BioCryst Revenue Reaches $180.3 Million as Geron Cuts Expense Outlook
Key Facts
BioCryst Pharmaceuticals said on November 4 that total revenue reached $180.3 million in the third quarter of 2026, up 13% year over year, and reported operating income of $53.3 million and net income of $37.9 million. On the same day, Geron said demand for its RYTELO treatment rose 10% from the previous quarter, while ordering accounts increased about 8% to nearly 1,700. The results show different trajectories at the two companies: expanding revenue and profitability at BioCryst, and growing demand for Geron's product alongside a lower expense outlook. Both companies reported results and operating updates on November 4, after the market closed on November 3, so that day's closing prices do not reflect a reaction to results published the following day.
BioCryst raised its 2026 total revenue outlook, attributing the increase mainly to higher revenue from licensing navenibart rights and greater RAPIVAB orders from international partners. The company also lowered its outlook for non-GAAP operating expenses, linking the change to the continued closure of its Birmingham site. The guidance update was part of the third-quarter results issued on November 4, rather than a subsequent increase following the results announcement. In its previous update in August, BioCryst had kept its full-year ORLADEYO revenue outlook at $625 million to $645 million and raised its total revenue range to $690–715 million. Those figures provide context for the previous guidance, while the company linked the current update to licensing and international orders.
BioCryst said the U.S. Food and Drug Administration approved a granule formulation of ORLADEYO in October for patients aged 12 years and older with hereditary angioedema. The approval expands the age group covered by the formulation, according to the company. In the second quarter of 2026, BioCryst reported total revenue of $218.3 million, including $158.2 million from ORLADEYO. That puts the third-quarter result of $180.3 million in the context of a different quarter-on-quarter comparison from the 13% annual increase reported by the company. The distinction between total revenue and product revenue also highlights the importance of considering the mix of revenue sources, which under the new guidance included navenibart rights and international RAPIVAB orders.
Geron kept its 2026 RYTELO revenue outlook at the mid-to-high end of the $220–240 million range and lowered its expected operating expense range to $220–230 million from $230–240 million previously. The update lowers both the floor and ceiling of the expense outlook while maintaining the product revenue range. The company had reiterated its previous revenue and expense ranges in August. In the second quarter of 2026, RYTELO net revenue was $57.5 million, up 11% from the first quarter; the available third-quarter data here indicate 10% quarter-on-quarter demand growth but do not report net revenue for that quarter. Geron said its quarterly costs and operating expenses were lower than in the corresponding period of 2025, mainly because of lower personnel and clinical development expenses, partly offset by non-cash inventory-related expenses.
In a clinical development separate from the revenue results, Geron announced that it was discontinuing the Phase 3 IMpactMF trial after an independent data monitoring committee recommended that the trial was unlikely to meet its primary endpoint of overall survival. The decision puts RYTELO at the forefront of the company's commercial drivers cited in its results, with demand growth linked to an increase in ordering accounts to nearly 1,700. Geron ended the second quarter of 2026 with $327 million in cash, restricted cash and marketable securities. For BioCryst, upcoming milestones listed in company materials include pivotal navenibart results expected in the third quarter of 2027. These timelines and clinical developments remain part of the context for the operating updates issued on November 4.