The company achieved a notable 64% operating margin in 2025Q4, though revenue growth has decelerated to 2.1% as the initial commercial momentum of Orladeyo faces lumpy market comparables.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 885.72M | 874.84M | 450.71M | 331.41M | 270.83M | 157.17M | 17.81M | 48.84M | 20.65M | 25.19M | 26.35M | 48.26M | 13.61M | 17.33M | 26.29M | 19.64M | 63.5M | 74.59M | 56.56M | 71.24M | 6.21M | 151.87K | 336.9K | 1.63M | 1.77M | 11.16M | 3.32M | 2.5M | 6.4M | 1M | 2.7M |
| Revenue Growth % | 75.92% | 94.1% | 36% | 22.37% | 72.31% | 782.38% | -63.53% | 136.45% | -18% | -4.43% | -45.39% | 254.62% | -21.48% | -34.09% | 33.85% | -69.07% | -14.87% | 31.87% | -20.6% | 1046.79% | 3990.38% | -54.92% | -79.38% | -7.92% | -84.1% | 236.52% | 32.62% | -60.94% | 540% | -62.96% | 1250% |
| Cost of Goods Sold | 718.37M | 19.07M | 12.48M | 4.66M | 6.59M | 7.26M | 1.68M | 4.1M | 471K | 1.7M | 2.7M | 1.9M | 122K | 98K | 132K | 0 | 86K | 4.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500K | -500K | -600K | 7.1M |
| COGS % of Revenue | - | 2.18% | 2.77% | 1.41% | 2.43% | 4.62% | 9.41% | 8.4% | 2.28% | 6.76% | 10.24% | 3.93% | 0.9% | 0.57% | 0.5% | - | 0.14% | 6.09% | - | - | - | - | - | - | - | - | - | -20% | -7.81% | -60% | 262.96% |
| Gross Profit | 167.34M | 855.76M | 438.23M | 326.75M | 264.23M | 149.91M | 16.14M | 44.73M | 20.18M | 23.48M | 23.65M | 46.36M | 13.49M | 17.23M | 26.16M | 19.64M | 63.41M | 70.05M | 56.56M | 71.24M | 6.21M | 151.87K | 336.9K | 1.63M | 1.77M | 11.16M | 3.32M | 3M | 6.9M | 1.6M | -4.4M |
| Gross Margin % | 18.89% | 97.82% | 97.23% | 98.59% | 97.57% | 95.38% | 90.59% | 91.6% | 97.72% | 93.24% | 89.76% | 96.07% | 99.1% | 99.43% | 99.5% | 100% | 99.86% | 93.91% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 120% | 107.81% | 160% | -162.96% |
| Gross Profit Growth % | - | 95.28% | 34.12% | 23.66% | 76.27% | 829.02% | -63.93% | 121.65% | -14.06% | -0.72% | -48.98% | 243.77% | -21.74% | -34.13% | 33.18% | -69.02% | -9.47% | 23.84% | -20.6% | 1046.79% | 3990.38% | -54.92% | -79.38% | -7.92% | -84.1% | 236.52% | 10.52% | -56.52% | 331.25% | 136.36% | 30.16% |
| Operating Expenses | 549.57M | 514.77M | 440.77M | 430.46M | 412.67M | 327.63M | 190.89M | 144.19M | 114.4M | 80.89M | 72.26M | 85.81M | 59.26M | 47.95M | 58.29M | 69.23M | 96.65M | 83.78M | 83.73M | 103.52M | 53.19M | 27.33M | 22.09M | 14.33M | 18.33M | 16.14M | 13.15M | 11.1M | 12.9M | 13.9M | 3.2M |
| OpEx % of Revenue | - | 58.84% | 97.79% | 129.89% | 152.37% | 208.45% | 1071.71% | 295.26% | 553.92% | 321.19% | 274.2% | 177.81% | 435.46% | 276.67% | 221.69% | 352.44% | 152.21% | 112.33% | 148.03% | 145.31% | 856.28% | 17995.15% | 6556.46% | 877.23% | 1032.91% | 144.68% | 396.54% | 444% | 201.56% | 1390% | 118.52% |
| Selling, General & Admin | 360.73M | 348.65M | 266.13M | 213.89M | 159.37M | 118.82M | 67.93M | 37.12M | 29.51M | 13.93M | 11.25M | 13.05M | 7.46M | 5.22M | 6.83M | 12.33M | 14.18M | 11.48M | 10.4M | 9.47M | 6.11M | 3.69M | 3.21M | 2.81M | 2.86M | 3.05M | 3.56M | 2.9M | 3.1M | 2.7M | 2.7M |
| SG&A % of Revenue | - | 39.85% | 59.05% | 64.54% | 58.85% | 75.6% | 381.37% | 76.01% | 142.9% | 55.32% | 42.7% | 27.04% | 54.83% | 30.12% | 25.96% | 62.78% | 22.33% | 15.39% | 18.39% | 13.29% | 98.33% | 2427.34% | 953.49% | 172.09% | 160.93% | 27.35% | 107.29% | 116% | 48.44% | 270% | 100% |
| Research & Development | 189.18M | 166.13M | 174.64M | 216.57M | 253.3M | 208.81M | 122.96M | 107.07M | 84.89M | 66.96M | 61.01M | 72.76M | 51.8M | 42.73M | 51.46M | 56.9M | 82.47M | 72.3M | 73.33M | 94.05M | 47.08M | 23.64M | 18.87M | 11.52M | 15.47M | 13.09M | 9.59M | 7.7M | 9.3M | 10.6M | 0 |
| R&D % of Revenue | - | 18.99% | 38.75% | 65.35% | 93.53% | 132.85% | 690.34% | 219.24% | 411.02% | 265.87% | 231.5% | 150.77% | 380.63% | 246.55% | 195.73% | 289.66% | 129.88% | 96.93% | 129.64% | 132.03% | 757.95% | 15567.82% | 5600.49% | 705.14% | 871.98% | 117.33% | 289.25% | 308% | 145.31% | 1060% | - |
| Other Operating Expenses | -335K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.34K | 0 | 0 | 0 | 0 | 500K | 500K | 600K | 500K |
| Operating Income | -381.84M | 340.99M | -2.54M | -103.71M | -148.44M | -177.72M | -174.76M | -99.45M | -94.22M | -57.41M | -48.61M | -39.44M | -45.77M | -30.72M | -33.89M | -49.59M | -33.24M | -13.74M | -27.16M | -32.28M | -46.98M | -27.18M | -21.75M | -12.7M | -16.55M | -4.99M | -9.83M | -8.1M | -6M | -12.3M | -7.6M |
| Operating Margin % | -43.11% | 38.98% | -0.56% | -31.29% | -54.81% | -113.07% | -981.12% | -203.66% | -456.2% | -227.95% | -184.45% | -81.74% | -336.35% | -177.24% | -128.89% | -252.44% | -52.34% | -18.42% | -48.03% | -45.31% | -756.28% | -17895.15% | -6456.46% | -777.23% | -932.91% | -44.68% | -296.54% | -324% | -93.75% | -1230% | -281.48% |
| Operating Income Growth % | - | 13508.93% | 97.55% | 30.13% | 16.48% | -1.7% | -75.71% | -5.56% | -64.11% | -18.11% | -23.23% | 13.82% | -49.01% | 9.36% | 31.66% | -49.19% | -141.93% | 49.43% | 15.85% | 31.29% | -72.87% | -24.94% | -71.27% | 23.29% | -232.06% | 49.29% | -21.38% | -35% | 51.22% | -61.84% | 16.48% |
| EBITDA | -377.13M | 342.38M | -1.3M | -102.05M | -147M | -176.94M | -174.01M | -98.73M | -93.45M | -56.71M | -48.12M | -39.26M | -45.59M | -30.41M | -33.26M | -48.7M | -30.97M | -12.13M | -25.54M | -30.91M | -46.16M | -26.31M | -20.78M | -11.6M | -15.31M | -3.94M | -9.16M | -7.6M | -5.5M | -11.7M | -7.1M |
| EBITDA Margin % | -42.58% | 39.14% | -0.29% | -30.79% | -54.28% | -112.58% | -976.92% | -202.17% | -452.48% | -225.15% | -182.61% | -81.36% | -335.05% | -175.48% | -126.5% | -247.93% | -48.77% | -16.26% | -45.15% | -43.39% | -743.06% | -17325.86% | -6168.7% | -709.85% | -862.66% | -35.28% | -276.35% | -304% | -85.94% | -1170% | -262.96% |
| EBITDA Growth % | -1194.93% | 26497.69% | 98.73% | 30.57% | 16.92% | -1.69% | -76.25% | -5.65% | -64.79% | -17.84% | -22.57% | 13.88% | -49.92% | 8.56% | 31.71% | -57.25% | -155.41% | 52.52% | 17.38% | 33.03% | -75.43% | -26.61% | -79.17% | 24.23% | -288.92% | 57.04% | -20.56% | -38.18% | 52.99% | -64.79% | 16.47% |
| D&A (Non-Cash Add-back) | 4.71M | 1.39M | 1.25M | 1.66M | 1.44M | 777K | 748K | 724K | 770K | 704K | 483K | 180K | 177K | 304K | 628K | 886K | 2.27M | 1.61M | 1.63M | 1.37M | 821.2K | 864.57K | 969.45K | 1.1M | 1.25M | 1.05M | 669.21K | 500K | 500K | 600K | 500K |
| EBIT | -379.59M | 346.26M | 11.56M | -117.99M | -145.29M | -122.52M | -168.31M | -97M | -92.08M | -57.22M | -48.66M | -37.82M | -40.19M | -25.33M | -34.41M | -53.17M | -33.85M | -13.74M | -27.16M | -32.28M | -46.98M | -27.18M | -21.75M | -13.68M | -18.7M | -4.99M | -9.83M | -8.1M | -6M | -12.3M | -8.7M |
| Net Interest Income | -47.73M | -68.2M | -83.77M | -92.46M | -93.97M | -59.23M | -5.08M | -9.96M | -6.92M | -7.55M | -5.69M | -4.67M | -4.91M | -4.68M | -4.44M | -3.36M | 504K | 285.69K | 2.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.9M | 10.67M | 14.75M | 15.78M | 5.13M | 62K | 9.42M | 1.93M | 2.25M | 1.01M | 793K | 535K | 93K | 93K | 222K | 413K | 503.54K | 285.69K | 2.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 35.6M | 78.87M | 98.52M | 108.24M | 99.09M | 59.29M | 14.5M | 11.89M | 9.18M | 8.56M | 6.49M | 5.2M | 5M | 4.78M | 4.67M | 3.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -72.34M | -73.6M | -84.41M | -122.52M | -95.95M | -4.09M | -8.06M | -9.44M | -7.03M | -8.37M | -6.54M | -3.58M | 582K | 609K | -5.19M | -7.36M | 503.54K | 285.69K | 2.43M | 3.22M | -26.05B | 27.18M | 647.75K | -12.69B | 18.7M | -4.98B | -11.57B | 1.2M | 1.3M | 1.7M | 0 |
| Pretax Income | -454.18M | 267.39M | -86.95M | -226.23M | -244.38M | -181.81M | -182.81M | -108.9M | -101.25M | -65.78M | -55.14M | -43.02M | -45.19M | -30.11M | -39.08M | -56.95M | -33.85B | -13.45M | -24.73M | -29.05M | -26.1B | -26.1B | -21.1B | -12.7B | -16.93B | -4.99B | -11.58B | -6.9M | -4.7M | -10.6M | 0 |
| Pretax Margin % | -51.28% | 30.56% | -19.29% | -68.26% | -90.24% | -115.68% | -1026.35% | -222.99% | -490.25% | -261.18% | -209.25% | -89.15% | -332.08% | -173.72% | -148.64% | -289.92% | -53311.26% | -18.03% | -43.73% | -40.79% | -420139.04% | -17185279.22% | -6264190.67% | -777238.86% | -953983.77% | -44686.68% | -349193.6% | -276% | -73.44% | -1060% | - |
| Income Tax | 3.81M | 3.53M | 1.93M | 310K | 2.73M | 2.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500.76M | -1.61M | -430 | 524 | -26.06B | 1.08B | -647.75K | -12.69B | 373.9K | -4.98B | -11.57B | -2.8M | -1.2M | 0 | 100K |
| Effective Tax Rate % | -0.84% | 1.32% | -2.22% | -0.14% | -1.12% | -1.24% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1.48% | 11.99% | 0% | -0% | 99.83% | -4.13% | 0% | 99.9% | -0% | 99.9% | 99.9% | 40.58% | 25.53% | 0% | - |
| Net Income | -457.98M | 263.86M | -88.88M | -226.54M | -247.12M | -184.06M | -182.81M | -108.9M | -101.25M | -65.78M | -55.14M | -43.02M | -45.19M | -30.11M | -39.08M | -56.95M | -32.73M | -13.45M | -24.73M | -29.06M | -43.62M | -26.1M | -21.1M | -12.7M | -16.93M | -4.99M | -11.58M | -5.3M | -4.8M | -10.6M | -7.7M |
| Net Margin % | -51.71% | 30.16% | -19.72% | -68.36% | -91.25% | -117.11% | -1026.35% | -222.99% | -490.25% | -261.18% | -209.25% | -89.15% | -332.08% | -173.72% | -148.64% | -289.92% | -51.55% | -18.03% | -43.73% | -40.79% | -702.16% | -17185.28% | -6264.19% | -777.23% | -953.98% | -44.69% | -349.19% | -212% | -75% | -1060% | -285.19% |
| Net Income Growth % | -756.52% | 396.87% | 60.77% | 8.33% | -34.26% | -0.68% | -67.88% | -7.55% | -53.92% | -19.29% | -28.19% | 4.8% | -50.09% | 22.96% | 31.37% | -73.98% | -143.33% | 45.61% | 14.88% | 33.39% | -67.13% | -23.67% | -66.17% | 24.98% | -239.53% | 56.94% | -118.45% | -10.42% | 54.72% | -37.66% | 10.47% |
| Net Income (Continuing) | -457.98M | 263.86M | -88.88M | -226.54M | -247.12M | -184.06M | -182.81M | -108.9M | -101.25M | -65.78M | -55.14M | -43.02M | -45.19M | -30.11M | -39.08M | -56.95M | -33.85M | -13.45M | -24.73M | -29.06M | -43.62M | -26.1M | -21.1M | -12.7M | -16.93M | -4.99M | -5.49M | -5.3M | -4.8M | -10.6M | -7.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.89 | 1.21 | -0.43 | -1.18 | -1.33 | -1.03 | -1.09 | -0.94 | -0.98 | -0.78 | -0.75 | -0.59 | -0.68 | -0.55 | -0.79 | -1.26 | -0.73 | -0.35 | -0.65 | -0.89 | -1.50 | -1.01 | -1.00 | -0.72 | -0.96 | -0.28 | -0.61 | -0.34 | -0.34 | -0.77 | -0.69 |
| EPS Growth % | -585.12% | 381.4% | 63.56% | 11.28% | -29.13% | 5.5% | -15.96% | 4.08% | -25.64% | -4% | -27.12% | 13.24% | -23.64% | 30.38% | 37.3% | -72.6% | -108.57% | 46.15% | 26.97% | 40.67% | -48.51% | -1% | -38.89% | 25% | -242.86% | 54.1% | -79.41% | 0% | 55.84% | -11.59% | 28.13% |
| EPS (Basic) | - | 1.26 | -0.43 | -1.18 | -1.33 | -1.03 | -1.09 | -0.94 | -0.98 | -0.78 | -0.75 | -0.59 | -0.68 | -0.55 | -0.79 | -1.26 | -0.73 | -0.35 | -0.65 | -0.89 | -1.50 | -1.01 | -1.00 | -0.72 | -0.96 | -0.28 | -0.66 | -0.34 | -0.34 | -0.77 | -0.69 |
| Diluted Shares Outstanding | 242.26M | 218.58M | 206.7M | 192.2M | 185.91M | 179.12M | 167.27M | 115.6M | 103.19M | 84.45M | 73.7M | 72.9M | 66.77M | 55.22M | 49.47M | 45.14M | 44.56M | 38.93M | 38.06M | 32.77M | 29.15M | 25.72M | 21.17M | 17.7M | 17.64M | 17.56M | 18.96M | 15.38M | 14.12M | 13.78M | 11.16M |
| Basic Shares Outstanding | 242.26M | 209.89M | 206.7M | 192.2M | 185.91M | 179.12M | 167.27M | 115.6M | 103.19M | 84.45M | 73.7M | 72.9M | 66.77M | 55.22M | 49.47M | 45.14M | 44.56M | 38.93M | 38.06M | 32.77M | 29.15M | 25.72M | 21.17M | 17.7M | 17.64M | 17.56M | 17.47M | 15.38M | 14.12M | 13.78M | 11.16M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Single-asset commercial dependency
As reported in financial statements, BCRX experienced significant revenue volatility, with growth peaking at 56.9% in 2025Q1 before decelerating to 2.1% by 2025Q4, suggesting that the underlying commercial momentum of Orladeyo may be obscured by non-recurring government contract revenue and lumpy international launch milestones.
The deceleration in top-line growth highlights the difficulty in distinguishing between sustainable recurring prescription refills and sporadic, project-based government stockpiling. Investors should monitor whether the recent revenue plateau indicates a saturation of the initial HAE patient switch cohort or merely a timing mismatch in international market penetration.
Based on reported figures, BioCryst maintains exceptional gross margins consistently exceeding 97%, reflecting the inherent pricing power of its small-molecule orphan drug portfolio and the minimal variable costs associated with scaling production for a specialized patient population in the competitive HAE prophylaxis market.
This structural margin profile provides a significant buffer against potential inflationary pressures on input costs. However, the sustainability of these margins remains contingent on the company's ability to avoid aggressive gross-to-net adjustments as payer scrutiny over orphan drug pricing intensifies.
According to recent SEC filings, BioCryst has successfully transitioned from operating losses to a positive operating margin of 64% in 2025Q4, indicating that the company is finally beginning to leverage its fixed commercial infrastructure against the rising volume of Orladeyo prescriptions.
The shift suggests that the heavy investment in a specialized sales force is yielding returns, though the 2026Q1 anomaly warrants caution regarding the stability of this trend. Future operating leverage will depend on management's ability to contain SG&A growth while simultaneously funding the necessary R&D to diversify the pipeline.
As indicated by the financial data, the company's net income is heavily influenced by non-operating items, including a substantial $72.6 million in stock-based compensation recorded in 2025Q4, which significantly complicates the assessment of true operational profitability and shareholder dilution risks for long-term investors.
The reliance on equity-based incentives appears to be a primary tool for managing cash burn, but it creates a disconnect between GAAP earnings and actual cash generation. Analysts should adjust for these non-cash charges to determine if the core business is truly self-sustaining without further dilutive financing.
Based on the provided income statement history, the company's reliance on Orladeyo for the vast majority of its revenue creates a precarious valuation profile, especially given the recent clinical setbacks in the Factor D program that have limited the company's ability to diversify its revenue base.
Short-sellers may focus on the potential for margin compression if competitive oral entrants like KalVista successfully capture market share. Furthermore, the low cash-to-debt ratio suggests that any disruption to the Orladeyo growth trajectory could force the company into unfavorable financing arrangements to maintain its R&D commitments.
Quick answers to the most common questions about buying BCRX stock.
For fiscal year 2025, BioCryst Pharmaceuticals, Inc. (BCRX) reported total revenue of $874.8M. This represents a 32301.4% increase compared to $2.7M in 1996.
BioCryst Pharmaceuticals, Inc. (BCRX) is profitable, generating $263.9M in net income for the fiscal year ending 2025 with a net profit margin of 30.2%.
BioCryst Pharmaceuticals, Inc. (BCRX) reported an operating income of $341.0M, resulting in an operating profit margin of 39.0%. This margin reflects the operational efficiency of the business before interest and taxes.
BioCryst Pharmaceuticals, Inc. (BCRX) generated $855.8M in gross profit for the year, representing a gross profit margin of 97.8%. This demonstrates the company's core pricing power and production efficiency.