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Morgan Stanley
Oct 30, 2026 · BBIO
Tags: BBIO Attruby earnings-review regulatory-catalysts launch-spending
Value Score: 8/10
Core Conclusion: Morgan Stanley reiterates Overweight and increases BridgeBio's target from $87 to $88. Attruby's underlying sales growth supports the commercial thesis, while three upcoming regulatory decisions could broaden the revenue base. The headline quarter overstates recurring profitability because it includes a $75m one-time milestone and temporarily lower operating expenses.
US Attruby net sales reached $253.2m, up approximately $31m sequentially, or 14%, and 134% year over year. Attruby revenue including royalties was $273.9m, about 2.1% ahead of consensus. Total revenue of $353.2m exceeded $298m consensus, but included the $75m milestone; excluding it, revenue was approximately $278m.
The operating loss was $11.6m as reported and approximately $87m excluding the milestone, compared with $107m in the prior quarter. Operating expenses excluding cost of revenues were $344.4m. Management attributes the lower-than-expected spending to timing and expects a fourth-quarter catch-up, so the reported quarter does not establish operating breakeven.
Management frames $25-30m of sequential US sales growth as the near-term base, supported by newly diagnosed patients, treatment-naive starts and stable gross-to-net deductions. Approximately 2,900 physicians have tried Attruby, while more than 60% of potential prescribers have not. Reaching this lower-volume group requires additional commercial investment.
Morgan Stanley forecasts approximately $280m of fourth-quarter US sales and $1.39bn in 2027, plus $149m of 2027 royalties. These are analyst estimates. Payer preferences, competition and slower expansion beyond specialist centers could reduce the growth rate.
