Actions of BioCryst Pharmaceuticals (NASDAQ: BCRX) were up 14.5% as of 10:51 a.m. EDT Thursday. The big gain came after the drugmaker provided its Q1 update before the market opened.
BioCryst had a lot of good news to share in its quarterly update. The company reported total first-quarter revenue of $ 19.1 million, more than double Wall Street’s consensus revenue estimate of $ 8.9 million.
The main driver of this strong growth has been Orladeyo. The hereditary angioedema (HAE) drug generated net sales of $ 10.9 million in the first quarter, its first full quarter in the US market. BioCryst said the majority of those sales came from new patients who switched to Orladeyo from other drugs or from acute treatment only.
In addition to its better than expected sales, BioCryst also announced that it has entered into an agreement with the United States Food and Drug Administration (FDA) to use the change from baseline hemoglobin as the primary endpoint for its Planned pivotal clinical studies evaluating BCX9930 for the treatment of rare paroxysmal nocturnal hemoglobinuria (PNH). The company released clinical results in March that showed the investigational drug resulted in a significant increase in hemoglobin in patients with PNH.
The biotech stock could have several potential catalysts on the way. BioCryst received European Commission approval for Orladeyo on April 30. The company expects a commercial launch of the drug in Germany this quarter and will continue by launching Orladeyo in other European markets. He is also hoping to get UK approval for the drug.
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