BridgeBio Pharma Inc

BBIO: XNAS (USA)
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BridgeBio Earnings: Positive Outlook With Strong Launch of Attruby; Raising Fair Value Estimate

No-moat BridgeBio Pharma reported strong first-quarter results, driven by better-than-expected commercial success of its key asset Attruby, which generated $36.7 million in sales in the period. The results were well received by investors, with shares rising about 8% in after-hours trading. To reflect faster market penetration and a steeper near-term launch trajectory, we are increasing our fair value estimate to $41 per share from $36. At the current market price, we view the shares as fairly valued.

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