Earnings call transcript Q4 2022

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Operator

Good morning and welcome to the BioCryst Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to John Bluth at BioCryst. Please go ahead.

John Bluth

Thanks, Andrea. to and quarter financial welcome XXXX year and update corporate results morning BioCryst’s and fourth end Good conference call. and release website. press accompanying available are Today’s on slides our Doyle; CEO, Participating today Dr. and Jon Chief Officer, Commercial Stonehouse; Chief with R&D Officer, are CFO, me Gayer; Charlie Anthony Thackray. Helen

our will questions. answer Following remarks, we your

These to performance as today’s performance be Before subject results regarding and unaudited actual from future that uncertainties, will well the forward-looking future conference statements implied unknown information which company’s may and are or future known risks or as begin, in and cause achievements. any we this or expressed our note statements, materially results, contain and/or results, performance forward-looking to call please including presentation. achievements statements financial those different

on statements. undue You place should not these forward-looking reliance

additional can a including refer Exchange the company’s risk discussion Securities accessed filed our be Commission, on to of and information, For the website. with documents which factors, please detailed our

the to turn to like call now Jon over I’d Stonehouse.

Jon Stonehouse

XXXX of Thanks, This the top doubled full on launch was as be we year. efficacy in given safety, year oral once-daily shouldn’t and of the our we surprising for sales had first in ORLADEYO fantastic excellent second John. profile. start the outstanding year another

ORLADEYO consistently hearing from changing We are patients is lives. that their

the will our As grow from prescriber breadth in you depth. and both U.S., Charlie, hear base in continues to

continue, XXXX, already the The is to we in growth steady XX driving meaningful global less HAE quarter are patient available of after ORLADEYO is commercially ORLADEYO to to ability $XXX for no strong this of quarter. than we sales world. addition, to around million. steady In demand the patients patients the expect leading results in countries And seeing deliver

data launch is specialty guidance prescription we accurate. simple access because our track this are since record Accurate sole guidance with to pharmacy. be only the the has through with source been our ones goal to Our very

you now in have XXXX sense in slope launch. to With get a and the three XXXX of performance our points and ORLADEYO our data XXXX, guidance sales the of

peak and trajectory of a XXXX. for on billion sales global ORLADEYO to $X are IP We achieve extends out to our

to sales peak years. we for So many, at expect many be

While revenues we and in strengthened to will moved our allocation reduction flat decisions our made to has we be make continue to profitability. expect our to pipeline as investment. our have position thoughtful expenses use continue year-over-year net operating capital grow, financial us closer on cash This

will Anthony You more shortly. hear from this detail on

over more Charlie Now I performance will ORLADEYO the review turn to to call in detail.

Charlie Gayer

to fourth continue continued with prescribers years. we ORLADEYO trends grow again new The over Thanks, Jon. as to patients consistent remain States expected prescriber existing last the strongly starts seen have United in patient in new of The and patient the treated the with expanded prescriptions. base and the quarter retention base X as add

were on evenly providers starts healthcare patients. just distributed who coming treat ORLADEYO HAE top New over of of with XX% tier also from all half the

we global begin will than that year. have achieve in less XXXX, million $XXX we no revenue As confidence we this

and team in are track. growth expansion U.S. field place trends Our on is patient

weekend, continue of And HAE. lives AI Quad at the present we foundation adding lay and ORLADEYO momentum globally. to of for the meeting gaining also is growth with growing to ORLADEYO evidence improve showing the patients we clinical European long-term expansion this world real Our body can how the and more will evidence living

flat we We even to to so compared this are as will ORLADEYO products for growth down rare have to payer revenue seeing tells is us temporarily soften slightly to free like reauthorization product. disease before dynamics that What far in that QX patients QX and the shift U.S. the continues total likely year noted reach ORLADEYO many typical U.S. of that XXXX revenue we see billion. number a We patients the in but only us revenue we with growth $X to ORLADEYO our also on as ORLADEYO that around grow. trajectory, confidence our peak and XXXX will world expected give patient trends base not ended be patient

turn call over will to Helen, you. the I

Helen Thackray

provide and dosing in safe program believe following clinical of support state assess same once-daily We and of in space helps the I’d in oral on that evaluate Recently, trials the to has picture of dose healthy potential this in The additional XXX and Non-clinical development we us BCXXXXXX for full milligram alternative step to the ascending they to seen chronic tolerated shared in an goal the understand Charlie. single inhibitor pivotal showed vaccine all early dose is sustained were suppression Thanks, complete need dose can data in non-clinical ongoing emerging to updates pathway at with ranges from life observations initial early inhibitor Difficulty] period clinic. the not BCXXXXXX, These complement work patients once-daily currently range well multiple than a dose-related time in hours study as the complement the system, which D generally [indiscernible]. already for step separate in those study provide data our dosing and Factor the next of confirming some last ongoing humans. Phase for has volunteers product these [Technical optimal study. greater month, of the next completed a the set. our rapid, Today, differences XX single study. at differentiate ascending we development like multiple data to X dose potential key the BCXXXXXX

which in the to slower and doses will efficacy delay be result a higher assess same human related we of expect the in the we timeline. the observations, At time, at these pace evaluate can as

grasp keep non-clinical understand program progress. dose towards are clinical we will in ongoing order to our seeing to we working posted So we continue in on will you and the selection, what

which the the a XXXXX upstream critical classical enzyme selection for addition, directed across [indiscernible] research of program targets activation of progress medicines pathway. CX, to oral other are of we In protease terminal serine making our the classical including system, pathways is with identify at conference

these we stage. developed we currently As to the January, targeting are in and molecule in [indiscernible] reported have potent-selective

long-term Our products orally-delivered bring any to forward to goal [indiscernible]. treat multiple novel is

pass I’ll Anthony. it Now to

Anthony Doyle

Helen. Thanks,

of can a the fulfillment quarter attention earnings equipment financials the fourth $XXX of million, your its $XXX You second of year year our prior coming items. our $XX.X net the like I’d which including from million million, few Revenue more for to came today’s and in million to in from in release sales the call sales end ORLADEYO stockpile. press Total revenue at find detailed fourth with the of than the $XX.X quarter since came and revenue just contract from year remainder launch, for over last net RAPIVAB, year. came ORLADEYO, of from was of doubling which

expenses, Operating were increase guidance compared quarter almost of programs. to by including XXXX at $XX driven Cash and termination at end the million. to the stock prior This $XXX for non-cash $XXX.X million. full puts of compensation million, the related $XXX.X XXXX of accelerated for not was was year activities costs million the at the OpEx closeout year

in $XXX no XXXX revenue of the ORLADEYO provided year, Earlier guidance million. less than for we

stated XXXX expect that at with year flat OpEx, For previously $XXX to prior We prior line million. around we in would to year. be XXXX the R&D investment be

will will U.S. by programs program the and that here commercial now offset This XXXXX expansion. are are the we as the R&D we XXXX investments our decrease of clinical expenses and that continue in year-over-year delay described. Helen be following that making forecasting XXXX the in We both additional discontinuation international the and

royalty utilization us net continue and OpEx sheet, decreasing revenue converge, curves our even outstanding cash with approach position The curve. our XXXX to increasing compared expect puts in of disciplined to financial markets. an As the strong in the and factoring an we allocation capital in reliance ever our combination capital on to decrease revenue XXXX to balance when

up will Now, operator, open to be we Q&A. to happy

Operator

go comes from And Fye [Operator Jessica ahead. Please Instructions] question our of JPMorgan. first

Jessica Fye

morning for And are healthcare guys. nuance XQ have might first, been been should or my higher finding XXXXX? maybe saying taking flat about questions. the be guidance? Thanks Two a would I we have what think Good if with dose-dependent otherwise little flat slightly you you conference, full whatever with with XQ to mean guess Does but of I second, XQ, would just you that bit for can as in the recall it take than that even that year of here, I does being at think me. roughly revenue us out indicated now share of else your down. you. buffer a the revenue Thank Great.

Jon Stonehouse

Helen, take the one. first

Helen Thackray

Yes. morning. Sure. Good

we other we are So the is non-clinical not something difference. [indiscernible] we And time point safe the point findings, then is is impact want a the exposure that in to at a and [indiscernible] we saying more understand in the what our branch that time seeing learn – we at studies. about are that

Anthony Doyle

this QX is every an more specific seeing year, there revenue, it’s seeing as always a And ever. just far are this what Jess, than And work that process the so ORLADEYO really what it with than is broadly we’re – QX this as not QX the reauthorization. we just being on isn’t QX a challenge be, just year. thing reauthorization out is based should it’s It’s bigger and

very no that’s think million why growth we less patient much so little but and trends a or are track be QX, track. $XXX And to down on bit could is flat it on than

Jon Stonehouse

remember to patient numbers reauthorization. more going the Yes. going because flat And down reason have really to we part on important each is are but that was quarter, slightly to free that drug is up the revenue patients

Jessica Fye

you. Thank Great.

Jon Stonehouse

Welcome.

Operator

ahead. from comes go The of next America. question Bank Please of Tazeen Ahmad

Tazeen Ahmad

thank you the On be for for year. you wondering just guided think change am this Hi, in do minimum you and above guys. Jon, for taking question. to just sales order to Good what I morning that could have my ORLADEYO,

are the So right a with would payers, you at negotiating else now? upside outside see how you potential looking relative where of to for market

Jon Stonehouse

Yes.

tailwind, is free team be for put we from to is pay more believe number could terms should now, right planned of number think $XXX the getting drug. in patients successful that’s and million model. I what the Charlie’s drug than around think people in But a had their of we I

this got things that be revenue – Those that expansion late well. that expansion last could many could year. of a Maybe through went You’ve as lift. more be uptick an they on has

Tazeen Ahmad

that before there have highlighted talk case? no XXXXX, Okay. Great. on your was the facilitation think then that Is seen still And one in frequent you maybe models. your question previously I

Jon Stonehouse

yes, than – to is question this that, your different XXXXX of comparison around from is Yes, XXXX, different very XX this is very the that.

Tazeen Ahmad

Okay, thank you.

Jon Stonehouse

Welcome.

Operator

question ahead. comes Chris Please of Raymond Piper from next go Sandler. The

Chris Raymond

be you you want what exactly to on to you horse a what here, ask when you guys just And exactly me mind in guess I like what’s if – the the you the but of line path maybe answer the saw, program then a don’t are the forward on the found? bit And the I’ll XXXXX, questions sounds ton would it Thanks. issues us beating CX resolved? maybe give position this can described don’t I and to in tell dead a for time color you when on program, on that will as next you clinic more little in know be program? but development, on pathway a has And be I steps

Jon Stonehouse

take I’ll Yes, those.

can one, Helen, take, one. the you you first can take Second

and So there, but first said talk when optimization. pick right now optimization we can’t X is lead to give a get studies, lead, January will Phase timing lead we And it’s into on Then programs around… from we will tox just the move is hard it the now. what CX in once but question we that go in into forward it’s predict

Helen Thackray

Yes.

So different. that on seeing we’re XXXXX, something that what is seeing is we’re

point The that’s range is the seeing. dose to point. work What is difference the we the point non-clinical clinic the that is nature patients. the and The at the about here that more, safe need same of to we’re time it understand learn learn means seeing we need goal of before. in about then goal where that at exposures, see this to what we it understand We’re effective more to more did of the

and range to planning been side same next and the an go So that to we’ve there range understanding of into both they get sweep to for are non-clinical the the the patients effective our patients stance a study what’s and also assess the. what the steps is

So the we to define those if accordance program. can

Jon Stonehouse

tox now. it’s an study ongoing chronic right Yes. Chris,

some so And you we we’ve give have sense to picture. hard completed will better when of until a it’s that,

Chris Raymond

you. Thank Great.

Operator

Evercore of next The ahead. question go from Bayko Liisa comes ISI. Please

Liisa Bayko

beginning give Hi, there. of taking and free XXXX? for you Can the Thanks sort gross and where you’re of a to sense us degree my drug for of the net question. at of

Charlie Gayer

on on based it’s we’ve contract patients above XX%. In pretty – overall, to portion recent through is authorization said are up XX% seen just that least the And in XX% patients QX. status, the our much Liisa, free. what we temporarily we’ve that larger Sure. pick quarters, paid at that of be expected a will going drug then all

And so free them back product. of lot a temporarily to step temporary

plus that you’re – QX overall, net have the impact gross co-pay the payments think first lowest the I greatest worst going fact the assistance we So the see to that of is hole Medicare donut quarter. to in in the commercial also

Anthony Doyle

Yes. And X, gross around reimbursed into back Liisa, normalize QX, we [indiscernible] it when get then in saw will net X, we once we were products up [indiscernible] QX, at

Liisa Bayko

want you little business. us color a And you on you can more bit Okay. tell us Thanks. mini give expansion that what little a described, the this – more

Charlie Gayer

Yes.

was we regions expansion, we expanded a number made of It smaller. basic So regions. was the essence sales major – that force sales our the not of the but

regional as some and with the we work simultaneously, and also KOLs. added do patients that patient they so who help top to access closely market our team added therapy. their as can work we get specialist our Then particularly to well so more customers with more can managers access So, team paid that more of to teams

Liisa Bayko

you thanks. to preclinical Okay, And will when you when – complete Chris’ just are going question, tox – are then a study? this get follow-up to you

Jon Stonehouse

this It year. will be sometime

Liisa Bayko

have you looking any specific might species been And something what like and to be Okay. the do sense this think at? species you

Jon Stonehouse

to. we don’t an That’s answer a have that question good really

Liisa Bayko

the mention for… species you just Can Okay.

Jon Stonehouse

this no. at Not Yes. time,

Liisa Bayko

Okay.

the And then your escalation, you dose? you efficacious you of what range are final clinically of you kind Okay. what efficacious think to able get going into is going more you as dose for question is are now me, capped to below in dose be an think just or described kind target slowly

Jon Stonehouse

but we in that get whole. range we’re to given safe is think don’t the that’s dose today, we what effective answer hope seeing, question Our can an I that the

Helen Thackray

pathway add, would pressure volunteers. [indiscernible] that the I the excellent evaluating has from January we of hours been data XX complement already alternative presented the know And in with we already dose of

more we [indiscernible] learn information. to about range that So have the

Liisa Bayko

Okay, you. thank

Jon Stonehouse

Welcome.

Operator

of Securities. Please question Jon ahead. next comes JMP from The Wolleben go

Jon Wolleben

Hey, thanks for taking the question.

to what’s U.S. ex ORLADEYO, on U.S. quarter-over-quarter us $XXX the fourth I with breakdown you million if between the Just could a couple wonder quarter. in growth patient guidance, tell was what the And there? then and regards contribution

Anthony Doyle

Jon. Sure,

the on specified that been haven’t can the trends, discontinuation What our of is We I rate say in also growth. same very many terms we patient both are the new last And acquisition stable. has we’ve seen over quarters.

this what is and to projection in what – would and something. So $XXX us we’re gives million you to means want nicely, much that that’s that confidence billion. that quarter, growing year long-term $X the so add And the every

Charlie Gayer

U.S. get be hopefully, I where about we we Yes, will in majority think continues will and when get think But in from a doing to U.S. from be to total the of moment, for really contribution will around a is a split terms revenue. that will the at to way revenue. think will and of When – of U.S. When I be expansion. ex we the be. U.S. I John, accounts the we’re ex point, both it, out point, and U.S. That well global XX%

Jon Wolleben

you. Thank helpful. Very

Operator

go Cowen next of comes The from question Company. Please & ahead. Cacciatore Ken

Ken Cacciatore

the P&L, credit now and a excluding the is just infrastructure great which companies profitable, have some Obviously, ORLADEYO, would I’m did launch R&D, U.S. commercial would guessing, don’t been leverage organization, it’s the it up morning. to that of to Good be looking Hey, you U.S. a team. a set attractive fast. you want either further at a product fantastic seemingly is infrastructure many

say, rarely, of – replenishment. a such kind often – gap pipeline a product between should just we So we I profitable see and

two you little are value maximizing you wondering bit thinking? Just you here, a is the little of strategically how [indiscernible] organization, Can you how talk world. just in separate maybe all and all that, which kind now, maximizing value think about over what bit think Thanks that a of kind an – this much. grow of just unfortunately, about so about time

Jon Stonehouse

Yes. we’re of it’s Thanks, confidence peak with we’re sales, to a real fantastic that billion a and launch getting in that you agree degree Ken. to that on the and off have trajectory. We $X high

stand-alone So is expense than today. growing and profitable that prepared it’s And my making, – on revenue it’s closer I basis, basically. the a investments because getting said to even in profitability that that with we’re faster remarks we’re

think big we’re than – with ORLADEYO. looking pipeline. us longer goal the have as That a that’s I here So bigger our product anyway, may second is or always take to

also we’re stuff in Board of inbound a person. we so recently, history evaluating And BD brought so. BD BioCryst experienced more on We who’s getting biotech well. ever Fletcher very probably And as have the Clayton activities we’re than

to So that in, it’s can something want we sure real you that will stuff bringing evaluate something continue create to make value. that if you’re

And constantly at so looking as well. that we’re

Ken Cacciatore

you. Thank

Jon Stonehouse

Welcome.

Operator

The Oppenheimer. next ahead. Justin Please go from Kim of question comes

Justin Kim

the question. good Hi, for Thanks taking morning.

with the meeting be recent that with the AI to prescriber is commercial clarified needs upcoming better based the anything in base Just attendance. Quad and on there progress,

Just coming a the new wondering a are? your in either clinician. any dynamic sort where of patient changes what perspective scripts And from are or from, goals of

Charlie Gayer

Justin. Hi,

were our what the more far I in continuing or at we down delivering is that. out been the you how confirm months that our patients we’ve XX the see of patients data from So just clinical long-term, to as trials working out we’re messages AI XX-week that attack-free data where well Quad about getting as will particularly clarify, ORLADEYO data of long-term think at look XX over coming same is

to the it well world. getting and trials And then coming or about how at now work these well all is working then how of how showing just works are day them real regardless clinical well really patients where in it’s from. so and posting And physicians

best products good stable with of well were to from some prophylaxis do on already who absolutely ORLADEYO, continue who are So those to the that very really to ORLADEYO products do patients switch in switch the other and those control. they other

of that well. building haven’t So of and that as them there lots that. who yet, long-term there a get already to that’s it’s are And we’re then we’re going who – confident absorbed sort that. just to others And doctors are get message of

Jon Stonehouse

Yes.

good are patients that’s that I think docs is are out the other Justin, there thing, and for that controlled, them. they there enough

so a a whole say, able Charlie’s even therapy think of to in And oral on having of better that expansion, away do lot that to of further, through where focus directors those prescribers KOLs want no, business we’re I to patient be start and they the get we’ve do dip a to high ones more. that. the And could if got is is once-daily what terms break burden to to to haven’t prescribing potential have ones at the regional get to part prescribe

Justin Kim

growth the just from non-XXX whether expected continue in base? just is expected of that trying to and I I to of guess, coming split the strip I mean long? for am between mix and is on terms to how of views your change, if XXX curious trajectory, is where the then that long-term XX-XX understand

Charlie Gayer

think good I question. a it’s

what really balance reaching we it happy First all in with I segments. both of we is of growing market, all, are shows and that are because the parts am that

do, who as XXX and doctors into next we expanding them prescribers, we’re ORLADEYO and their it so once them are expanding are that top go to constantly or number seeing So, doctors were then thousands deeper well. they list of then we the new are

every number the HCPs who term haven’t me still – give on needs can that what chance goal ORLADEYO. of lot is then patient them experienced in left what are opportunity our really ORLADEYO do of is So, And front long to because – be there try us, most there tells to well. prophylaxis, going a it benefit do to to is of patients of is can and that the of amongst both a

Jon Stonehouse

going we research base I expanding we evidence is quarter-after-quarter-after-quarter And prescribing currently there Yes. the that will more in of is two going than prescribe second think XX are prescriber and And to. One in docs future in are those really the combination to or more. they direction says that yet are the pieces interesting not are is that that prescribed that are months market that’s that will the the of have people prescribe quarter-to-quarter, prescribing. who

really those data of of lot two encouraging us that growing. think we are pieces to confidence keep give a it’s So, going

Justin Kim

Great. Thanks so much.

Jon Stonehouse

welcome. You’re

Operator

Capital question comes next ahead. Markets. go The from RBC of Brian Abrahams Please

Brian Abrahams

Hi. questions. taking morning. Good my for Thanks

You the paperwork, with I from trend. this less slower be any be may ways guys pause a proceed. relevant at ORLADEYO? there Thanks. drug clinical should dosing, just shorter about quarter. the you to patients, fourth to And quick milder on reflecting be commercial Do lower plans you looking this understand are think to more preclinical of durations necessary different will either educate time? levels used better studies just different real about this conversion guess is is there there then pay who we prescribing as may want expanding to XXXXX, observed I these insurance on prior in about disease have or free talked the just And dose recent drug to you And have those shared help and/or physicians anything new lag they findings to, that or or physicians need or to have how expect is contributing were greater just regulators? prophylaxis And types to process

Charlie Gayer

Brian. question, Yes. I will first the take

first more really much you said. it’s So, of the thing

any the information, HAE we test, information clinical approving complete HAE want the history, as to really are drug, that HAE. other So, contracting approved the to it’s any any insurers. not before It’s prescribers the all issue. payers treatment by whether get within about for less worked a lab therapy experienced the expanding providing see It’s It to ORLADEYO space.

them help paid the about prior complete it’s so there that’s have reauthorization patients really to we of sure that having help authorization with a and get a this team payers process make described, big very so part expansion to the therapy. to that that we to out we the give need. information have And all And people more

actually going I am I be to with process. But ratio QX. what make improvement we in are it’s on to paid am not to going right to free this think going am year-long track. very is I that we of be confident It So, product, are much seeing, in all the a great I

Jon Stonehouse

Helen, want XXXXX. do you to take the

Helen Thackray

Yes.

So, have on close is this and programs information and – today, on regulators XXXXX, an are ongoing more on comes still this what with in learn here. so your question the to non-clinical in we so we non-clinical study, reporting is We that’s going in what’s touch always over data clinical. are

but have do of range deferred how fast learn the we as it how in therapeutic and understand how in exposures take dose expect fast healthy the to we will We to non-clinical higher data go the the drug the in go sorry, so study, about information, fast, to some for and in What informs patients your our high have are forward plan the we in study. more seeing patients there. the we is that go this we patients still understanding levels volunteer doses delay range we dose higher of that

Charlie Gayer

to patients do I I your patients launch anything if about just prophy or plans I other been answer needed. have mix, come information they probably mix. that patient of giving it realize is the just question, doesn’t all others switching from Brian, our half have that which didn’t sorry, could on just Remember, part with doctors the It’s product. back, patient And the – that described since the the giving or of

not it’s patient. – the about really it’s So,

Brian Abrahams

It’s really helpful. Helen. it. Charlie. Thanks Thanks Appreciate

Operator

Raycroft go from The Please Jefferies. next comes question of ahead. Maury

Maury Raycroft

AI questions. for morning for week. Quad thanks this was taking my Good and I Hi. wondering later

preview provide some opportunity and your look fit peak remind into patients or you around observed similarities in sales the like? And estimate? HAE pediatric sNDA does pediatric $X how the timeline treating If billion can differences could what

Charlie Gayer

Sure.

are it’s clinical we So, our with trial, rolling. pediatric it’s where been open,

– patients. Quad kids treatment we to until sometimes are burden week It symptomatically over take enrolled just one injectable to AI infusions. to a present or has for and and we thing parents and so the this worse it’s – we have HAE – fully And be both regular get little overall thing it get by the is And the we of treatment caregivers, a of but that is that is shape, identified what really the – will attack. are again at injections seeing almost over worse kid than can one hear than could when and be dramatic the time

And real oral help is just kids. an so there therapy these to demand for

And disease. long-term, number about it’s are of not fact is make lot of we a going – lives genetic these the that be to to going better this be so patients – to we much that have think we the the for so It’s of kids. treated. out the able And then course, it’s

product. often families we will use the of So, types same see typically

the gives really a complete us which are tell to an we looking forward to. kind family, opportunity story ORLADEYO of it So, to

Jon Stonehouse

cake we the I have it call think to at call we it’s that that like the other many that thing, put formulation almost used a for size. tabs, on do Maury, we this sprinkles is is, but you granules, what

asking kid is a little so capsule difficult a to a And take thing, too.

a that you along lines what have could formulation this for and dramatic was one, customers huge. up on patient yogurt we describing, for think very it And a and the we be on So, could come just put will apple and that of with way sauce, Charlie make it’s it’s market, think huge so these are that long not have an important and is time. a we a then life, but we less right,

Maury Raycroft

question. one makes it. other sense. quick And Got maybe helpful. That’s It

about Can this XXXXX is for for the next factored assumptions – for million year? into year OpEx delays, next that Just general year? assumptions $XXX talk OpEx in the you more for

Anthony Doyle

Yes.

in what way said think So, year-over-year, for is talked will going OpEx and on so have has is from the based given but XX Charlie increase well the more. expenditure are we the we to commercial in, expansion about to global additions business now U.S. the perspective, it’s factored predominantly year, as a that about be the we in here that countries in that as flat doing

to down, on it factored that it’s we delay is ongoing change are R&D will may year-over-year anyway. R&D, and most update an have decrease we are And that then but two flattening going cash in, now we those about was we move increasing it said For see when has net to importantly, and about saying, be of in that depending convergence profitability, offset utilization and seen. seeing lot what currently the the we line what said investment that going this as ago, to the more And information, the I the talking get it’s on in. factored of what towards later is But think then with we that we means year. company. lines, and we for yes, we about value flat, OpEx basis, going a When but quarter is, the revenues of by be a commercial the

Maury Raycroft

Got it. Thanks question. for taking my

Operator

Wang Please The next from comes ahead. of Barclays. go question Gena

Gena Wang

you my Thank questions. for taking

regarding one is XXXXX. first The

do that about if rate also, clarify maintaining is is the the And or ORLADEYO. second then the In the confirm, And XXXX? So, mentioned Can regarding say is to fair XX%. regarding year expect you should it that FDA clinical my months that rate retention hold expect rate? we three want retention to X January, in retention just not you question program? you early is this similar

Helen Thackray

clinical the are XXXXX, say a to in happen is future. hold So, difficult this with the it’s we program. on first not what will little – question There on

So, that’s where we are today.

Anthony Doyle

what rate in as retention, the far yes, and stabilizing really And out. X expect year we XX% patient – the seeing we would retention that of Gena, are is overall as

less confidence, part of that’s this than so $XXX year. our million And

so in retention same we XXXX. expect would trend the And overall

Gena Wang

you. Thank

Operator

comes from last Co. Bhasin Please of ahead. & Needham question Rohit Our go

Rohit Bhasin

is This our Serge. Rohit for for Thanks on taking questions.

terms Thanks. peak in can for from of competitive for long-term you U.S. Just ex XX% sale the your do ORLADEYO. talk expect XX% about still estimates, to expectations territories? And to about landscape come you

Charlie Gayer

get the in the Europe far, us about Absolutely, those where from in billion, confidence of the that about the countries we Hey Sure. and world talk launched so we the Rohit. XX so when is XX% will that that see have XX%... coming all we give $X and to rest – trends of we still

Jon Stonehouse

then And with specifically, the to regard some programs. crowded pretty space, for regard challenging to competitors, with advance been a it’s oral to it’s but their

have And to for we get to time see you they learned our people if people controlled, it And meaningful to benefit there with to if it try switch, on get that and because works for not on. be means have they you them. is be are got are to the drug, efficacy drug. on you marketplace the can’t not drug staying controlled, is that so has are our what seen drug in not you some if us we more are our are what that And are

first. tailwind why another, one switch So – see work Charlie, that from saying, if curious we wouldn’t that oral maybe this physician but patient, new to that hey, to didn’t a And well. the injectable as I injectables a if market, will I And is then and are so to new it multiple for switch times, products curious, will think try goes as come for has injectables. pointed they be we to an is

So, tailwind. a it could be

Rohit Bhasin

you. Thank

Jon Stonehouse

You’re welcome.

Operator

This you concludes concluded. Thank and has today’s disconnect. session. The also conference question-and-answer you presentation for now now may the attending

BioCryst Pharmaceuticals (BCRX) 21 Feb 232022 Q4 Earnings call transcript