Biocryst Pharmaceuticals Inc (NASDAQ: BCRX)

Sector: Healthcare Industry: Drug Manufacturers - Specialty & Generic CIK: 0000882796
Market Cap 1.37 Bn
P/B -3.53
P/E -156.00
P/S 2.28
ROIC (Qtr) 26.42
Div Yield % 0.00
Rev 1y % (Qtr) 36.14
Total Debt (Qtr) 683.11 Mn
Debt/Equity (Qtr) -1.76

About

Price action

Investment thesis

Bull case

  • Healthy cash reserves of 84.66M provide 2.14x coverage of short-term debt 39.47M, demonstrating strong liquidity position and minimal refinancing risk.
  • Robust free cash flow of 47.85M exceeds capital expenditure of 2.34M by 20.44x, indicating strong organic growth funding capability.
  • Operating cash flow of 50.20M fully covers other non-current liabilities 436000 by 115.13x, showing strong long-term stability.
  • Cash reserves of 84.66M provide solid 194.17x coverage of other non-current liabilities 436000, indicating strong liquidity.
  • Retained earnings of (1.75B) represent substantial 4.52x of equity (387.89M), indicating strong internal capital generation.

Bear case

  • Operating cash flow of 50.20M barely covers its investment activities of 87.59M, with a coverage ratio of 0.57, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of 87.59M provide weak support for R&D spending of 174.70M, which is 0.50x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • High receivables of 91.33M relative to inventory of 28.62M (3.19 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • The company's operating cash flow of 50.20M shows concerning coverage of stock compensation expenses of 82.61M, with a 0.61 ratio indicating potential earnings quality issues.
  • Free cash flow of 47.85M represents just -0.35x of debt issuance (137.98M), suggesting concerning reliance on leverage rather than internal cash generation for growth.

Peer comparison

Companies in the Drug Manufacturers - Specialty & Generic
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ZTS Zoetis Inc. 56.15 Bn 21.18 5.98 7.27 Bn
2 TAK Takeda Pharmaceutical Co Ltd 48.92 Bn 221.13 1.66 36.24 Bn
3 HLN Haleon plc 46.13 Bn 25.59 3.29 -
4 TEVA Teva Pharmaceutical Industries Ltd 35.27 Bn 49.54 2.10 17.07 Bn
5 UTHR UNITED THERAPEUTICS Corp 21.76 Bn 17.11 6.95 0.00 Bn
6 VTRS Viatris Inc 14.87 Bn -4.03 1.05 14.44 Bn
7 NBIX Neurocrine Biosciences Inc 14.08 Bn 32.91 5.25 0.43 Bn
8 ELAN Elanco Animal Health Inc 11.64 Bn 323.29 2.54 4.32 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 4.52 24.98
EV to Cash from Ops. EV/CFO 40.24 -85.40
EV to Debt EV to Debt 2.96 265.88
EV to EBIT EV/EBIT 24.46 -32.65
EV to EBITDA EV/EBITDA 26.10 -29.50
EV to Free Cash Flow [EV/FCF] EV/FCF 42.21 -32.62
EV to Market Cap EV to Market Cap 1.47 -10.98
EV to Revenue EV/Rev 3.37 -700.14
Price to Book Value [P/B] P/B -3.53 27.22
Price to Earnings [P/E] P/E -156.00 -122.96
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.34
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 4.81
Dividend per Basic Share Div per Share (Qtr) 0.00 0.07
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 4.08
Interest Coverage Int. cover (Qtr) 0.93 -38.10
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -133.40 -157.22
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -13.31 44,776.25
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 2.81
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 531.09 24.45
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 296.72 18.14
EBIT Growth (1y) % EBIT 1y % (Qtr) 424.12 37.66
EBT Growth (1y) % EBT 1y % (Qtr) 94.67 108.18
EPS Growth (1y) % EPS 1y % (Qtr) 91.80 52.88
FCF Growth (1y) % FCF 1y % (Qtr) 184.36 -54.47
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 44.31 25.28
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 1.34 0.50
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 0.45 2.10
Current Ratio Curr Ratio (Qtr) 1.87 3.92
Debt to Equity Ratio Debt/Equity (Qtr) -1.76 -1.11
Interest Cover Ratio Int Coverage (Qtr) 0.93 -38.10
Times Interest Earned Times Interest Earned (Qtr) 0.93 -38.10
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 14.00 -62,432.09
EBIT Margin % EBIT Margin % (Qtr) 13.77 -63,260.88
EBT Margin % EBT Margin % (Qtr) -1.10 -66,726.96
Gross Margin % Gross Margin % (Qtr) 97.40 8,332.72
Net Profit Margin % Net Margin % (Qtr) -1.50 -66,728.37