BridgeBio Pharma (NASDAQ:BBIO) executives used the company’s fourth-quarter 2025 earnings call to highlight accelerating commercial performance for its transthyretin amyloid cardiomyopathy (ATTR-CM) drug Attruby and to frame a series of recent late-stage clinical readouts as a “transformative inflection point” for the company.
Management said BridgeBio is emerging from a period dominated by R&D spending into what it expects will become a multi-product business supported by growing revenue and, over time, meaningful cash generation. CEO Neil Kumar pointed to four “post-phase 3” programs, including the ATTR-CM franchise, and said the company expects to transition from being “cash-consumptive” to generating “significant cash flows” in coming years.
Attruby momentum and ATTR-CM differentiation
Chief Commercial Officer Matt Houghton said Attruby’s growth has been strongest in first-line patients and attributed momentum to the “exceptional data” for the therapy and the company’s field execution. He emphasized that the company has historically provided a quarterly “new patient start” figure, but said BridgeBio will stop reporting that metric going forward because competitors do not disclose comparable data and continued disclosure could create a competitive disadvantage.
On the call, management repeatedly stressed Attruby’s clinical positioning as a near-complete stabilizer, with Kumar pointing to the company’s focus on differentiation in real-world settings and “ability to impact patient health as early as 1 month.” He also discussed scientific work the company believes supports a best-in-class stabilizer profile, including internal binding studies and recent literature linking higher serum TTR levels to lower mortality risk. Kumar said BridgeBio observed a 3 mg/dL increase in serum TTR when patients moved from tafamidis to acoramidis in its phase 3 program, and suggested publications imply about a 5% relative mortality risk reduction per 1 mg/dL serum TTR increase at 30 months.
Tafamidis IP uncertainty and BridgeBio’s response
Kumar addressed recent share-price volatility that executives said has been driven by questions around tafamidis intellectual property (IP) and potential generic entry. He characterized Attruby’s commercial thesis as independent of a particular IP outcome, arguing physicians are making decisions based on clinical performance.
On Europe, Kumar said Pfizer’s withdrawal of one EU patent was unexpected but did not materially change BridgeBio’s view because Vyndamax’s orphan drug exclusivity in wild-type ATTR-CM runs through 2030, which the company said is how it has modeled the region. In the U.S., Kumar and executives argued the IP framework differs from Europe and said they would reassess after U.S. proceedings expected in April, while noting that IP trials are inherently uncertain.
In the Q&A, BridgeBio added that its base case assumption for Europe remains generic entry in 2030 based on orphan exclusivity, and said it believes Vyndamax should have protection “into the 2030s,” potentially to 2035, while also reiterating that the tafamidis debate is not central to Attruby’s uptake.
Late-stage pipeline readouts and commercialization planning
Executives emphasized three positive top-line clinical results across the pipeline: encaleret in autosomal dominant hypocalcemia type 1 (ADH1), BBP-418 in limb-girdle muscular dystrophy type 2I (LGMD2I), and infigratinib in achondroplasia.
On infigratinib, Kumar said the phase 3 study met its primary endpoint for change from baseline in average height velocity at week 52 with p<0.0001 and a mean treatment difference of 2.1 centimeters per year versus placebo. He also highlighted secondary endpoints, including a statistically significant improvement in body proportionality in children younger than 8 in a pre-specified analysis (least squares mean difference -0.05, p<0.05) and change in height Z-score at week 52 (least squares mean increase 0.41 standard deviations, p<0.0001). Kumar said the drug was well-tolerated with no discontinuations or serious adverse events related to study drug, and reported 3 cases (4%) of mild, transient hyperphosphatemia on active treatment.
Justin Toh, who leads infigratinib, said BridgeBio believes the efficacy and safety balance in the PROPEL 3 study positions infigratinib as “best-in-class,” emphasizing oral administration, proportionality findings, and a safety profile he said avoids concerns associated with other mechanisms. He also described perceived limitations for some other FGFR3 inhibitors in development, including potential liabilities tied to VEGFR3 activity.
For LGMD2I, Kumar said the company plans to present the full phase 3 dataset at the upcoming Muscular Dystrophy Association Conference and has built and onboarded a dedicated commercial leadership team. He added that BridgeBio is working to expand awareness and diagnosis beyond already identified patients, including within broader LGMD and Becker muscular dystrophy populations.
In ADH1, Kumar said patient-finding efforts have identified more than 1,700 unique patients in claims data and that recent pre-NDA communications with regulators were supportive of the company’s expectations. He said BridgeBio continues to anticipate launches of encaleret and BBP-418 in late 2026 or early 2027.
Financial results, cash burn, and capital runway
President and CFO Tom Trimarchi reported fourth-quarter 2025 total revenue of $154.2 million, consisting of $146.0 million in Attruby net product revenue, $5.3 million in royalty revenue, and $2.9 million in license and service revenue. For the full year 2025, he reported total revenue of $502.1 million, up from $221.9 million in 2024, driven primarily by increased Attruby net product revenue and higher royalties, partially offset by lower license and service revenue.
Trimarchi said fourth-quarter total operating costs and expenses were $293.7 million, compared with $231.9 million in the prior-year quarter, primarily due to higher SG&A. Full-year 2025 operating costs and expenses were $1.0 billion, up from $814.9 million in 2024, again driven largely by SG&A investments to support the Attruby launch.
On liquidity, Trimarchi said BridgeBio ended 2025 with $587.5 million in cash, cash equivalents, and marketable securities. He also noted the company issued $632.5 million aggregate principal amount of 2033 convertible notes in January 2026, which he said extends runway as BridgeBio transitions into a “diversified, late-stage, multi-product business.”
Kumar said the company used $446 million in cash in 2025 net of revenue and expects cash burn to “roughly hold steady” through 2026 given launch investments, then begin declining by the end of next year as Attruby revenue increases. He also stated that, absent strategic changes, management expects the pipeline to begin generating cash in late 2027 and become a “cash generation engine” by 2028.
Priority Review Vouchers and capital optionality
In the Q&A, Trimarchi said BridgeBio has three programs that have already received Rare Pediatric Disease Designation and that the company expects to be eligible for a Priority Review Voucher (PRV) upon approval:
- BBP-418 for limb-girdle muscular dystrophy
- Infigratinib for achondroplasia
- BridgeBio’s Canavan gene therapy program
Executives also discussed longer-term capital allocation, with Kumar saying the company’s preference is to reinvest into R&D where it can exceed its cost of capital, while noting other potential uses of cash flow—such as buybacks or dividends—could be considered if the company cannot fully capture value in the public markets.
About BridgeBio Pharma (NASDAQ:BBIO)
BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.
BridgeBio’s pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.
