BridgeBio (NASDAQ:BBIO) Q2 Revenue More Than Doubles to $243.7M as Attruby Sales Hit $222.4M

BridgeBio Pharma (NASDAQ: BBIO) reported Q2 2026 total revenues of $243.7 million, a 120.4% year-over-year increase from $110.6 million in Q2 2025, driven by a $150.9 million surge in Attruby net product revenue to $222.4 million. GAAP EPS came in at -$0.78, missing the -$0.60 consensus estimate by 30.0%, as the company ramped spending across three pre-commercial drug programs ahead of regulatory decisions expected in the next twelve months.

Q2 2026 Results

• Total revenues: $243.7 million in Q2 2026, up from $110.6 million in Q2 2025, a 120.4% year-over-year increase
• Attruby (acoramidis) U.S. net product revenue: $222.4 million, compared to $71.5 million in Q2 2025, with growth concentrated in treatment-naive patients
• Royalty revenue: $15.4 million, up from $1.6 million in Q2 2025, primarily from BEYONTTRA sales in the EU and Japan
• GAAP operating loss: -$107.1 million, narrowing from -$134.3 million in Q2 2025, as operating costs of $350.8 million grew 43.3% against revenue growth of 120.4%
• GAAP operating margin: -43.9%, a 77.5 percentage point improvement from -121.4% in the year-ago quarter
• Cash, cash equivalents, and marketable securities: $720.2 million as of June 30, 2026, before the $1.0 billion preferred equity financing that closed July 1, 2026

What Drove the Results

GAAP EPS of -$0.78 missed the -$0.60 consensus estimate by $0.18. Revenue of $243.7 million exceeded the prior-year period by $133.1 million, but total operating costs and expenses of $350.8 million reflected a $57.1 million increase in selling, general and administrative expenses and a $38.2 million increase in research and development spending, both tied to Attruby's continued commercialization and pre-launch activities for BBP-418, encaleret, and oral infigratinib. The six-month revenue figure of $438.2 million compares to $227.2 million for the first half of 2025, a $211.0 million increase.

The top-line beat masks a meaningful cost investment cycle. Prior-year license and services revenue included $30.0 million in regulatory milestone payments in Q2 2025 that did not recur in Q2 2026, partially offsetting the Attruby product revenue growth. Royalty revenue of $15.4 million, up $13.8 million year over year, reflects international acoramidis sales accelerating under the BEYONTTRA brand in Europe and Japan.

On the pipeline front, all three planned NDAs are now under active FDA review. BBP-418 for limb-girdle muscular dystrophy type 2I/R9 received Priority Review with a PDUFA date of November 27, 2026. Encaleret for autosomal dominant hypocalcemia type 1 also received Priority Review with a PDUFA date of May 8, 2027. Oral infigratinib for achondroplasia has been submitted, with a U.S. launch expected in mid-2027. No advisory committee meetings are currently planned for BBP-418 or encaleret.

New post-hoc data published in Circulation: Heart Failure showed acoramidis was associated with a 13.7% reduction in urinary albumin-to-creatinine ratio through Month 30 and an improvement in chronic eGFR slope of +2.47 mL/min/1.73m²/year, a kidney-protective profile the company described as resembling ACE inhibitors, ARBs, and SGLT2 inhibitors. An independent propensity score-matched analysis of 286 patient pairs from the TriNetX network, published in JSCAI, associated acoramidis with a 37% reduction in composite cardiovascular events (p=0.002) and a 34% reduction in hospitalizations (p=0.002) at six months versus tafamidis.

Wall Street View

Piper Sandler analyst Biren Amin maintained an Overweight rating on BBIO and raised the price target to $115 from $111 following the results. Wells Fargo analyst Derek Archila also maintained an Overweight rating and raised the price target to $102 from $98. TD Cowen raised its price target to $110, per supplementary coverage. Shares closed at $83.70 on Tuesday, August 11, 2026, a decline of -1.15%, while the S&P 500 fell -0.32%.

Investor Takeaway

BridgeBio enters the second half of 2026 with its largest revenue quarter on record, a narrowing operating loss, and a balance sheet that now includes $1.0 billion in preferred equity to fund three near-simultaneous commercial launches. The central question for investors is whether Attruby's commercial momentum, with first-line share still climbing, can sustain the revenue base while BBP-418 and encaleret progress through their respective PDUFA windows in late 2026 and early 2027. The EPS miss reflects deliberate pre-launch investment rather than cost inefficiency, and the operating leverage trajectory, with margin improving 77.5 percentage points year over year, suggests the cost structure is already scaling against a growing revenue base.