Revenue surged to $208.5M in 2026Q2 (88.6% YoY) with gross margin at 101.8%, yet operating margin remains deeply negative at -51.4% due to elevated R&D ($149.4M) and SG&A ($186.3M) expenses.
BridgeBio Pharma, Inc. (BBIO) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 691.84M | 502.08M | 221.9M | 9.3M | 77.65M | 69.72M | 8.25M | 40.56M | 0 | 0 |
| Revenue Growth % | 193.38% | 126.26% | 2285.27% | -88.02% | 11.38% | 745.14% | -79.66% | - | - | - |
| Cost of Goods Sold | 47.45M | 28.27M | 3.88M | 2.45M | 3.43M | 3.11M | 0 | 2.5M | 0 | 260K |
| COGS % of Revenue | - | 5.63% | 1.75% | 26.29% | 4.42% | 4.47% | - | 6.16% | - | - |
| Gross Profit | 644.38M | 473.81M | 218.02M | 6.86M | 74.21M | 66.6M | 8.25M | 38.06M | 0 | -260K |
| Gross Margin % | 93.14% | 94.37% | 98.25% | 73.71% | 95.58% | 95.53% | 100% | 93.84% | - | - |
| Gross Profit Growth % | - | 117.32% | 3079.58% | -90.76% | 11.43% | 707.39% | -78.33% | - | 100% | - |
| Operating Expenses | 1.19B | 1.04B | 811M | 614.23M | 586.42M | 643.23M | 482.73M | 304.3M | 183.66M | 43.86M |
| OpEx % of Revenue | - | 207.72% | 365.48% | 6602.46% | 755.22% | 922.65% | 5851.99% | 750.25% | - | - |
| Selling, General & Admin | 669.78M | 555.14M | 288.93M | 150.59M | 143.19M | 192.21M | 145.68M | 94.35M | 43.59M | 13.3M |
| SG&A % of Revenue | - | 110.57% | 130.21% | 1618.73% | 184.41% | 275.7% | 1766.08% | 232.63% | - | - |
| Research & Development | 530.96M | 477.54M | 506.46M | 455.71M | 399.46M | 451.02M | 337.05M | 209.95M | 140.07M | 30.56M |
| R&D % of Revenue | - | 95.11% | 228.24% | 4898.54% | 514.45% | 646.94% | 4085.91% | 517.62% | - | - |
| Other Operating Expenses | -486K | 10.22M | 15.61M | 7.93M | 43.77M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -543.47M | -569.09M | -592.97M | -607.37M | -512.2M | -576.63M | -474.48M | -266.24M | -183.66M | -43.86M |
| Operating Margin % | -78.56% | -113.35% | -267.22% | -6528.75% | -659.65% | -827.12% | -5751.99% | -656.41% | - | - |
| Operating Income Growth % | - | 4.03% | 2.37% | -18.58% | 11.17% | -21.53% | -78.22% | -44.96% | -318.76% | - |
| EBITDA | -529.9M | -560.09M | -586.9M | -600.88M | -505.43M | -570.79M | -473.03M | -265.38M | -183.41M | -43.6M |
| EBITDA Margin % | -76.59% | -111.55% | -264.49% | -6458.95% | -650.93% | -818.73% | -5734.34% | -654.29% | - | - |
| EBITDA Growth % | 18.59% | 4.57% | 2.33% | -18.88% | 11.45% | -20.67% | -78.24% | -44.69% | -320.7% | - |
| D&A (Non-Cash Add-back) | 13.57M | 9M | 6.08M | 6.49M | 6.77M | 5.84M | 1.46M | 859K | 245K | 260K |
| EBIT | -616.33M | -681.88M | -442.9M | -571.96M | -404.21M | -539.68M | -468.83M | -279.82M | -183.66M | -43.82M |
| Net Interest Income | -66.36M | -33.25M | -82.04M | -63.25M | -72.9M | -45.65M | -32.64M | 150K | -543K | 26K |
| Interest Income | 23.48M | 19.85M | 17.25M | 18.04M | 7.54M | 1.13M | 4.01M | 8.91M | 2M | 39K |
| Interest Expense | 89.83M | 53.1M | 99.29M | 81.29M | 80.44M | 46.78M | 36.66M | 8.77M | 2.55M | 13K |
| Other Income/Expense | -162.69M | -165.9M | 50.78M | -45.88M | 27.55M | -9.82M | -31.01M | -22.34M | 14.21M | 26K |
| Pretax Income | -706.17M | -734.99M | -542.19M | -653.25M | -484.65M | -586.45M | -505.49M | -288.58M | -169.45M | -43.83M |
| Pretax Margin % | -102.07% | -146.39% | -244.34% | -7021.94% | -624.17% | -841.2% | -6127.87% | -711.5% | - | - |
| Income Tax | -1.54M | 555K | 1.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.22% | -0.08% | -0.21% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -696.24M | -729.31M | -535.76M | -643.2M | -481.18M | -562.54M | -448.72M | -260.44M | -130.75M | -30.57M |
| Net Margin % | -100.64% | -145.26% | -241.44% | -6913.92% | -619.7% | -806.9% | -5439.74% | -642.1% | - | - |
| Net Income Growth % | 10.33% | -36.13% | 16.7% | -33.67% | 14.46% | -25.36% | -72.3% | -99.19% | -327.77% | - |
| Net Income (Continuing) | -704.62M | -735.54M | -543.35M | -653.25M | -484.65M | -586.45M | -505.49M | -288.58M | -169.45M | -43.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 9.32M | -570K | 10.29M | 11.72M | 9.69M | 4.83M | 49.98M | 67.52M | 62.48M | 3.33M |
| EPS (Diluted) | -3.56 | -3.79 | -2.88 | -3.95 | -3.35 | -3.90 | -4.10 | -2.48 | -1.42 | -0.33 |
| EPS Growth % | 12.47% | -31.6% | 27.09% | -17.91% | 14.1% | 4.88% | -65.32% | -74.65% | -330.3% | - |
| EPS (Basic) | - | -3.79 | -2.88 | -3.95 | -3.35 | -3.90 | -4.10 | -2.48 | -1.42 | -0.33 |
| Diluted Shares Outstanding | 195.79M | 197.24M | 186.08M | 162.79M | 147.47M | 144.36M | 118M | 105.1M | 92.33M | 92.33M |
| Basic Shares Outstanding | 195.79M | 197.24M | 186.08M | 162.79M | 147.47M | 144.36M | 118M | 105.1M | 92.33M | 92.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BBIO stock.
For fiscal year 2025, BridgeBio Pharma, Inc. (BBIO) reported total revenue of $502.1M.
BridgeBio Pharma, Inc. (BBIO) reported a net loss of $729.3M for the fiscal year ending 2025.
BridgeBio Pharma, Inc. (BBIO) reported an operating income of $-569.1M, resulting in an operating profit margin of -113.3%. This margin reflects the operational efficiency of the business before interest and taxes.
BridgeBio Pharma, Inc. (BBIO) generated $473.8M in gross profit for the year, representing a gross profit margin of 94.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Commercial execution and cash burn
Metrics are mathematically derived from official filings.
Revenue Inflection from Attruby Launch
BridgeBio's revenue surged from $5.9M in 2024Q4 to $208.5M in 2026Q2, driven by Attruby's commercial launch, with 88.6% YoY growth in the latest quarter, according to reported financials.
The revenue trajectory has shifted dramatically from a pre-commercial base to a product-driven model, with the latest quarter's $208.5M reflecting strong uptake of Attruby. This growth is not just a one-time milestone; it appears to be sustained as sequential growth from 2026Q1 to Q2 was 7.2%, indicating a durable ramp. However, the sustainability of this growth depends on continued market share gains against Pfizer's Vyndaqel and the expansion of the ATTR-CM patient pool.
Gross Margin Expansion Signals Product Mix
Gross margin improved from 64.6% in 2024Q4 to 101.8% in 2026Q2, reflecting a shift to high-margin product sales and possibly favorable accounting adjustments, as per the income statement data.
The gross margin exceeding 100% in 2026Q2 is unusual and may indicate a one-time benefit, such as a change in estimate or a reversal of prior reserves. Excluding that anomaly, the underlying gross margin is still robust, around 94-97%, consistent with a rare disease drug with minimal cost of goods. This suggests strong pricing power, but investors should monitor whether the margin normalizes to a sustainable level as the product scales and competition intensifies.
Operating Leverage Yet to Materialize
Despite revenue growth, operating losses remain deep, with operating margin at -51.4% in 2026Q2, as SG&A and R&D expenses continue to outpace revenue, based on the latest quarterly data.
The company's operating leverage is still negative, as SG&A expenses have grown from $94.8M in 2024Q4 to $186.3M in 2026Q2, reflecting heavy investment in commercial infrastructure. While revenue has grown faster, the absolute losses are still substantial, indicating that the company is in a heavy investment phase. The path to operating leverage will depend on whether revenue can continue to grow at a faster pace than the fixed cost base, which is not yet evident.
Net Losses Persist Despite Revenue Surge
Net income remains deeply negative at -$152.2M in 2026Q2, with net margin of -73.0%, and EPS of -$0.78, reflecting high operating costs and non-operating charges, as reported in the income statement.
The quality of earnings is poor, as the company continues to burn cash heavily, with net losses exceeding $150M per quarter. Stock-based compensation is a significant non-cash expense, totaling $44.1M in 2026Q2, which inflates reported losses but also indicates potential dilution. The tax rate appears minimal, but the company's ability to utilize net operating losses may be limited. Investors should focus on cash burn and the timeline to break-even, which is not yet in sight.
R&D and SG&A Escalation
R&D expenses have remained elevated around $150M per quarter, while SG&A has grown to $186.3M in 2026Q2, reflecting the cost of building a commercial organization, according to the latest financials.
The cost structure is dominated by R&D and SG&A, with R&D staying relatively flat around $130-150M, indicating continued investment in the pipeline. SG&A has more than doubled from $65.8M in 2024Q1 to $186.3M in 2026Q2, which is necessary for the Attruby launch but is a major driver of operating losses. Management's expense discipline will be critical; if revenue growth slows, these costs could become unsustainable, leading to further dilution or asset sales.
2025Q4: The Turning Point
The inflection occurred in 2025Q4 when revenue jumped to $154.2M from $5.9M in 2024Q4, marking the first full quarter of Attruby sales, as per the income statement data.
The transition from a pre-commercial to a commercial-stage company is starkly visible in the revenue jump from 2024Q4 to 2025Q4, which was driven by the launch of Attruby. This inflection has fundamentally changed the revenue base, but it also brought a significant increase in SG&A costs, leading to a temporary deterioration in operating margin. The lasting impact is that the company now has a product revenue stream, but the path to profitability will depend on scaling this revenue while controlling costs.
Sustainability of Revenue Growth Questioned
Despite the impressive revenue growth, the company's net losses remain deep, and competition from Alnylam's vutrisiran could pressure market share, as noted in recent context flags.
Short-sellers might argue that the revenue growth is not sustainable because it is based on a single product in a competitive market, and the company's heavy spending on SG&A may not yield the expected returns. The gross margin anomaly in 2026Q2 could be a red flag, suggesting that the reported profitability is not yet reliable. Additionally, the company's reliance on external financing to fund operations is a risk, as any delay in achieving break-even could lead to significant dilution. Investors should monitor the competitive dynamics and the company's ability to maintain its growth trajectory.