BridgeBio Earnings: Solid Fourth-Quarter Results Driven by Attruby’s Commercial Launch

No-moat BridgeBio reported fourth-quarter results that were largely in line with our expectations. Investors have reacted positively to BridgeBio’s recent developments and have sent the stock up 30% year to date, moving into 3-star territory close to our $36 fair value estimate. Attruby, an oral drug for ATTR-CM, is off to a strong start after it received approval in the US in November 2024. As of Feb. 17, 1,028 unique patient prescriptions for Attruby have been written by 516 distinct prescribers. It also received approval under the name Beyonttra in the EU on Feb. 10, resulting in a $75 million milestone payment from its partner Bayer and tiered royalties in the low-30s percentage range on EU sales.