Revenue growth has been sharp, with the 2026Q3 operating margin narrowing to -3.3% from -120.1% in 2025Q4 and gross margins holding near 94.2%, though net losses of $56.7M persist.
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 | 945.54M | 502.08M | 221.9M | 9.3M | 77.65M | 69.72M | 8.25M | 40.56M | 0 | 0 |
| Revenue Growth % | 167.27% | 126.26% | 2285.27% | -88.02% | 11.38% | 745.14% | -79.66% | - | - | - |
| Cost of Goods Sold | 61.34M | 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 | 884.2M | 473.81M | 218.02M | 6.86M | 74.21M | 66.6M | 8.25M | 38.06M | 0 | -260K |
| Gross Margin % | 93.51% | 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 | 1.29B | 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 | 733.01M | 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 | 561.59M | 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 | -409.91M | -569.09M | -592.97M | -607.37M | -512.2M | -576.63M | -474.48M | -266.24M | -183.66M | -43.86M |
| Operating Margin % | -43.35% | -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 | -405.17M | -563.65M | -586.9M | -600.88M | -505.43M | -570.79M | -473.03M | -265.38M | -183.41M | -43.6M |
| EBITDA Margin % | -42.85% | -112.26% | -264.49% | -6458.95% | -650.93% | -818.73% | -5734.34% | -654.29% | - | - |
| EBITDA Growth % | 32.98% | 3.96% | 2.33% | -18.88% | 11.45% | -20.67% | -78.24% | -44.69% | -320.7% | - |
| D&A (Non-Cash Add-back) | 4.74M | 5.43M | 6.08M | 6.49M | 6.77M | 5.84M | 1.46M | 859K | 245K | 260K |
| EBIT | -445.32M | -681.88M | -442.9M | -571.96M | -404.21M | -539.68M | -468.83M | -279.82M | -183.66M | -43.82M |
| Net Interest Income | -103.29M | -33.25M | -82.04M | -63.25M | -72.9M | -45.65M | -32.64M | 150K | -543K | 26K |
| Interest Income | 30.34M | 19.85M | 17.25M | 18.04M | 7.54M | 1.13M | 4.01M | 8.91M | 2M | 39K |
| Interest Expense | 133.63M | 53.1M | 99.29M | 81.29M | 80.44M | 46.78M | 36.66M | 8.77M | 2.55M | 13K |
| Other Income/Expense | -169.04M | -165.9M | 50.78M | -45.88M | 27.55M | -9.82M | -31.01M | -22.34M | 14.21M | 26K |
| Pretax Income | -578.95M | -734.99M | -542.19M | -653.25M | -484.65M | -586.45M | -505.49M | -288.58M | -169.45M | -43.83M |
| Pretax Margin % | -61.23% | -146.39% | -244.34% | -7021.94% | -624.17% | -841.2% | -6127.87% | -711.5% | - | - |
| Income Tax | 1.23M | 555K | 1.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.21% | -0.08% | -0.21% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -570.21M | -729.31M | -535.76M | -643.2M | -481.18M | -562.54M | -448.72M | -260.44M | -130.75M | -30.57M |
| Net Margin % | -60.3% | -145.26% | -241.44% | -6913.92% | -619.7% | -806.9% | -5439.74% | -642.1% | - | - |
| Net Income Growth % | 28.47% | -36.13% | 16.7% | -33.67% | 14.46% | -25.36% | -72.3% | -99.19% | -327.77% | - |
| Net Income (Continuing) | -580.18M | -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 | 8.84M | -570K | 10.29M | 11.72M | 9.69M | 4.83M | 49.98M | 67.52M | 62.48M | 3.33M |
| EPS (Diluted) | -2.91 | -3.79 | -2.88 | -3.95 | -3.35 | -3.90 | -4.10 | -2.48 | -1.42 | -0.33 |
| EPS Growth % | 27.45% | -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 | 196.03M | 197.24M | 186.08M | 162.79M | 147.47M | 144.36M | 118M | 105.1M | 92.33M | 92.33M |
| Basic Shares Outstanding | 196.03M | 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
Sustained deep operating losses
Metrics are mathematically derived from official filings.
Attruby Launch Drives Steep Revenue Acceleration
Based on reported figures, BBIO's quarterly revenue climbed from $2.2M in 2024Q2 to $353.2M in 2026Q3, with the latest quarter growing 192.6% year over year, indicating a sharp commercial inflection that remains concentrated in a single product launch.
The jump from near-zero revenue through 2024 to over $240M per quarter by mid-2026 suggests Attruby uptake is the dominant driver, which is consistent with the company's transition from collaboration and milestone income toward product sales. The growth rate is impressive, but it is measured from a very low base and rests on one launch, so durability cannot yet be separated from early-stage adoption dynamics. Investors should monitor whether sequential growth holds as the initial patient pool is penetrated.
Gross Margins Hold Near Licensing-Level Levels
As reported in financial statements, BBIO's gross margin has remained between 90% and 97% across most quarters, with 94.2% reported in 2026Q3, a profile that remains more typical of licensing income than of a scaled manufacturing business.
Such high gross margins suggest that cost of revenue is minimal relative to the product price, which is expected for a specialty therapy with limited direct production costs. The question is whether this margin profile will persist as revenue mix shifts toward royalties and as distribution costs grow with commercial scale. The margin is structurally attractive, but it does little to offset the operating cost base at present.
Operating Losses Narrow but Remain Deep
Based on BBIO's reported figures, operating margin improved from -120.1% in 2025Q4 to -3.3% in 2026Q3, a sharp narrowing that signals operating leverage is beginning to emerge as revenue outpaces the growth of R&D and SG&A.
The swing to near-breakeven operating margin in the latest quarter reflects revenue scaling faster than the combined R&D and SG&A base, which is the core operating leverage thesis. However, SG&A of $200.9M against $332.7M gross profit indicates that commercial overhead still absorbs most of the gross profit, so sustained positive operating margins depend on continued revenue expansion. The improvement is encouraging but should be validated over several additional quarters before being treated as a durable trend.
Net Losses Persist Despite Operating Improvement
According to recent SEC filings, BBIO reported a net loss of $56.7M in 2026Q3 against an operating loss of $11.6M, a gap that suggests non-operating items or financing costs are contributing materially to the bottom line.
The difference between operating and net results implies that interest expense, other non-operating charges, or tax effects are weighing on reported earnings, and the underlying drivers warrant further investigation in the filing footnotes. Stock-based compensation of $39.9M in the latest quarter also represents a meaningful non-cash charge that dilutes per-share economics. Investors should treat reported EPS of -0.42 as a figure shaped by both operating performance and these non-cash and financing elements.
Rapid Growth May Mask Structural Cash Burn
Based on reported figures, BBIO's net margin of -16.1% in 2026Q3 and cumulative losses across the prior nine quarters suggest that revenue growth alone may not be sufficient to reach self-funding, leaving the company exposed to future capital raises.
The bear case centers on whether the recent revenue inflection is sustainable against competition from Alnylam and the continued ATTR market dynamics, which could compress pricing or share gains. Sustained quarters of heavy losses in 2024 and 2025 may indicate that the cost base was built for a larger pipeline than current revenue supports. If growth decelerates before operating margins turn decisively positive, the financing needs could become a source of shareholder dilution.