BridgeBio stock broke out Wednesday after its new heart drug, a rival to Pfizer's blockbuster Vyndaqel, smashed sales expectations in its first full quarter on the market.
The company's drug, Attruby, treats transthyretin amyloid cardiomyopathy, a condition in which abnormal protein builds up on the heart. Its rival Pfizer's Vyndaqel generated $1.49 billion in first-quarter sales.
In its first full three months on the market, Attruby brought in $36.7 million in U.S. sales, BridgeBio said late Tuesday. That obliterated forecasts for $12 million, according to FactSet, and topped even more bullish forecasts for $17.1 million, according to a recent TD Cowen survey of investors.
"Attruby launch nearly doubled our Street-high number, with upside driven by higher script-to-revenue translation, countering a bear thesis we heard following results of our latest TTR (transthyretin) survey," Leerink Partners analyst Mani Foroohar said in a report.
BridgeBio stock jumped 5.3%, closing at 38.36 on Wednesday. Shares broke out of a double-bottom base with a buy point at 37.94, MarketSurge shows. The stock has a strong IBD Digital Relative Strength Rating of 94, which puts it in the leading 6% of all stocks in terms of 12-month performance.
BridgeBio Takes On Pfizer, Alnylam
The market for treating transthyretin amyloid cardiomyopathy is heating up. In addition to Pfizer's and BridgeBio's drugs, the Food and Drug Administration signed off on Alnylam Pharmaceuticals' drug, Amvuttra, as a treatment for the heart condition.
Amvuttra was already approved for patients with transthyretin amyloid polyneuropathy — where amyloid protein builds up on the nerves — but cardiomyopathy is the far bigger patient population.
RBC Capital Markets analyst Luca Issi credited Pfizer with broadening disease awareness over time. This has led to stronger reimbursement policies among insurance companies. BridgeBio won its Attruby approval in late 2024 and priced the drug at a discount to Vyndaqel.
Foroohar, the Leerink analyst, said prior to the report that Attruby has begun "to carve out share" among previously untreated cardiomyopathy patients. Notably, U.K. regulators also approved the drug this month. In the U.K., it will sell under the brand name Beyonttra.
"Physicians expect sustained/modestly increasing new patient share over the next 12-24 months; implying upside to our/consensus market share estimates," Foroohar said in a recent report.
In addition to strong Attruby sales, BridgeBio also bested loss expectations. Analysts projected a loss of 92 cents per share. BridgeBio easily topped that at an 88-cent loss. That widened from a 20-cent loss in the year-earlier period, however.
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