Revenue surged 94.1% year-over-year to $874.8M, with Q2 2026 gross margin at 98.2% and operating margin at 45.1%, though Q1 2026 included a $703.1M COGS charge that distorted margins.
BioCryst Pharmaceuticals, Inc. (BCRX) annual income statement — 30-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 | 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 | 940.61M | 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 % | 68.72% | 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 | 719.42M | 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 | 221.2M | 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 % | 23.52% | 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 | 534.75M | 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 | 337.32M | 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 | 197.76M | 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 | -313.16M | 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 % | -33.29% | 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 | -307.12M | 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 % | -32.65% | 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 % | -653.59% | 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) | 6.04M | 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 | -308.91M | 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 | -65.47M | -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 | 9.82M | 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 | 75.29M | 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 | -68.03M | -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 | -381.19M | 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 % | -40.53% | 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 | 3.49M | 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 % | -0.91% | 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 | -384.67M | 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 % | -40.9% | 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 % | -977.18% | 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) | -384.67M | 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) | -1.45 | 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 % | -734.06% | 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 | 265.17M | 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 | 254.48M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Single-asset dependency and cash constraints
Metrics are mathematically derived from official filings.
Orladeyo Drives Accelerating Revenue
Revenue surged 94.1% year-over-year to $874.8M, with Q2 2026 up 33.6% sequentially, reflecting robust Orladeyo uptake and a one-time milestone in Q4 2025, per reported financials.
The 94.1% TTM growth is heavily influenced by a $406.6M revenue spike in Q4 2025, likely including a non-recurring milestone or royalty monetization, as underlying quarterly product sales have grown more steadily from $92.8M in Q1 2024 to $218.2M in Q2 2026. Excluding the outlier, the core business shows a consistent 30-50% YoY growth trajectory, suggesting durable commercial momentum for Orladeyo. Investors should monitor whether international expansion and patient starts can sustain this pace without further one-time boosts.
Gross Margin Resilience Amidst Anomalies
Gross margin averaged 98% in recent quarters, but Q1 2026 reported a -3.5% margin due to a $703.1M COGS charge, likely a one-time inventory write-down, as per SEC filings.
The 98%+ gross margin is typical for small-molecule orphan drugs, reflecting negligible COGS relative to premium pricing. The Q1 2026 anomaly appears to be a non-recurring impairment or write-off, not a structural cost issue, as margins reverted to 98.2% in Q2 2026. This volatility underscores the need to adjust for one-time items when assessing underlying profitability, but the core margin profile remains robust and supports pricing power.
Operating Leverage Inflection Point
Operating margin expanded from -15.6% in Q1 2024 to 45.1% in Q2 2026, as SG&A grew only modestly while revenue scaled, indicating strong operating leverage, based on reported figures.
The company has achieved a dramatic operating leverage inflection, with OpEx (R&D + SG&A) growing from ~$106M in Q1 2024 to ~$116M in Q2 2026, a mere 9% increase, while revenue more than doubled. This suggests that the fixed commercial infrastructure is now being utilized efficiently, and incremental Orladeyo sales drop through to operating income at a high rate. However, the sustainability of this leverage depends on management's ability to control R&D and SG&A as they invest in pipeline and international expansion.
Earnings Quality Clouded by One-Time Items
Net income swung from -$35.4M in Q1 2024 to $78.4M in Q2 2026, but Q4 2025's $245.8M profit included a $72.6M SBC charge and likely non-recurring gains, per financial statements.
The reported net income is heavily influenced by non-operating items and stock-based compensation (SBC), which totaled $72.6M in Q4 2025 alone, far exceeding typical quarterly levels. The Q1 2026 net loss of -$721.8M is clearly distorted by the COGS write-off, while the Q4 2025 profit may include milestone revenue. Adjusting for SBC and one-time items, the underlying earnings power appears positive but more modest than headline figures suggest, warranting careful normalization by investors.
R&D and SG&A Discipline Under Scrutiny
R&D spending has remained stable around $40-60M per quarter, while SG&A has grown from $59.5M to $64.0M, reflecting cost discipline despite revenue scaling, as reported in quarterly filings.
The company has kept R&D relatively flat, averaging ~$45M per quarter, which is notable given the pipeline setbacks and the need to advance BCX9250. SG&A has grown modestly, from $59.5M in Q1 2024 to $64.0M in Q2 2026, indicating that the commercial infrastructure is being leveraged without proportional cost increases. However, the low cash balance ($89.7M) and high debt may force management to either cut R&D or seek financing, which could impact future growth prospects.
Single-Asset Risk and Cash Constraints
Despite strong margins, the company's reliance on Orladeyo for nearly all revenue, coupled with a $89.7M cash balance against debt, poses significant balance sheet risk, per recent financials.
The income statement narrative is overwhelmingly positive, but the concentration risk is extreme: Orladeyo is the sole commercial driver, and any competitive threat (e.g., KalVista's oral candidate) or regulatory setback could severely impact revenue. The cash position is thin relative to the company's debt obligations and ongoing R&D needs, which may necessitate dilutive financing or further royalty monetizations, reducing future upside. Short-sellers would likely focus on the sustainability of the 94% growth rate, which is inflated by one-time items, and the potential for margin compression if payer pressure increases.