BridgeBio Pharma Q2 Earnings Call Highlights

Key Points

• Attruby sales continued to accelerate: Second-quarter net product revenue rose to $222.4 million from $71.5 million a year earlier, driven primarily by first-line patients. BridgeBio said the treatment remains on track for worldwide blockbuster sales in 2026.
• Three late-stage programs advanced toward approval: BBP-418 for LGMD2I and encaleret for ADH1 received FDA priority review, while infigratinib for achondroplasia is targeting FDA acceptance by the fourth quarter of 2026.
• BridgeBio strengthened its financial position: Total Q2 revenue increased to $243.7 million, and cash, equivalents and marketable securities reached approximately $1.7 billion after a $1 billion preferred equity investment, supporting potential launches and continued development spending.

BridgeBio Pharma NASDAQ: BBIO reported continued growth for its ATTR cardiomyopathy treatment Attruby in the second quarter of 2026, while advancing three late-stage programs into regulatory review and expanding commercial preparations for potential launches over the next year.

Chief Executive Officer Neil Kumar described the period as a transition point for the company, citing the commercial progress of Attruby, regulatory submissions for programs in limb-girdle muscular dystrophy type 2I, autosomal dominant hypocalcemia type 1 and achondroplasia, and the start of a Phase III trial in chronic hypoparathyroidism.

Attruby Revenue Rises as First-Line Use Expands

Attruby generated $222.4 million in net product revenue during the second quarter, up from $71.5 million a year earlier and representing another sequential increase of more than $35 million. Chief Commercial Officer Matt Outten said growth was led by treatment-naive, first-line patients, while the pool of patients switching from Pfizer’s Vyndaqel had normalized after a period of elevated switching activity.

“The engine is the first-line,” Outten said, adding that BridgeBio’s first-line share increased in a market that was broadly stable sequentially. Kumar said Attruby was the fastest-growing brand in the category, with 23% growth during the quarter, while the overall market grew 19%.

Management said it expects clinical differentiation to remain central to Attruby’s commercialization. Kumar highlighted data published in Circulation: Heart Failure that BridgeBio said showed early and sustained kidney-protective effects for acoramidis, the active ingredient in Attruby, in patients with ATTR cardiomyopathy. The company said the analysis included improvement in chronic eGFR slope and reductions in urinary albumin-to-creatinine ratio.

BridgeBio also cited real-world analyses comparing Attruby with tafamidis. Kumar said an independent propensity score-matched study associated Attruby with a 37% reduction in composite cardiovascular events and a 34% reduction in hospitalizations at six months versus tafamidis. A separate company analysis showed a 34% reduction in diuretic intensification, heart-failure hospitalization and mortality, according to Kumar.

Management said the failure of the CARDIO-TTRansform study’s primary endpoint, which evaluated eplontersen in ATTR cardiomyopathy, could reinforce stabilization therapy as a first-line standard. However, executives said they were awaiting fuller data from the study before updating expectations for Attruby’s long-term market share.

BridgeBio said it remains on track for acoramidis to reach blockbuster worldwide sales in 2026, including sales of Beyonttra outside the U.S. recorded by its partners. Outten emphasized that this target was not a forecast specifically for U.S. Attruby net product revenue.

Three Programs Move Toward Potential Approval

BridgeBio said all three of its late-stage programs moved into regulatory review during the quarter.

• BBP-418 for LGMD2I/R9: The FDA accepted the new drug application on May 27 with priority review. The PDUFA target action date is Nov. 27, 2026, and no advisory committee meeting is planned. Kumar said the treatment could become the first approved therapy for LGMD2I, which the company said affects more than 1,000 patients in the U.S. BridgeBio’s commercial team is already in the field, and the company said it has identified more than 1,500 genetically confirmed patients.
• Encaleret for ADH1: The FDA accepted the NDA on July 22 and granted priority review. The PDUFA target action date is May 8, 2027, with no advisory committee currently planned. BridgeBio also submitted a marketing authorization application to the European Medicines Agency. The company said more than 2,200 patients had been identified through ICD-10 claims data between October 2023 and June 2026.
• Infigratinib for achondroplasia: BridgeBio said it has submitted its NDA and is targeting FDA acceptance, potentially including priority review, in the fourth quarter of 2026, with a potential approval in mid-2027. The company said infigratinib could be the first oral FGFR3-targeted treatment for achondroplasia if approved.

Kumar said infigratinib demonstrated a statistically significant improvement in arm span in the Phase III PROPEL 3 study, which was published in The New England Journal of Medicine. The company is building its commercial field organization for a market where injectable competitors are already available.

Chronic Hypoparathyroidism Trial Begins

BridgeBio also began screening patients in RECLAIM-HP, its global Phase III trial of encaleret in chronic hypoparathyroidism. The company expects top-line results within approximately 18 months.

Management said chronic hypoparathyroidism affects about 200,000 people in the U.S. and Europe. Kumar argued that encaleret could offer an oral alternative designed to address both low serum calcium and excess urinary calcium. He cited a Phase II proof-of-concept study in which 80% of postsurgical hypoparathyroidism patients receiving encaleret achieved normal blood and urine calcium levels within five days.

Financial Results and Capital Position

Total second-quarter revenue was $243.7 million, compared with $110.6 million in the year-earlier period. The increase was driven primarily by higher Attruby revenue. Royalty revenue rose to $15.4 million from $1.6 million, largely reflecting Beyonttra sales in Europe and Japan.

Operating expenses increased to $335.7 million from $241.2 million as BridgeBio expanded sales, marketing, medical affairs and pre-commercial supply activities. The company recorded a loss from operations of $107.1 million, an improvement from a $134.3 million operating loss a year earlier.

BridgeBio ended June with $720.2 million in cash, cash equivalents and marketable securities. After closing a $1 billion preferred equity investment led by Sixth Street on July 1, with participation from HealthCare Royalty Partners, the company said its cash balance was approximately $1.7 billion.

President and Chief Financial Officer Tom Trimarchi said the capital position is intended to support operating activities, continued Attruby investment and three potential launches over the next 12 months. Management said it expects operating results to remain relatively stable over the next several quarters before improving toward break-even as launch investments reach a steadier level and revenue grows.

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.

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