Biocryst Pharmaceuticals, Inc. · NASDAQ:BCRX
Biocryst Pharmaceuticals — Q1 2024 Earnings Presentation
15 slides from Biocryst Pharmaceuticals's earnings presentation, May 6, 2024
Slide 1: First Quarter 2024 Results Call
First Quarter 2024 Results Call Corporate Update & Financial Results May 6, 2024 CONFIDENTIAL & PROPRIETARY
Slide 2: Forward-looking statements
Forward-looking statements BioCryst’s presentation contains forward-looking statements, including statements regarding future results, unaudited and forward-looking financial information and company performance or achievements. These statements are subject to known and unknown risks, uncertainties a
Slide 3: Agenda
AGENDA Jon Stonehouse Corporate update President and Chief Executive Officer Charlie Gayer ORLADEYO® update Chief Commercial Officer Dr. Helen Thackray Pipeline update Chief R&D Officer Anthony Doyle Financial update Chief Financial Officer Q&A 3
Slide 4: First quarter 2024 highlights
First quarter 2024 highlights • Global ORLADEYO revenue grew 30% to $88.9m in Q1 • The past two quarters generated the most new prescriptions in the U.S. since first two quarters of launch • Greater than expected revenue in Q1 driven by U.S. commercial team completing reauthorizations faster than ex
Slide 5: Path to $800M US revenue in 2029
Path to $800M US revenue in 2029 Modest average price increases 2024-2029 Improve rate of ~200 annual net Paid to 85% ASSUMPTIONS patients added, 2024-2029 • 15-20% gross-to-net on Paid shipments • Compliance in low-90s% 1,104 Paid + PAP* patients * PAP is the company’s long-term patient with 71.5%
Slide 6: Revenue $326M through 2023 (third year) and growing
Revenue $326M through 2023 (third year) and growing US NET PATIENT GROWTH NET REVENUE ($M) 1,000 patients 100.0 90.0 Start Forms and DCs Patients on Therapy 80.0 70.0 60.0 50.0 40.0 Sep-22 Sep-23 Dec-21 May-22 Dec-22 Oct-21 Nov-21 Jan-22 Feb-22 Oct-22 May-23 Dec-23 Apr-22 Aug-22 Nov-22 Jan-23 Feb-23
Slide 7: Patients experience excellent HAE control on ORLADEYO
Patients experience excellent HAE control on ORLADEYO LONG-TERM CLINICAL EVIDENCE LONG-TERM REAL-WORLD EVIDENCE 90.8% Rapid Sustained Attack reduction vs baseline after 96 Rapid attack control regardless of Sustained attack control regardless weeks on berotralstat 150mg in baseline rate or C1-INH le
Slide 8: Market research: intent to prescribe more ORLADEYO remains consistent
MARKET RESEARCH: Intent to prescribe more ORLADEYO remains consistent, with prescriptions coming mostly from prophylactic switches ALLERGIST-IMMUNOLOGISTS (A/IS) PRESCRIBING - 2023 SOURCE OF FUTURE NEW ORLADEYO PRESCRIPTIONS - 2024 (n=154 unique A/Is managing ~1,300 HAE patients) (n=154 unique A/Is
Slide 9: Our pipeline
Our pipeline ASSET PROGRAM LEAD PRE- PROOF OF PIVOTAL‡ APPROVED / OPTIMIZATION CLINICAL CONCEPT† COMMERCIAL ORLADEYO® (berotralstat) Hereditary Oral Plasma Kallikrein Angioedema Inhibitor (HAE) ORLADEYO® (berotralstat) Hereditary Oral Plasma Kallikrein Angioedema Inhibitorin Pediatrics (HAE) BCX1001
Slide 10: Program milestones
Program milestones ASSET 2024 2025 2026 2027 2028 ORLADEYO® (berotralstat) Oral Plasma Submit for approval Kallikrein Inhibitor in Pediatrics BCX10013 POC data Oral Factor D Inhibitor BCX17725 Initiate phase 1 Start POC POC data Protein Therapeutic Avoralstat Start POC POC data Ocular Plasma Kallikr
Slide 11: Uniquely positioned to create sustainable value
Uniquely positioned to create sustainable value 2024 2025 2026 Full year Approaching Full year operating quarterly positive profit* positive EPS/cash flow EPS/cash flow in 2H Company does not intend to raise any additional funds, including not drawing the additional $150M in debt available from Phar
Slide 12: Finance summary
Finance summary (FIGURES IN MILLIONS) Q1 2024 CASH POSITION Cash, cash equivalents, restricted cash & investments at December 31, 2023 $391 Cash, cash equivalents, restricted cash & investments at March 31, 2024 $338 Senior credit facilityA $319 2024 FY GUIDANCE ORLADEYO revenue $390-400 Operating e
Slide 13: Traditional debt and royalty breakdown
Traditional debt and royalty breakdown March 31, December 31, 2024 2024 Royalty financing obligations - current 26,022 23,565 Royalty financing obligations - long-term 504,552 508,034 Total royalty financing obligations 530,574 531,599 Secured term loan 308,484 303,231 Traditional Debt Commercial Ro
Slide 14: Royalty obligations: terms
Royalty obligations: terms Rate Tiers Rate Tiers Cumulative Upfront Product (Key TerritoriesB) (Other MarketsB) Payback Cap $0-350M: 8.75% $0-150M: 20% ORLADEYO $350M-550M: 2.75% $150M-230M: 10% None RP Over $550M: None Over $230M: None $125M 2020 BCX9930 Global net sales 1% n/a None $0-350M: 0.75%
Slide 15: First Quarter 2024 Results Call
First Quarter 2024 Results Call Corporate Update & Financial Results May 6, 2024 CONFIDENTIAL & PROPRIETARY
BioCryst Pharmaceuticals — Q1 2024 Earnings Presentation on 6ix