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Biotechnology · Healthcare · Fiscal year ends Dec 31
Biocryst Pharmaceuticals reported revenue of $875M in the fiscal year ended Dec 2025, up 94.1% from the year before. Operating income was $341M, an operating margin of 39.0%, and net income was $264M. Operating cash flow of $347M less capital expenditure of $2M left free cash flow of $345M. It held more cash than debt (net cash $90M).
Ranks among the 30 biotechnology companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 157 | 271 | 331 | 451 | 875 |
| Cost of revenue | 7.2 | 6.4 | 4.5 | 12.3 | 19.1 |
| Gross profit | 150 | 264 | 327 | 438 | 856 |
| Research & development | 209 | 253 | 217 | 175 | 166 |
| Selling, general & admin | 119 | 159 | 214 | 266 | 349 |
| Operating income | −178 | −148 | −104 | −2.5 | 341 |
| Interest expense | 59.3 | 99.1 | 108 | 98.5 | 78.9 |
| Pre-tax income | −182 | −244 | −226 | −87.0 | 267 |
| Income tax | 2.3 | 2.7 | 0.3 | 1.9 | 3.5 |
| Net income | −184 | −247 | −227 | −88.9 | 264 |
| Diluted EPS | −1.03 | −1.33 | −1.18 | −0.43 | 1.21 |
| Diluted shares | 179 | 186 | 192 | 207 | 219 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 504 | 305 | 111 | 105 | 89.7 |
| Receivables | 29.4 | 50.6 | 57.0 | 79.1 | 107 |
| Inventory | 15.8 | 27.5 | 28.7 | 8.1 | 5.4 |
| Current assets | 566 | 517 | 496 | 422 | 404 |
| Net PP&E | 8.7 | 8.6 | 7.9 | 7.8 | 8.8 |
| Total assets | 588 | 550 | 517 | 490 | 514 |
| Payables | 27.8 | 14.4 | 20.9 | 11.6 | 15.8 |
| Deferred revenue | 1.4 | 1.2 | 0.0 | – | 0.0 |
| Current liabilities | 104 | 106 | 150 | 160 | 196 |
| Long-term debt | 136 | 232 | 303 | 315 | 0.0 |
| Total liabilities | 695 | 845 | 972 | 966 | 633 |
| Shareholders' equity | −107 | −295 | −456 | −476 | −119 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −142 | −162 | −95.1 | −52.0 | 347 |
| Capital expenditure | 2.4 | 1.4 | 2.2 | 1.1 | 2.5 |
| Free cash flow | −145 | −163 | −97.3 | −53.1 | 345 |
| Depreciation & amortisation | 0.8 | 1.4 | 1.7 | 1.2 | 1.4 |
| Stock-based compensation | 34.6 | 44.7 | 55.6 | 65.4 | 85.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 72.3% | 22.4% | 36.0% | 94.1% |
| Gross margin | 95.4% | 97.6% | 98.6% | 97.3% | 97.8% |
| Operating margin | −113.1% | −54.8% | −31.3% | −0.6% | 39.0% |
| Net margin | −117.1% | −91.2% | −68.4% | −19.7% | 30.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −36.7% | −33.4% | −28.3% | −0.8% | 107.2% |
| Free cash flow margin | −92.0% | −60.3% | −29.4% | −11.8% | 39.4% |
| Cash conversion (CFO ÷ net income) | 0.77x | 0.65x | 0.42x | 0.59x | 1.32x |
| Receivable days | 68 | 68 | 63 | 64 | 45 |
| Inventory days | 797 | 1568 | 2336 | 241 | 103 |
| Payable days | 1404 | 818 | 1702 | 346 | 303 |
| Interest cover | −3.00x | −1.50x | −0.96x | −0.03x | 4.32x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −368 | −73.1 | 193 | 210 | −89.7 |
| Current ratio | 5.46x | 4.90x | 3.31x | 2.63x | 2.06x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.