BridgeBio Pharma Q2 Sales Beat Estimates Despite Loss

BridgeBio Pharma shares have dropped 10.7% since its second-quarter report, underperforming the S&P 500 over the same period. According to GN markets/earnings (en-US), the stock decline follows a quarter where the company posted a loss of 78 cents per share, exceeding the consensus estimate of 64 cents, although the deficit narrowed from 95 cents a year earlier.

Revenue growth provided a partial offset to the bottom-line miss. Total sales reached $243.7 million, surpassing the expected $222.6 million and marking a 120% increase from the prior year. The performance was heavily concentrated in the company’s lead product, Attruby, which accounted for the majority of the top-line expansion.

Attruby Drives Revenue Growth

United States product sales for Attruby totaled $222.4 million, more than tripling the $71.5 million recorded in the same quarter last year. Management attributes this surge to increased market share among treatment-naive patients, a segment they identify as the primary long-term growth engine for the franchise.

The company noted that switching activity from competitors like Pfizer’s Vyndaqel and Vyndamax has normalized after a period of elevated transfers. BridgeBio expects continued gains in first-line prescriptions to sustain sales momentum. Royalty income also climbed to $15.4 million from $1.6 million, driven by Attruby sales in the EU and Japan under the Beyonttra brand.

Operating Costs Rise Sharply

Expenses increased across key operational areas, contributing to the wider quarterly loss. Research and development spending rose 34% year-over-year to $149.4 million, reflecting sustained investment in late-stage clinical programs. Simultaneously, selling, general, and administrative expenses jumped 44% to $186.3 million to support Attruby’s commercialization and prepare for upcoming product launches.

License and services revenue fell more than 84% to $5.8 million, as the prior-year period included a one-time $30 million regulatory milestone that did not recur. The combination of higher operating costs and the absence of previous milestone income pressured the net loss despite strong product sales.

Cash Position Strengthened By Financing

BridgeBio ended the quarter with $720.2 million in cash, cash equivalents, and marketable securities, down from $940.2 million in the previous quarter. However, the company closed a $1 billion preferred equity financing on July 1, which increased the total cash balance to approximately $1.7 billion.

This capital raise provides a substantial liquidity buffer to support continued commercial expansion and R&D investments. The strengthened balance sheet is intended to mitigate financial risk as the company scales its operations and pursues further growth in the ATTR-CM market.