BridgeBio Pharma Q1 2025 Summary

BridgeBio Pharma reported Q1 2025 results showing strong momentum in the launch of Attruby™ and significant progress in its late-stage genetic medicine pipeline.

Key Highlights:
Attruby U.S. net product revenue: $36.7M in its first full quarter

Prescriptions written: 2,072 unique patients by 756 prescribers since November 2024 FDA approval

Cash & cash equivalents: $540.6M (excluding $105M in expected milestone payments for BEYONTTRA ex-U.S. approvals)

Pipeline Milestones:
Acoramidis (ATTR-CM): Approved in U.S., EU, UK, and Japan. Strong efficacy data and ongoing Phase 3 “ACT-EARLY” enrollment.

BBP-418 (LGMD2I/R9): Largest ever Phase 3 trial for this condition; interim readout in 2H 2025.

Encaleret (ADH1 & hypoparathyroidism): Positive Phase 2 data; registration study planned for 2026.

Infigratinib (Achondroplasia & Hypochondroplasia): Multiple Phase 3 and 2 trials advancing; could become first oral therapy for both.

BBP-812 (Canavan disease): Ongoing Phase 1/2 with FDA support for Accelerated Approval.

Financial Summary:
Revenue: $116.6M (vs. $211.1M Q1 2024, due to lower license revenue)

Net Loss: ($167.4M), or ($0.88) per share (vs. $35.2M loss in Q1 2024)

SG&A Expenses: $106.4M (↑$40.5M YoY due to Attruby commercialization)

Cash Use in Operations: ($199.2M)

Convertible Notes Raised: $575M (1.75% due 2031); $459M used to repay term loan

BridgeBio continues to expand commercial and R&D operations with a focus on becoming a global leader in genetic medicine.

BridgeBio Pharma, Inc. announced the issuance of $575 million in 1.75% Convertible Senior Notes due 2031 in a private offering to qualified institutional buyers. The notes will accrue interest semiannually and mature on March 1, 2031, unless converted, redeemed, or repurchased earlier. Holders can convert their notes into cash, shares of BridgeBio’s common stock, or a combination of both at the company's election.

The company received net proceeds of approximately $563 million after deducting discounts and offering expenses. A portion of the proceeds was used to repurchase $48.3 million of its common stock, repay all outstanding borrowings under a financing agreement, and terminate that agreement. Any remaining proceeds will be used for general corporate purposes.

BridgeBio may redeem the notes for cash on or after March 6, 2028, under specific conditions. If a fundamental change occurs, holders may require the company to repurchase their notes for cash at 100% of the principal amount plus accrued interest.

The notes were issued under an indenture with U.S. Bank Trust Company, National Association, as trustee. They are general unsecured obligations, ranking senior to subordinated debt, equal to other unsecured obligations, and structurally junior to the liabilities of the company’s subsidiaries.

Additionally, BridgeBio issued press releases on February 24 and 25, 2025, announcing the offering and pricing of the notes.

BridgeBio Pharma reported strong financial results and commercial progress for the fourth quarter and full year 2024. The company's ATTR-CM treatment, Attruby (acoramidis), has gained significant traction since FDA approval in November 2024, with 1,028 unique prescriptions written by 516 prescribers as of February 17, 2025. It also secured approval in the EU under the name BEYONTTRA in February 2025, triggering a $75 million milestone payment and tiered royalties starting in the low-thirties percent.

Attruby demonstrated a 59% hazard reduction in all-cause mortality and first cardiovascular-related hospitalization in variant ATTR-CM patients, marking the strongest statistical benefit observed in this aggressive disease population. The company expects additional regulatory milestones in the first half of 2025, including Japan's approval, contributing to $105 million in anticipated milestone payments.

BridgeBio ended the quarter with $681 million in cash, cash equivalents, and short-term restricted cash, reinforcing its financial position as it advances its pipeline. Three global registrational studies—FORTIFY (BBP-418 for LGMD2I/R9), CALIBRATE (encaleret for ADH1), and PROPEL 3 (infigratinib for achondroplasia)—are fully enrolled, with last participant visits expected before the end of 2025.

CEO Neil Kumar emphasized Attruby’s differentiated efficacy and industry-leading patient support programs, which are expected to drive further adoption. The company is also progressing with its broader pipeline, aiming for first-in-class approvals for BBP-418, encaleret, and infigratinib in their respective indications.

Looking ahead, BridgeBio remains focused on expanding access to its approved therapies while advancing key pipeline programs, with multiple regulatory and clinical milestones anticipated in 2025.