BridgeBio targets 30%+ market share for Attruby while advancing late-stage pipeline and reporting $120.7M Q3 revenue

Earnings Call Insights: BridgeBio Pharma (BBIO) Q3 2025

MANAGEMENT VIEW

* Neil Kumar, CEO, opened the call highlighting "continued momentum, both scientifically and commercially in this franchise and are ever more confident today that we will achieve our goal of 30-plus percent market share by volume in the years to come." He emphasized two recent Phase III top-line results, stating, "these few days serve as a testament to the longer-term productivity of the R&D engine we have created."
* Kumar detailed results from the Phase III FORTIFY trial of BBP-418 in limb-girdle muscular dystrophy type 2i, noting the study "exceeded all of our expectations, meeting all primary and secondary interim analysis endpoints" and highlighted an "80% increase in glycosylation meaningfully moved patients to healthier levels of muscle function."
* He reported that the Phase III CALIBRATE trial of encaleret in autosomal dominant hypocalcemia type 1 showed "profound and highly statistically significant normalization across blood and urine calcium as well as highly statistically significant normalization of PTH."
* On commercial performance, Kumar stated, "we have delivered 5,259 unique patient prescriptions to 1,355 unique HCPs, generating this quarter $108.1 million in net product sales."
* Matthew Outten, Chief Commercial Officer, commented, "once physicians begin prescribing Attruby, they continue doing so, a clear reflection of the consistent clinical performance we've seen in real-world use." Outten added, "Attruby remains the least expensive option in the ATTR-CM market. Combined with being commercialized by a U.S.-based company, this positions Attruby well for long-term competitiveness."
* Thomas Trimarchi, CFO & President, stated, "Total revenues were $120.7 million in 3Q 2025, consisting of $108.1 million of Attruby net product revenue, $4.3 million of royalty revenue and $8.3 million of license and services revenue compared to $2.7 million of the same period last year." He observed, "We ended the third quarter with a strong cash position of $645.9 million in cash, cash equivalents and marketable securities, which provides significant cash runway."

OUTLOOK

* The company reiterated its goal of achieving "30-plus percent market share by volume in the years to come" for Attruby.
* Kumar stated, "The obvious growth in our portfolio today sits with the expansion programs of hypochondroplasia and in chronic hypoparathyroidism, branching from our achondroplasia and ADH1 programs, respectively."
* Outten added, "We expect this momentum to carry into the coming quarters, positioning Attruby for meaningful share expansion over time as awareness and adoption continue to increase."
* The company expects top line results from infigratinib in achondroplasia in early 2026.

FINANCIAL RESULTS

* Trimarchi reported "Total revenues were $120.7 million in 3Q 2025, consisting of $108.1 million of Attruby net product revenue, $4.3 million of royalty revenue and $8.3 million of license and services revenue."
* Operating expenses for the third quarter were $259.3 million, "primarily driven by a $68.8 million increase in SG&A expenses, partially offset by a slight decline in R&D expenses."
* The company ended the quarter with $645.9 million in cash, cash equivalents, and marketable securities.

Q&A

* Salim Syed, Mizuho: Questioned the percentage of new patient share and if it remains the primary focus for growth. Kumar responded, "our best guess is that the naive share is well in the 20s now...our NBRx share continues to grow nicely."
* Tyler Van Buren, TD Cowen: Asked about diagnosis rates and market dynamics. Kumar said, "there's been a pretty robust and continued growth in diagnosis."
* Biren Amin, Piper Sandler: Inquired about Pfizer matching the 28-day free trial. Kumar replied, "We see it as a positive. Anytime you actually roll out a program that's generous to patients, I assume our competition is going to match it."
* Joshua Schimmer, Cantor: Asked about payer discussions regarding future formulary positioning. Kumar answered, "we've been focused on Attruby solely and really getting it as on equal playing field with TAF."
* Cory Kasimov, Evercore: Sought insight on what is driving prescriber momentum. Kumar explained, "it's actually kind of equivalently both" new and existing centers.
* Danielle Brill, Truist: Asked about infigratinib differentiators. Kumar said, "we're more efficacious, we're safer and we're more convenient with an oral ROA."
* Trevor Allred, Oppenheimer: Asked about encaleret's market potential. Kumar discussed prevalence, stating, "obviously, the prevalence is much higher than the identified population...up to 12,000 in the U.S."

SENTIMENT ANALYSIS

* Analysts' tone was positive, with multiple congratulatory remarks and questions focusing on growth, market share, and new product launches.
* Management maintained a confident tone in both prepared remarks and Q&A, using phrases like "we are ever more confident today" and providing detailed answers about growth strategies and pipeline progress.
* Compared to the previous quarter, the sentiment from both analysts and management remained positive, with an increased focus on recent clinical successes and expanding market share.

QUARTER-OVER-QUARTER COMPARISON

* Management shifted emphasis from detailing NPV-led strategy to highlighting commercial execution and late-stage clinical developments.
* The percentage of new patient share was reported as "well in the 20s now," up from the previously stated "18% to 20%" in Q2.
* Unique patient prescriptions rose from 3,751 in Q2 to 5,259 in Q3, and unique prescribers increased from 1,074 to 1,355.
* Attruby net product revenue grew from $71.5 million in Q2 to $108.1 million in Q3.
* Total revenues increased from $110.6 million in Q2 to $120.7 million in Q3.
* Management tone remained confident, now reinforced by two positive Phase III readouts, while analysts continued to focus on launch trajectory and pipeline milestones.

RISKS AND CONCERNS

* Kumar acknowledged the ongoing challenge in capturing the switch segment, noting "we've seen a little bit of a downturn in the switch setting, and that's mostly because we're seeing a lot of combo use."
* Pricing pressure, especially ex-U.S., as Kumar stated, "the price point is going to come down as we move from some of the countries we're already commercializing in."
* The need to educate and drive genetic testing in the ADH1 market was identified as a hurdle for encaleret uptake.
* Kumar indicated, "I'm not going to suggest that it's going to be a quick launch because we have to educate."

FINAL TAKEAWAY

BridgeBio Pharma highlighted a strong commercial quarter for Attruby with a significant increase in prescriptions and unique prescribers, alongside positive Phase III results from BBP-418 and encaleret that support future growth. Management reiterated confidence in achieving 30%+ market share for Attruby, expanding into new indications, and leveraging robust cash reserves to support ongoing launches and pipeline development. The company remains focused on market expansion, addressing pricing challenges, and preparing for multiple upcoming product launches.

Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/bbio/earnings/transcripts]

MORE ON BRIDGEBIO PHARMA

* BridgeBio Pharma, Inc. (BBIO) Q3 2025 Earnings Call Transcript [https://seekingalpha.com/article/4835038-bridgebio-pharma-inc-bbio-q3-2025-earnings-call-transcript]
* BridgeBio Pharma, Inc. 2025 Q3 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4835027-bridgebio-pharma-inc-2025-q3-results-earnings-call-presentation]
* BridgeBio Pharma, Inc. (BBIO) Discusses Positive Phase III Results for Encaleret in ADH1 CALIBRATE Study Transcript [https://seekingalpha.com/article/4834655-bridgebio-pharma-inc-bbio-discusses-positive-phase-iii-results-for-encaleret-in-adh1]
* BridgeBio succeeds in late-stage encaleret study [https://seekingalpha.com/news/4510239-bridgebio-succeeds-in-late-stage-encaleret-study]
* BridgeBio Pharma Q3 2025 Earnings Preview [https://seekingalpha.com/news/4509531-bridgebio-pharma-q3-2025-earnings-preview]