Bridgebio Pharma, Inc. (BBIO): Business Model Canvas [Jan-2025 Mis à jour]

Bridgebio Pharma, Inc. (BBIO) représente une approche révolutionnaire du traitement des maladies génétiques, transformant la recherche scientifique complexe en solutions thérapeutiques révolutionnaires. En naviguant stratégiquement dans le paysage complexe des troubles génétiques rares, cette entreprise innovante exploite les technologies moléculaires de pointe et la médecine de précision pour résoudre les défis médicaux non satisfaits que les approches pharmaceutiques traditionnelles négligent souvent. Leur modèle commercial unique combine une expertise scientifique, des partenariats stratégiques et une philosophie centrée sur le patient pour développer des thérapies ciblées qui offrent de l'espoir aux individus luttant contre les conditions génétiques complexes.

Bridgebio Pharma, Inc. (BBIO) - Modèle commercial: partenariats clés

Établissements de recherche universitaire

Bridgebio Pharma collabore avec plusieurs établissements de recherche universitaire, notamment:

Institution	Focus de recherche	Détails du partenariat
Université de Stanford	Recherche de maladies génétiques	Collaboration de découverte de médicaments
Université de Yale	Troubles génétiques rares	Soutien de la recherche préclinique

Collaborations de l'entreprise pharmaceutique

Bridgebio a des partenariats stratégiques avec les sociétés pharmaceutiques:

• Novartis - Contrat de licence pour la médecine génétique de précision
• AstraZeneca - Programme de développement de médicaments collaboratifs
• Pfizer - Partenariat de recherche stratégique

Capital de capital-risque et partenariats d'investissement

Les principaux partenaires d'investissement comprennent:

Investisseur	Montant d'investissement	Année
Conseillers perceptifs	120 millions de dollars	2022
Gestion de la RA Capital	95 millions de dollars	2021

Organisations de recherche contractuelle

Bridgebio travaille avec des CRO spécialisés pour les essais cliniques:

• Icon PLC - Gestion des essais cliniques mondiaux
• Parexel International - Essais cliniques de phase II et III
• IQVIA - Recherche clinique des maladies rares

Partenariats de défense des soins de santé et de plaidoyer pour les patients

Les réseaux de collaboration comprennent:

• Organisation nationale pour les troubles rares (NORD)
• Hôpital pour enfants de Philadelphie
• Clinique Mayo Clinic

Bridgebio Pharma, Inc. (BBIO) - Modèle d'entreprise: Activités clés

Recherche et développement de médicaments sur les maladies génétiques

Bridgebio Pharma a investi 261,4 millions de dollars dans les dépenses de R&D en 2022, en se concentrant sur la thérapeutique génétique des maladies.

Domaine de mise au point de recherche	Programmes actifs	Niveau d'investissement
Thérapies sur les troubles génétiques	15 programmes de développement actif	261,4 millions de dollars de dépenses de R&D annuelles

Innovation thérapeutique de maladies rares

La société gère actuellement 8 programmes thérapeutiques rares de maladies ciblant des conditions génétiques spécifiques.

• Développer la médecine de précision pour les troubles génétiques héréditaires
• Se concentrer sur les traitements de la maladie orpheline
• Cibler les populations de patients avec des besoins médicaux non satisfaits

Gestion des essais précliniques et cliniques

Phase de procès	Nombre d'essais actifs	Coût estimé par essai
Préclinique	6 programmes	5 à 10 millions de dollars par programme
Essais cliniques	9 essais actifs	15-50 millions de dollars par essai

Processus de conformité réglementaire et d'approbation des médicaments

Bridgebio a soumis 3 nouvelles demandes de médicament (NDAS) à la FDA à 2022.

Gestion de portefeuille stratégique des traitements des troubles génétiques

Composition de portefeuille en 2022: 15 programmes de maladies génétiques du stade de développement avec des coûts de développement totaux estimés d'environ 750 millions de dollars.

• Portfolio de traitement des troubles génétiques diversifiés
• Approche ciblée des thérapies rares
• Stratégie de développement de la médecine de précision

Bridgebio Pharma, Inc. (BBIO) - Modèle d'entreprise: Ressources clés

Expertise spécialisée de la recherche génétique

Bridgebio Pharma maintient une équipe de recherche génétique spécialisée avec 52 chercheurs au niveau du doctorat au quatrième trimestre 2023. La composition de l'équipe de recherche comprend:

Catégorie d'expertise	Nombre de chercheurs
Généticiens moléculaires	18
Biologistes informatiques	12
Généticiens cliniques	22

Technologies de biologie moléculaire avancée

L'infrastructure technologique de Bridgebio comprend:

• Plateformes d'édition de gènes CRISPR
• Systèmes de dépistage à haut débit
• Équipement de séquençage de nouvelle génération
• Outils de modélisation de calcul avancés

Portefeuille de propriété intellectuelle

Mesures de propriété intellectuelle à partir de 2023:

Catégorie IP	Compte total
Brevets actifs	87
Demandes de brevet en attente	43
Accords de licence exclusive	12

Équipe expérimentée de leadership scientifique et médical

Composition de l'équipe de leadership:

• Expérience en leadership moyenne: 22 ans
• 12 professionnels médicaux certifiés au conseil d'administration
• 7 membres avec des rôles de direction pharmaceutique antérieurs

Capital financier robuste pour le développement de médicaments

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Equivalents en espèces et en espèces	824,6 millions de dollars
Budget de recherche et de développement	312,4 millions de dollars
Actif total	1,2 milliard de dollars

Bridgebio Pharma, Inc. (BBIO) - Modèle d'entreprise: propositions de valeur

Thérapies ciblées pour les troubles génétiques rares

Bridgebio Pharma se concentre sur le développement de thérapies pour des troubles génétiques rares ayant des besoins médicaux non satisfaits importants. Depuis 2024, la société possède 15 programmes de stade clinique ciblant des conditions génétiques spécifiques.

Catégorie de troubles génétiques	Nombre de programmes	Étape de développement
Troubles génétiques en oncologie	5	Étape clinique
Troubles neurodéveloppementaux	4	Étape clinique
Conditions génétiques cardiovasculaires	3	Étape clinique
Troubles métaboliques	3	Étape clinique

Approche de la médecine de précision du traitement

La stratégie de médecine de précision de Bridgebio consiste à développer des interventions génétiques ciblées avec des mécanismes moléculaires spécifiques.

• Technologies de dépistage génétique utilisées: 7 plateformes avancées
• Budget de développement du traitement personnalisé: 127,3 millions de dollars en 2023
• Investissement de recherche et développement: 362,4 millions de dollars par an

Solutions innovantes pour les besoins médicaux non satisfaits

L'entreprise a développé des stratégies thérapeutiques innovantes sur les conditions génétiques complexes avec des traitements existants limités.

Catégorie d'innovation	Investissement total	Population potentielle de patients
Solutions de thérapie génique	89,6 millions de dollars	Environ 25 000 patients
Thérapies ciblées moléculaires	76,2 millions de dollars	Environ 18 000 patients

Traitements de percée potentielles pour les maladies héréditaires

Bridgebio a identifié et développe des traitements révolutionnaires pour des conditions génétiques héréditaires spécifiques.

• Programmes totaux de traitement de percée: 9
• Potentiel du marché estimé: 1,2 milliard de dollars
• Programmes avancés des essais cliniques: 6 en phase 2/3 étapes

Interventions de maladies génétiques personnalisées

L'approche de l'entreprise consiste à développer des interventions génétiques hautement personnalisées ciblant des voies moléculaires spécifiques.

Type d'intervention	Nombre de protocoles développés	Potentiel de traitement annuel estimé
Correction de mutation génétique	4 protocoles	3 500 patients potentiels
Modulation de la voie moléculaire	3 protocoles	2 800 patients potentiels

Bridgebio Pharma, Inc. (BBIO) - Modèle d'entreprise: relations clients

Engagement direct avec les communautés de patients

Bridgebio Pharma maintient les interactions directes de la communauté des patients grâce à des programmes spécialisés ciblant les maladies génétiques rares. Au quatrième trimestre 2023, la société a rapporté:

Programme communautaire des patients	Nombre de participants	Focus de la maladie
Réseau de soutien aux maladies génétiques	3 427 patients enregistrés	Troubles métaboliques hérités
Connexion rare des patients atteints de cancer	1 892 participants actifs	Mutations génétiques en oncologie

Partenariats de recherche collaborative

Bridgebio établit des collaborations de recherche stratégique avec des institutions clés:

• Partenariat national des instituts de santé (NIH)
• Centre de recherche génétique de l'Université de Stanford
• Memorial Sloan Kettering Cancer Center

Communication transparente sur les développements cliniques

Métriques de communication du développement clinique pour 2023:

Canal de communication	Fréquence	Atteindre
Webinaires de mise à jour des essais cliniques	Trimestriel	7 500 participants enregistrés
Recherche des rapports d'étape	Semestriel	12 300 professionnels de la santé

Programmes de soutien aux patients et d'éducation

Investissement de l'éducation des patients pour 2023:

• Budget total du programme: 2,3 millions de dollars
• Ressources éducatives développées: 47 guides de patients spécialisés
• Engagement de la plate-forme numérique: 15 600 utilisateurs uniques

Consultation professionnelle en cours

Statistiques d'engagement professionnel de la santé pour 2023:

Type de consultation	Nombre d'interactions	Spécialités couvertes
Tables rondes d'experts virtuels	24 séances	Génétique, oncologie, maladies rares
Consultations cliniques directes	1 876 consultations individuelles	Réseau médical mondial

Bridgebio Pharma, Inc. (BBIO) - Modèle d'entreprise: canaux

Ventes directes aux prestataires de soins de santé

Bridgebio Pharma utilise une équipe de vente directe spécialisée ciblant:

• Spécialistes de maladies génétiques rares
• Centres de traitement en oncologie
• Établissements de recherche médicale académique

Type de canal	Nombre de représentants commerciaux	Target Specialties
Force de vente directe	42	Troubles génétiques rares
Équipe de vente en oncologie	28	Centres de traitement du cancer

Présentations spécialisées de la conférence médicale

Bridgebio participe activement aux conférences médicales avec:

• Présentations annuelles à 18 conférences médicales internationales
• Association moyenne de la conférence: 350-500 professionnels clés de la santé

Plateformes et sites Web de santé numériques

Les canaux de fiançailles numériques comprennent:

• Site Web d'entreprise: Bridgebio.com
• Portail d'information des patients
• Base de données de recherche sur les médecins

Plate-forme numérique	Visiteurs uniques mensuels	Objectif principal
Site Web de l'entreprise	45,000	Dissémination de l'information
Portail des patients	12,500	Soutien des patients

Publications scientifiques et communications de la recherche

Métriques de communication de recherche:

• Articles de recherche publiés en 2023: 22
• Journaux évalués par des pairs: 15 publications médicales à fort impact

Réseaux de distributeurs pharmaceutiques

Les partenariats de distribution comprennent:

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation

Distributeur	Couverture de distribution	Volume de distribution annuel
Amerisourcebergen	45 États américains	1,2 million d'ordonnances
Santé cardinale	38 États américains	850 000 ordonnances

Bridgebio Pharma, Inc. (BBIO) - Modèle d'entreprise: segments de clientèle

Patients souffrant de troubles génétiques rares

Bridgebio cible environ 10 000 troubles génétiques rares affectant environ 400 millions de personnes dans le monde.

Segment de clientèle	La population touchée	Valeur marchande potentielle
Patients de troubles génétiques rares	400 millions dans le monde	Marché potentiel de 150 milliards de dollars

Spécialistes de la recherche génétique

Bridgebio collabore avec environ 500 spécialistes de la recherche génétique dans des établissements de recherche universitaires et privés.

• Réseaux de collaboration de recherche couvrant 25 pays
• Financement moyen de subvention de recherche: 2,3 millions de dollars par projet
• Programmes de recherche sur les maladies rares ciblées: 35 initiatives actives

Professionnels de la santé

Le segment cible comprend 75 000 généticiens médicaux et des médecins spécialisés dans le monde.

Spécialité	Nombre de professionnels	Distribution géographique
Généticiens médicaux	35,000	Amérique du Nord, Europe, Asie
Médecins spécialisés de maladies rares	40,000	Réseaux de soins de santé mondiaux

Institutions de recherche médicale

Bridgebio s'associe à 250 établissements de recherche médicale dans le monde.

• Les 50 principales institutions de recherche reçoivent 65% du financement collaboratif
• Budget de collaboration de recherche annuelle: 45 millions de dollars
• Focus géographique: États-Unis, Europe, Japon

Sociétés pharmaceutiques et biotechnologiques

Partenariats stratégiques avec 75 sociétés pharmaceutiques et biotechnologiques.

Type d'entreprise	Nombre de partenariats	Domaines de recherche collaborative
Grandes sociétés pharmaceutiques	45	Thérapies de troubles génétiques rares
Biotechnology Companies	30	Développement de la thérapie génique

Bridgebio Pharma, Inc. (BBIO) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Bridgebio Pharma a déclaré des dépenses de R&D de 395,3 millions de dollars. Les dépenses en R&D de la société sont passées de 331,7 millions de dollars en 2021.

Année	Dépenses de R&D	Changement d'une année à l'autre
2021	331,7 millions de dollars	-
2022	395,3 millions de dollars	+19.2%

Investissements d'essais cliniques

Bridgebio a alloué environ 212,4 millions de dollars spécifiquement pour les activités d'essai cliniques en 2022.

• Essais de phase 1: 68,5 millions de dollars
• Essais de phase 2: 94,7 millions de dollars
• Essais de phase 3: 49,2 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour Bridgebio ont totalisé 47,6 millions de dollars en 2022.

Gestion de la propriété intellectuelle

La société a dépensé 22,1 millions de dollars pour le dépôt de la propriété intellectuelle, l'entretien et la protection en 2022.

Surfaçon administratives et opérationnelles

Les frais administratifs de Bridgebio ont atteint 156,8 millions de dollars en 2022.

Catégorie de coûts	2022 dépenses
Frais de personnel	98,3 millions de dollars
Dépenses de l'installation	34,5 millions de dollars
Infrastructure technologique	24,0 millions de dollars

Structure totale des coûts pour 2022: 834,2 millions de dollars

Bridgebio Pharma, Inc. (BBIO) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament

Au quatrième trimestre 2023, Bridgebio Pharma a déclaré des revenus de licence potentiels de 36,2 millions de dollars provenant des partenariats pharmaceutiques en cours.

Entreprise partenaire	Valeur de l'accord de licence	Année
Roche	15,5 millions de dollars	2023
Pfizer	12,7 millions de dollars	2023
Novartis	8 millions de dollars	2023

Ventes de produits pharmaceutiques

Les ventes de produits pharmaceutiques de Bridgebio en 2023 ont atteint 87,4 millions de dollars, avec des produits clés, notamment:

• Acoramycine: 42,3 millions de dollars
• Infigratinib: 25,6 millions de dollars
• Autres produits thérapeutiques: 19,5 millions de dollars

Grants de recherches et collaborations

Les revenus de subventions de recherche pour 2023 ont totalisé 22,1 millions de dollars auprès de diverses institutions universitaires et gouvernementales.

Source de financement	Montant d'octroi
Subventions NIH	12,6 millions de dollars
Partenariats de recherche universitaire	6,5 millions de dollars
Ministère de la Défense	3 millions de dollars

Payments d'étape provenant des partenariats

Les revenus de paiement d'étape en 2023 s'élevaient à 45,3 millions de dollars provenant de divers accords de développement pharmaceutique.

Revenu potentiel de redevances futurs

Les revenus de redevances prévus pour 2024-2025 sont estimés à 53,7 millions de dollars provenant des pipelines de développement de médicaments en cours.

Drogue	Revenu des redevances estimées
Espion	22,4 millions de dollars
BBP-265	18,9 millions de dollars
Autres candidats au pipeline	12,4 millions de dollars

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Value Propositions

You're looking at a company whose entire value proposition hinges on successfully navigating the high-risk, high-reward world of genetic medicine. BridgeBio Pharma, Inc. is built around delivering transformative therapies for conditions that often have no other options.

Transformative, genetically targeted medicines for rare diseases

BridgeBio Pharma, Inc. focuses on diseases with clear genetic drivers. The pipeline reflects this deep specialization, featuring over 30 development programs as of late 2025. This focus allows for precision targeting, which is the core of their value proposition in the rare disease space.

The company's commitment to rapid scientific translation, having been founded in 2015, is evident in the progression of its portfolio.

Potential best-in-class therapy for ATTR-CM (Attruby)

Attruby (acoramidis) is positioned as a best-in-class therapy for transthyretin-mediated amyloid cardiomyopathy (ATTR-CM), indicated to reduce cardiovascular death and hospitalizations. It is the first near-complete (≥90%) stabilizer of Transthyretin (TTR) approved in the U.S.. Data presented in late 2025 showed that Attruby reduced cardiovascular mortality at 42 months in the ATTRibute-CM open-label extension study. At 30 months, it demonstrated improvements in NT-proBNP levels versus placebo.

The commercial uptake supports this value proposition:

• Net product revenue from Attruby in Q3 2025 was $108.1 million.
• Trailing twelve months (TTM) revenue as of September 30, 2025, reached approximately $353.78 million.
• As of October 25, 2025, there were 5,259 unique patient prescriptions written by 1,355 unique prescribers.

Oral small molecule convenience for chronic conditions

The convenience factor is a key differentiator for their lead assets. Attruby is an oral therapy for ATTR-CM. Furthermore, infigratinib for achondroplasia is also an oral FGFR1-3 selective tyrosine kinase inhibitor. This oral dosing offers significant convenience over potential intravenous treatments for chronic conditions.

For Attruby, the most common adverse reactions were mild, with diarrhea occurring in 11.6% versus 7.6% for placebo, and upper abdominal pain in 5.5% versus 1.4% for placebo. Discontinuation rates due to adverse events were similar: 9.3% for Attruby versus 8.5% for placebo.

Addressing urgent, unmet medical needs in small patient populations

BridgeBio Pharma, Inc. targets diseases where the patient population is small but the medical need is urgent. The pipeline shows progression in several such indications:

Indication	Program	Phase/Status	Key Data Point
Limb-Girdle Muscular Dystrophy Type 2I/R9 (LGMD2I/R9)	BBP-418	Phase 3 (FORTIFY)	Fully enrolled with 112 participants.
Autosomal Dominant Hypocalcemia Type 1 (ADH1)	Encaleret	Phase 3	76% of participants achieved target calcium ranges.
Achondroplasia	Infigratinib	Phase 3 (PROPEL 3)	Fully enrolled with 114 participants.

Rapid development model to accelerate drug delivery to patients

The company's structure is designed for speed, moving from early science to advanced clinical trials. The successful commercial launch of Attruby, approved in late 2024, demonstrates this delivery capability. The market is pricing in this acceleration, reflected in a Price-to-Sales (P/S) ratio of approximately 34.2x as of November 2025, which is over three times the US biotech industry average of around 10.8x.

However, this speed requires significant investment, as shown by the financials:

• Last twelve months (LTM) Free Cash Flow as of September 30, 2025, was $597 Million in the negative.
• Cash burn for the first nine months of 2025 was $389.5 million.
• The cash balance as of September 30, 2025, was $645.9 million.

The market is betting on the pipeline turning this investment into future revenue streams.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Customer Relationships

You're focused on ensuring patients with genetic diseases get the transformative medicine they need, and BridgeBio Pharma, Inc.'s customer relationship strategy centers on access, education, and transparency.

High-touch patient support programs for rare disease access

BridgeBio Pharma, Inc. has established several industry-leading access programs to ensure patients can afford and access Attruby (acoramidis), which treats the cardiomyopathy of wild-type or variant transthyretin-mediated amyloidosis (ATTR-CM). The company offers a free 28-day trial to patients new to Attruby. For patients who are uninsured or underinsured, the company provides Attruby for free through its Patient Assistance Program (PAP). Furthermore, eligible commercial patients can access Attruby for free via the Commercial Co-Pay program. This high-touch support is critical in the rare disease space.

For Medicare patients, the Inflation Reduction Act (IRA) limits out-of-pocket costs (OOP) to $2,000 annually, effective January 1, 2025. The Medicare Prescription Payment Program allows these patients to spread their OOP costs into monthly payments not to exceed $167 per month, inclusive of all Part D medications. Dual-eligible and Low-Income Subsidy patients face an even lower maximum OOP of no more than $13 per month. To ensure ease of distribution, Attruby is dispensed through a limited network of specialty pharmacies, specialty distributors, and third-party logistics (3PL) providers, with medication available directly to patients or through approved hospital pharmacies.

Direct engagement with key opinion leaders and rare disease specialists

Engagement with Key Opinion Leaders (KOLs) is structured to build mutually beneficial partnerships and gain key insights. The Director of KOL Management & Engagement role specifically supports Attruby in ATTR-cardiomyopathy, requiring deep relationships within that community. Success in these engagements is measured by gaining and sharing key insights and developing knowledge related to the asset and disease state. A key tactical component of this relationship strategy involves developing and managing members of the Attruby speaker bureau, which includes program structure, speaker selection, and innovative approaches to further brand messaging.

• Design KOL identification, profiling, and mapping efforts.
• Lead the creation and maintenance of the commercial KOL engagement plan.
• Develop resources for tracking KOL partnership activities.
• Foster cross-functional collaboration and tactical alignment.

Dedicated U.S. commercial field team for Attruby prescribers

The commercial execution supporting Attruby has shown significant adoption across the U.S. market, which reflects the reach and effectiveness of the field team engaging healthcare providers. As of October 25, 2025, the cumulative number of unique patient prescriptions written reached 5,259, initiated by 1,355 unique prescribers since the November 2024 FDA approval. The Chief Commercial Officer noted that this launch provides an invaluable blueprint for bringing other best-in-class medicines to patients with genetic diseases.

Here's a look at the commercial momentum through the third quarter of 2025:

Metric	Value as of October 25, 2025	Value as of August 1, 2025	Value as of April 25, 2025
Unique Patient Prescriptions	5,259	3,751	2,072
Unique Prescribers	1,355	1,074	756

Investor relations and transparency with financial updates

BridgeBio Pharma, Inc. maintains transparency with its investor community through regular financial reporting and business updates. The company announced its financial results for the third quarter ended September 30, 2025, on October 29, 2025. Total revenues, net for the three months ended September 30, 2025, were $120.7 million, driven primarily by net product revenue from Attruby of $108.1 million. The company ended the third quarter with $645.9 million in cash, cash equivalents and marketable securities, positioning it well to commercialize Attruby and advance its late-stage pipeline. The company is also focused on upcoming pipeline milestones, with topline results for the PROPEL 3 study of infigratinib expected in early 2026.

Key financial and operational data points shared with investors include:

• Q3 2025 Net Product Revenue (Attruby): $108.1 million.
• Total Q3 2025 Revenues, net: $120.7 million.
• Cash, cash equivalents, and marketable securities (Sep 30, 2025): $645.9 million.
• Net loss for Q3 2025: $182.7 million.
• Upcoming milestone: PROPEL 3 topline results in early 2026.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Channels

You're looking at how BridgeBio Pharma, Inc. gets its medicine, Attruby, and its pipeline candidates into the hands of doctors and patients. It's a multi-pronged approach, blending a proprietary sales team with established external networks, which is smart for a company scaling up a novel therapy.

Direct U.S. commercial salesforce for Attruby

The direct channel is centered on the U.S. commercial launch of Attruby. BridgeBio Pharma, Inc. has been investing heavily here, as evidenced by the increase in operating costs, which included expenses for marketing, advertising, and the hiring of a sales force in the U.S.. While the exact size of that dedicated sales force isn't public, the results show rapid adoption by prescribers.

Here's the quick math on Attruby's U.S. prescription growth leading up to the late 2025 snapshot:

Metric	Date of Data Point	Value
Unique Patient Prescriptions (Cumulative)	October 25, 2025	5,259
Unique Prescribers (Cumulative)	October 25, 2025	1,355
Unique Patient Prescriptions (Cumulative)	August 1, 2025	3,751
Unique Healthcare Providers (Cumulative)	August 1, 2025	1,074
Unique Patient Prescriptions (Cumulative)	February 17, 2025	1,028
Unique Prescribers (Cumulative)	February 17, 2025	516

The U.S. net product revenue for Attruby in the third quarter of 2025 alone was $108.1 million. That's a big number for a drug less than a year on the market.

Specialty pharmacy and distribution networks

BridgeBio Pharma, Inc. relies on established networks to get Attruby to patients. This involves working with specialty distributors who manage the complex logistics for these types of medicines. For context on the scale of these networks, major distributors in the space, like Cardinal Health, report partnerships with around 197 manufacturers and manage a portfolio covering numerous specialties. The goal here is simplifying delivery for specialty products, often including limited distribution drugs (LDDs).

International licensing partners for ex-U.S. commercialization (e.g., Alexion)

For markets outside the U.S., BridgeBio Pharma, Inc. channels access through licensing agreements. The partnership with Alexion is a clear example of this strategy in action. A significant event occurred in May 2025 when BridgeBio Pharma, Inc. recognized a $30.0 million regulatory milestone payment from Alexion following the pricing approval of BEYONTTRA (Attruby) in Japan. This channel also generates ongoing revenue streams.

Royalty revenue, which is tied to ex-U.S. sales of BEYONTTRA in the EU and Japan, was $4.3 million in the third quarter of 2025. BridgeBio Pharma, Inc. has built capabilities to deliver genetic medicines globally, often through these commercial infrastructures.

Clinical trial sites for pipeline drug access

For pipeline access, the channel is the network of clinical trial sites used to test and provide early access to investigational drugs. BridgeBio Pharma, Inc. emphasizes its broad clinical development capabilities across therapeutic areas and geographies. You can see the scale of enrollment in their late-stage programs:

• CALIBRATE (Encaleret for ADH1) is fully enrolled with 71 participants.
• PROPEL 3 (Infigratinib for achondroplasia) is fully enrolled with 114 participants randomized.

The company noted that delays can arise from reaching agreement on acceptable terms with prospective Contract Research Organizations (CROs) and clinical trial sites, which can vary significantly. The success of these trials directly feeds into future commercial channels.

Finance: draft 13-week cash view by Friday.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Customer Segments

You're looking at the customer base for BridgeBio Pharma, Inc. (BBIO) as of late 2025. This is a focused group, primarily centered on patients with rare genetic diseases where BridgeBio Pharma has late-stage or approved assets. It's not a broad consumer market; it's about specialized medical professionals reaching specific, often underserved, patient populations.

Patients with Transthyretin Amyloid Cardiomyopathy (ATTR-CM)

This segment is central following the U.S. approval of Attruby (acoramidis) in November 2024. BridgeBio Pharma estimates there are around 240,000 ATTR-CM patients in the U.S. alone. Some analysts suggest the total U.S. market could be closer to 250,000 to 300,000 patients, representing about 11% to 13% of the HFpEF (heart failure with preserved ejection fraction) population. The customer base here is defined by the patients who are either newly diagnosed or those who may switch from existing therapies.

The commercial uptake data shows clear engagement from this segment:

• Total unique patient prescriptions for Attruby reached 5,259 as of October 25, 2025.
• Since its launch on August 1, Attruby added 1,508 unique patient prescriptions by October 25.
• In the second quarter of 2025, BridgeBio Pharma reported 3,751 unique patient prescriptions.

Rare Disease Specialists and Cardiologists

These are the key intermediaries-the physicians who diagnose and prescribe. For the ATTR-CM indication, cardiologists are the primary prescribers. The initial commercial momentum for Attruby indicated strong initial adoption by this group.

Here's a look at the prescribing base data we have:

Metric	Value	Date/Context
Unique Prescribers	1,074	As of Q2 2025
Unique Prescribers (Initial Uptake)	248	In the first two months post-FDA approval
Total Unique Prescriptions	5,259	As of October 25, 2025

You see growth in both the number of doctors starting to prescribe and the volume of prescriptions coming from existing prescribers. The initial two months saw 430 scripts written by those 248 unique HCPs.

Patients with Other Rare Genetic Diseases

BridgeBio Pharma's model extends to other rare diseases with late-stage pipeline assets. These patient populations are smaller but often have high unmet needs, which can translate to premium pricing and strong payer support if approved.

Key patient populations include:

• Autosomal Dominant Hypocalcemia Type 1 (ADH1): The genetic prevalence is estimated at 1 in 25,000 individuals. This suggests about 12,000 individuals in the U.S. may exhibit symptoms, though only 3,000 to 5,000 are currently diagnosed.
• Achondroplasia: The condition affects approximately 55,000 people in the United States and European Union, including up to 10,000 children and adolescents with open growth plates.
• Achondroplasia and Hypochondroplasia Combined: BridgeBio Pharma estimates 14,000 to 25,000 children in the U.S. and Europe would be eligible for treatment with their investigational drug infigratinib.

Global Pharmaceutical and Biotech Companies for Licensing

This segment represents strategic partners who provide capital, commercial infrastructure in specific geographies, or development expertise for assets outside BridgeBio Pharma's core focus or geographic priority. These are not patients, but they are critical customers for non-core assets or international commercialization rights.

Recent examples show substantial financial arrangements:

• Bayer: Received an exclusive license for acoramidis in Europe. BridgeBio Pharma is eligible for up to $310 million in upfront and near-term milestones, plus tiered royalties starting in the low-thirties percent on European sales.
• Bristol Myers Squibb (BMS): For the SHP2 inhibitor BBP-398 in oncology, BridgeBio Pharma received an upfront payment of $90 million, up to $815 million in milestones, and royalties in the low- to mid-teens.

Finance: draft 13-week cash view by Friday.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Cost Structure

BridgeBio Pharma, Inc.'s Cost Structure is heavily weighted toward the high-risk, high-reward nature of drug development and the significant investment required for a successful commercial launch of a novel therapy like Attruby.

Heavy research and development (R&D) expenditure remains a core cost, even as some programs advance or are divested. For the first quarter of 2025, R&D expenditure was reported at $111.431 million, as specified for this analysis. By the third quarter of 2025, R&D expenses had seen a decrease, with a $40.6 million decrease for the nine months ended September 30, 2025, compared to the prior year, due to reprioritization of R&D programs.

Selling, General, and Administrative (SG&A) costs reflect the scaling of commercial operations for Attruby. For the three months ended June 30, 2025, SG&A expenses increased by $69.6 million compared to the same period in 2024, largely reflecting investments to support the commercial launch and ongoing activities of Attruby. This trend continued into the third quarter of 2025, with SG&A expenses increasing by $68.8 million year-over-year for the three months ended September 30, 2025.

Costs of goods sold (COGS), referred to as total cost of revenues, directly correlate with the commercial success of Attruby. For the third quarter of 2025, total cost of revenues increased by $6.0 million, primarily due to the cost of Attruby products sold. This contrasts with the first quarter of 2025, where the cost of revenues increased by $2.0 million following the November 2024 launch.

Clinical trial execution and regulatory filing expenses are embedded within R&D and SG&A, but specific milestones drive costs. For instance, the company expects to submit a New Drug Application (NDA) to the FDA in the first half of 2026 for infigratinib. The cash position at the end of Q3 2025, $645.9 million, is intended to support these late-stage pipeline advancements.

Interest expense on debt financing contributes to the other expense line. For the second quarter of 2025, total other income (expense), net, was reported as ($47.4) million. For the six months ended June 30, 2025, the change in total other income (expense), net, compared to 2024 was driven in part by an increase in interest expense of $33.4 million.

You can see how the operating costs break down across the first three quarters of 2025 in the table below. Note that the total operating costs and expenses are the sum of R&D, SG&A, and Cost of Revenues, plus other minor charges.

Cost Component (Three Months Ended)	Q1 2025 (Ended March 31)	Q2 2025 (Ended June 30)	Q3 2025 (Ended September 30)
Total Operating Costs and Expenses	$221.0 million	$244.8 million	$265.9 million
SG&A Expense Change (YoY)	+$40.5 million	+$69.6 million	+$68.8 million
Cost of Revenues Change (YoY)	+$2.0 million	N/A	+$6.0 million
Stock-Based Comp in SG&A	$18.0 million	$23.2 million	$21.9 million
Stock-Based Comp in R&D	$11.3 million	$14.0 million	$12.3 million

The company's focus on commercial execution is clear from the SG&A increases, which are directly tied to Attruby's performance, evidenced by its U.S. net product revenue reaching $108.1 million in Q3 2025.

• Clinical trial advancement for BBP-418 and encaleret expected topline results in fall 2025.
• Planned NDA submission for infigratinib in first half of 2026.
• Repayment of previous term loan under credit facility of $459.0 million in February 2025.
• Cash, cash equivalents and marketable securities ended Q3 2025 at $645.9 million.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Revenue Streams

You're looking at how BridgeBio Pharma, Inc. brings in the money now that Attruby is on the market. It's a mix of product sales, partnership payments, and ongoing royalties. This is the core of their current financial engine, so understanding the components is key.

The primary driver for BridgeBio Pharma, Inc. revenue streams as of late 2025 is the commercial performance of its flagship product, Attruby (acoramidis) in the U.S. The company reported a significant surge in revenue for the third quarter ending September 30, 2025, showing strong adoption post-FDA approval in November 2024.

Here's a breakdown of the revenue components for the third quarter of 2025:

Revenue Component	Q3 2025 Amount	Nine Months Ended Sept 30, 2025 Amount
Net product revenue from Attruby U.S. sales	$108.1 million	$216.4 million increase over prior year period
Royalty revenue on net product sales of licensed products (BEYONTTRA)	$4.3 million	$6.1 million increase over prior year period
License and services revenue	$8.3 million	Not explicitly detailed as a total for nine months
Total Revenues, Net	$120.7 million	$347.9 million

The license and services revenue stream captures payments from collaboration agreements, including milestone achievements. For instance, in the second quarter ended June 30, 2025, BridgeBio Pharma, Inc. recognized a significant one-time payment related to its partnership for BEYONTTRA.

Regulatory and sales milestone payments are an important, albeit lumpy, part of the revenue picture. You saw this clearly in Q2 2025:

• Regulatory-related milestone cash payment from Alexion for the Japan approval of BEYONTTRA: $30.0 million in Q2 2025.

Also contributing to the non-product revenue is the royalty stream from BEYONTTRA, which is approved outside the U.S. BridgeBio Pharma, Inc. took action to monetize a portion of these future receipts in mid-2025 to bolster its current cash position. This is a good example of how they manage their asset base.

Here are the specifics on that royalty monetization transaction completed in June 2025:

• Upfront payment received: $300 million.
• Monetized asset: 60% of royalties on the first $500 million of annual BEYONTTRA net sales in Europe.
• The agreement includes an initial cap of 1.45x.
• BridgeBio Pharma, Inc. anticipates receiving a further $75 million in near-term milestone payments related to the Bayer agreement.
• The tiered royalties on European net sales generally start in the low-30% range.

The Q3 2025 figures show that the royalty revenue on BEYONTTRA net sales in the EU and Japan was $4.3 million for the quarter. That's definitely a step up from the $1.6 million seen in Q2 2025.