.1% | -91.2% | -68.4% | -19.7% | 30.2% | -40.9% |
| Revenue growth | +782.4% | +72.3% | +22.4% | +36.0% | +94.1% | — |
| Cash + short-term investments | $508M | $424M | $389M | $321M | $275M | — |
| Total debt | $298M | $232M | $303M | $315M | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.1x · EV/Sales 2.1x · P/FCF 5.2x · FCF yield 19.10% · Earnings yield -19.68% · Net debt $42.8M · EV $2.00B
P/E at fiscal year-ends: Dec 2025 6.5x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-18 | McKee Amy E | Director | 11,180 | $100K | 26.3% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-13 | Barnes Alane P | Chief Legal Officer | 62,500 | $596K | 13.5% | Yes (adopted August 13, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 11 analysts; mean target USD 20.55 (low 11, high 32).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-30 | JP Morgan | Target raised | Neutral | $12 → $13 |
| 2026-09-10 | RBC Capital | Downgrade | Outperform → Sector Perform | $13 → $11 |
| 2026-09-08 | Needham | Reiterated | Buy | $16 |
| 2026-08-06 | RBC Capital | Target lowered | Outperform | $14 → $13 |
| 2026-08-06 | Wedbush | Target lowered | Outperform | $21 → $20 |
| 2026-07-07 | RBC Capital | Target raised | Outperform | $13 → $14 |
| 2026-06-30 | HC Wainwright & Co. | Maintained | Buy | $32 |
| 2026-06-30 | Cantor Fitzgerald | Target raised | Overweight | $27 → $29 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +6.3% | -48.8% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +6.3% | -12.5% |
| Volatility (annualized) | 47.5% | 53.8% |
| Max drawdown | -31.1% (Jul 2026→Oct 2026) | -77.8% (Feb 2022→Apr 2024) |

## Peers (Drug Manufacturers - Specialty & Generic)
SUPN (Supernus Pharmaceuticals, Inc.) USD 40.7 -3.26% · BHC (Bausch Health Companies Inc.) USD 6.44 -0.77% · HCM (HUTCHMED (China) Limited) USD 14.36 +0.56% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 27.2 -4.80% · RGC (Regencell Bioscience Holdings L) USD 7.67 -21.81% · LQDA (Liquidia Corporation) USD 42.65 +7.46%

## More
Full page: https://nexqual.com/BCRX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BCRX's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/882796/000162828026012240/bcrx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Torii Pharmaceutical | "•plans, programs, progress and potential success of our collaborations, including, for example, with Torii Pharmaceutical Co., Ltd. ("Torii") for ORLADEYO in Japan and Shionogi & Co., Ltd. ("Shionogi") and Green Cross Co…" |
| Partner | Green Cross | "•plans, programs, progress and potential success of our collaborations, including, for example, with Torii Pharmaceutical Co., Ltd. ("Torii") for ORLADEYO in Japan and Shionogi & Co., Ltd. ("Shionogi") and Green Cross Co…" |
| Partner | Japan and Shionogi & | "•plans, programs, progress and potential success of our collaborations, including, for example, with Torii Pharmaceutical Co., Ltd. ("Torii") for ORLADEYO in Japan and Shionogi & Co., Ltd. ("Shionogi") and Green Cross Co…" |
| Partner | BioCryst Ireland | "Additionally, we entered into a global brand and support agreement with BioCryst Ireland, which provides for coordination of brand and regulatory activities between us and BioCryst Ireland regarding ORLADEYO products." |
| Partner | Clearside Biomedical | "Currently, we have established collaborative relationships, including with, among others, third-party distributors for ORLADEYO in certain markets, with Torii for ORLADEYO in Japan, with Neopharmed for the commercializat…" |
| Partner | Pint Pharma | "We have an exclusive collaboration with Pint Pharma GmbH ("Pint Pharma") to register and promote ORLADEYO in the pan-Latin America region." |
| Partner | Swixx BioPharma | "On January 23, 2023, we announced that we entered into a collaboration with Swixx BioPharma AG ("Swixx") to commercialize ORLADEYO in Central and Eastern Europe ("CEE")." |
| Partner | Neopharmed Gentili | "Pursuant to the Stock Purchase Agreement with Neopharmed, we transferred the agreement with Swixx to Neopharmed." |
| Partner | General | "Our and our partners' activities related to approved products or, following their regulatory approval (if applicable), any of our product candidates under development, are subject to regulatory and law enforcement author…" |
| Partner | LP and BPCR | "On April 17, 2023, we entered into a $450.0 million Loan Agreement (the "Pharmakon Loan Agreement") with BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership, as lenders, and BioPharma Credit PLC, as c…" |
| Competitor | Merck (MRK) | "In addition, we are aware of a number of products in development that would offer alternatives to anti-VEGF therapies, which could affect the competitive environment for our products, including Rezolute Inc.'s RZ402, Mer…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| ORLADEYO | $158.2M | 72.5% | +0.9% |
| Product | $157.5M | 72.2% | -3.0% |
| License and other revenues | $60.7M | 27.8% | +6480.4% |
| License and other revenues | $60.0M | 27.5% | +821.5% |
| Total revenue | $218.3M | 100% | — |
The lines above cover 200% of total revenue.

## Company outlook (8-K filed 2026-08-05)

- "Financial Outlook for 2026 The company maintained its outlook for full year 2026 global net ORLADEYO revenue of $625 million to $645 million."
- "The company raised the full year 2026 total revenue outlook, including RAPIVAB ® (peramivir injection) and revenue from the licensing of navenibart European rights, to $690 million to $715 million."
- "In June, the company improved its outlook for full year 2026 non-GAAP operating expenses, excluding stock-based compensation, restructuring, and transaction-related costs, to $420 million to $440 million, due to the announced plans to discontinue internal discovery programs and close the Birmingham facility."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.12 | $0.13 | -8.0% | $165.7M | 2 |
| Next quarter (ends 2026-12-31) | $0.13 | $0.16 | -18.8% | $169.8M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.75 | $0.66 | +13.6% | $710.1M | 2 |
| Next fiscal year (ends 2027-12-31) | $0.82 | $1.00 | -17.5% | $736.4M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±14.4%; last 8 reports averaged ±7.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 61.9% | ±14.4% |
| 2026-12-18 | 55 | 42.9% | ±17.2% |
| 2027-01-15 | 83 | 58.0% | ±22.9% |
| 2027-03-19 | 146 | 58.1% | ±37.6% |
| 2027-04-16 | 174 | 62.9% | ±43.5% |