BridgeBio Pharma Reports Significant Revenue Decline and Increased Net Loss in Q1 2025

BridgeBio Pharma, Inc. reported a significant decline in financial performance for the first quarter of 2025, with total revenues of $116.6 million, down from $211.1 million in the same period of 2024. This decrease was primarily driven by a $131.2 million drop in license and services revenue, which fell to $79.9 million, while net product revenue from the recently launched drug Attruby reached $36.7 million. The company incurred a net loss of $169.6 million for the quarter, compared to a loss of $36.2 million in the prior year, reflecting increased operational costs and interest expenses.

The financial results were impacted by several strategic developments, including the FDA approval of Attruby in November 2024 and subsequent approvals in Europe and Japan for its commercial launch. The company also recognized a $75 million regulatory milestone payment from Bayer under the Bayer License Agreement, which contributed to the license and services revenue for the quarter. However, the overall revenue decline indicates challenges in transitioning from development to commercialization, as the company continues to invest heavily in research and development.

Operationally, BridgeBio's research and development expenses decreased to $111.4 million from $141.0 million year-over-year, attributed to the divestment of early-stage affiliates and a reduction in R&D activities following the approval of Attruby. Selling, general, and administrative expenses rose significantly to $106.4 million, reflecting increased costs associated with building a commercial infrastructure for Attruby. The company’s total liabilities increased to $2.5 billion, driven by the issuance of $575 million in convertible notes in February 2025, which were used to repay existing debt and fund share repurchases.

As of March 31, 2025, BridgeBio had cash and cash equivalents of $540.6 million, down from $681.1 million at the end of 2024. The company anticipates continued operating losses as it focuses on the commercialization of Attruby and the development of other product candidates. Looking ahead, BridgeBio plans to leverage its recent approvals and partnerships to enhance revenue generation, while also managing costs through restructuring initiatives aimed at streamlining operations and improving efficiency. The company remains committed to advancing its pipeline of genetic therapies, which it believes have significant market potential.