BridgeBio Pharma, Inc.

What they do

BridgeBio discovers, develops and commercializes medicines for genetic diseases using a decentralized portfolio model in which programs sit in separate subsidiaries and controlled entities. Its commercial product, acoramidis, is sold in the U.S. as Attruby for transthyretin amyloid cardiomyopathy and outside the U.S. as Beyonttra, directly in certain markets and through partners including Bayer in Europe and Alexion in Japan. It also holds minority equity interests in spun-out companies GondolaBio and BridgeBio Oncology Therapeutics.

Revenue drivers

• Attruby (acoramidis) U.S. net product revenue — The dominant revenue source: $222.4 million of the $243.7 million in total second-quarter 2026 revenue, driven by physicians starting and keeping treatment-naive ATTR-CM patients on therapy.
• Beyonttra international revenue — Acoramidis approved in the EU (February 10, 2025), Japan (March 27, 2025), the UK (April 2025), Switzerland and Brazil, commercialized through Bayer in Europe, Alexion in Japan, and directly by BridgeBio in certain markets.
• Pipeline product candidates — No current revenue; BBP-418, encaleret and low-dose infigratinib have FDA submissions under review and would become future revenue sources if approved.
• Royalty and licensing revenue — The company cites royalty monetization and upfront and milestone payments from licensing arrangements among its historical funding sources, though no specific figure is given in the excerpts.

Recent performance

Second-quarter 2026 total revenue was $243.7 million, primarily $222.4 million of U.S. Attruby net product revenue. Quarterly revenue has risen each period from $120.7 million (Q3 2025) to $154.2 million (Q4 2025) to $194.5 million (Q1 2026) to $243.7 million (Q2 2026). Full-year revenue rose from $9.3 million in 2023 to $221.9 million in 2024 and $502.1 million in 2025. Net losses remain large: $732.9 million in 2025 and $322.4 million for the first six months of 2026, versus $353.4 million in the same 2025 period. Operating cash flow was negative $445.9 million in 2025.

Strategy

BridgeBio is preparing launches for three pipeline products whose NDAs are all now submitted to the FDA: BBP-418 for LGMD2I/R9 (Priority Review, PDUFA November 27, 2026), encaleret for ADH1 (Priority Review, PDUFA May 8, 2027), and low-dose infigratinib for achondroplasia (U.S. launch expected mid-2027). It is expanding these franchises beyond first indications, including RECLAIM-HP in chronic hypoparathyroidism with first participant dosing expected in Q3 2026 and pediatric ADH1, and plans a next-generation ATTR-CM depleter with an IND targeted for 2027. It is investing in diagnosis and awareness, reporting over 2,200 unique ADH1 patients under a dedicated ICD-10 code and roughly 70 new LGMD2I/R9 diagnoses per month. It will host a Commercial Day on October 8, 2026, covering launch readiness across the three upcoming launches.

Risks

• Single-product concentration — Revenue depends overwhelmingly on Attruby, whose U.S. net product revenue was $222.4 million of $243.7 million in Q2 2026.
• Persistent losses and cash burn — The company has incurred significant operating losses since inception, including net losses of $732.9 million in 2025 and $322.4 million in the first half of 2026.
• Leverage and negative equity — At June 30, 2026, total liabilities were $3.72 billion against total assets of $1.22 billion, with shareholder equity of negative $2.52 billion and long-term debt of $2.65 billion.
• Regulatory and launch execution risk — BBP-418, encaleret and infigratinib all depend on FDA approval and successful commercial launches; the company files no advisory committee is planned for BBP-418 or encaleret, but infigratinib's PDUFA date has not yet been set.

Outlook

Management points to three PDUFA dates: November 27, 2026 for BBP-418 and May 8, 2027 for encaleret, with infigratinib's date still to be set and U.S. launch expected mid-2027. Pipeline expansion continues, with RECLAIM-HP first participant dosing expected in Q3 2026, a Phase 2 hypochondroplasia update in 2H 2026, and a depleter IND targeted for 2027. Reported liquidity was $720.2 million in cash, cash equivalents and marketable securities at June 30, 2026, excluding the $1 billion preferred equity financing that closed July 1, 2026.