# BridgeBio Pharma (BBIO.US)

Canonical: https://gigainvestors.com/s/BBIO

Analysis as of: 2026-10-16T07:26:48.973Z. Financial observations: FY2017–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $67.13 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 10

- Operating margin variation: 1.34×

Chart: Operating margin; fiscal year observations.

- FY2019: -6.56×

- FY2020: -57.52×

- FY2021: -8.27×

- FY2022: -6.60×

- FY2023: -65.29×

- FY2024: -2.67×

- FY2025: -1.13×

- LTM to Jun 2026: -0.76×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -86.3%

- ROIC, second-lowest year: -822.9%

- Years with nonpositive capital: 6

- Capital spending / revenue: 12.7%

- ROIC including acquisitions, ten-year median: -1121.0%

- Typical minus recent gross margin: 23.2 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -25.2%

- FY2018: -39.3%

- FY2019: -42.0%

- FY2020: -67.7%

- FY2021: -2385.8%

- FY2022: -86.3%

- FY2023: -124.4%

- FY2024: -178.3%

- FY2025: -822.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$2.9B

- Net income, five-year total: -$3.0B

- Return on incremental invested capital: -219.6%

- Working capital / revenue, annual change: 57.6 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$563M

- FY2022: -$481M

- FY2023: -$638M

- FY2024: -$531M

- FY2025: -$725M

### management: fail

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -39.3% vs -178.3%

- Per-share earnings: -2.12 to -3.81 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 10.2%

- Diluted shares, 5-year annual growth: 10.2%

- Per-share value change: -$1.69

- Per-share value, starting three-year median: -$2.12

- Per-share value, ending three-year median: -$3.81

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 1.6%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -39.3%

- ROIC, last three-year median: -178.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$1.00

- FY2018: -$2.12

- FY2019: -$2.48

- FY2020: -$3.80

- FY2021: -$3.90

- FY2022: -$3.26

- FY2023: -$3.95

- FY2024: -$2.88

- FY2025: -$3.81

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -30.3%

- Receivables to sales index (DSRI): 13.05×

- Restructuring years, last five: 1

- Earnings backed by cash: Yes

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2017: 10.1%

- FY2018: 1.3%

- FY2019: -1.1%

- FY2020: -7.0%

- FY2021: -6.4%

- FY2022: -9.9%

- FY2023: -21.1%

- FY2024: -1.6%

- FY2025: -30.3%

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 158% since Oct 2023 · "BridgeBio Pharma (BBIO) Achieves Record 2025 Revenue Driven by Attruby Commercial Success" (finance.yahoo.com, Mar 2026) · sales +42%

Story as of 2026-10-16T09:58:22.474Z; price observation 2026-10-15.

- 2025-04-29: BridgeBio Breaks Out After Pfizer-Rivaling Heart Drug Obliterates Sales Expectations ([finance.yahoo.com](https://finance.yahoo.com/m/5a8020c0-f8e0-3328-a8d5-da7ff63f15de/bridgebio-breaks-out-after.html))

- 2025-10-28: BridgeBio Pharma (BBIO) Soars to All-Time High on Stellar Drug Trial Result ([finance.yahoo.com](https://finance.yahoo.com/news/bridgebio-pharma-bbio-soars-time-092601507.html))

- 2025-12-02: BridgeBio Pharma Surges 170% as New Clinical Partnerships Spark Valuation Debate ([finance.yahoo.com](https://finance.yahoo.com/news/bridgebio-pharma-surges-170-clinical-101003436.html))

- 2026-03-03: BridgeBio Pharma (BBIO) Achieves Record 2025 Revenue Driven by Attruby Commercial Success ([finance.yahoo.com](https://finance.yahoo.com/news/bridgebio-pharma-bbio-achieves-record-072153033.html))

- 2026-07-10: BridgeBio Pharma (BBIO) Is Up 16.8% After Phase 3 Infigratinib Win And $934M Raise ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/bridgebio-pharma-bbio-16-8-121349835.html))

### Sales · FY2025–2026

sales +42%; source https://www.sec.gov/Archives/edgar/data/1743881/000174388126000009/bbio-20251231.htm; observed 2026-02-24.

- FY2017: $0 

- FY2018: $0 

- FY2019: $41M 

- FY2020: $8.2M 

- FY2021: $70M 

- FY2022: $78M 

- FY2023: $9.3M 

- FY2024: $222M 

- FY2025: $502M 

- FY2026: $713M 

### Gross margin · FY2025

gross margin 94.4%; source https://www.sec.gov/Archives/edgar/data/1743881/000174388126000009/bbio-20251231.htm; observed 2026-02-24.

- FY2019: 93.8% 

- FY2021: 95.5% 

- FY2022: 95.6% 

- FY2023: 73.7% 

- FY2024: 98.3% 

- FY2025: 94.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 502.1 million.

- Source: https://www.sec.gov/Archives/edgar/data/1743881/000174388126000009/bbio-20251231.htm (filed 2026-02-24); FY2025: revenue 502078000; grossProfit 473805000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BBIO.US: BridgeBio Pharma, Inc., a biopharmaceutical company, discovers, develops, and delivers medicines for patients with genetic diseases. The company offers Attruby, a next-generation oral small molecule near-complete TTR stabilizer for the treatment of cardiomyopathy of wild-type or transthyretin-mediated amyloidosis (ATTR-CM); Fosdenopterin, an intravenous formulation of synthetic cyclic pyranopterin monophosphate for the treatment of molybdenum cofactor deficiency under the NULIBRY brand name; and low-dose infigratinib, an oral FGFR1-3 selective tyrosine kinase inhibitor, which is in Phase 3 clinical stage or the treatment of children with achondroplasia and hypochondroplasia. It also develops Encaleret, an oral small molecule, negative allosteric modulator of the calcium sensing receptor, which is in phase 3 clinical study for the treatment of Autosomal Dominant Hypocalcemia Type 1(ADH1) and Chronic Hypoparathyroidism (CHP); BBP-418, an investigational, orally administered, and small molecule therapy that is in phase 3 clinical study for the treatment of LGMD2I; and BBP-812, an investigational adeno-associated virus (AAV) gene therapy for Canavan disease. In addition, the company engages in developing products for mendelian, oncology, and gene therapy diseases. It has license and collaboration agreements with the Bayer Consumer Care AG, Alexion Pharma International Operations Limited Company, Leland Stanford Junior University, and Novartis International Pharmaceutical Ltd. BridgeBio Pharma, Inc. was founded in 2015 and is headquartered in Palo Alto, California.

### Why customers stay

Margins ranged from 73.7% to 98.3% during 2023–25; it lost 86.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 73.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 98.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1743881/000174388126000009/bbio-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 94.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 9-year return on capital observations [[2017,-0.2515761347051691],[2018,-0.39279073922671676],[2019,-0.420453177942808],[2020,-0.6769830573982333],[2021,-23.857718655074894],[2022,-0.8628684691447008],[2023,-1.244413754827131],[2024,-1.7833434977919902],[2025,-8.22921968809489]]; median -0.8628684691447008. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 9 years; bought back USD 48.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2017,1151000],[2018,0],[2019,997000],[2020,536961000],[2021,3821000],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1743881/000174388126000009/bbio-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 48276000 USD.

### Are managers owners

Insiders own 3.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BBIO.US SharesStats.PercentInsiders = 3.9120000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price is 25.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Closing price 67.13 USD; reporting-to-trading FX 1; FY2025 annual sales per share 2.6214410316322123; price multiple 25.608052666438283. FY2025 cash earnings/share -3.7851956932217172. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2019-06: $26.97 per share

- 2019-07: $29.35 per share

- 2019-08: $30.48 per share

- 2019-09: $21.47 per share

- 2019-10: $22.61 per share

- 2019-11: $29.00 per share

- 2019-12: $35.05 per share

- 2020-01: $34.49 per share

- 2020-02: $31.88 per share

- 2020-03: $29.00 per share

- 2020-04: $30.53 per share

- 2020-05: $29.33 per share

- 2020-06: $32.61 per share

- 2020-07: $28.14 per share

- 2020-08: $29.86 per share

- 2020-09: $37.52 per share

- 2020-10: $38.38 per share

- 2020-11: $50.24 per share

- 2020-12: $71.11 per share

- 2021-01: $56.76 per share

- 2021-02: $70.68 per share

- 2021-03: $61.60 per share

- 2021-04: $55.92 per share

- 2021-05: $59.20 per share

- 2021-06: $60.96 per share

- 2021-07: $53.45 per share

- 2021-08: $50.11 per share

- 2021-09: $46.87 per share

- 2021-10: $49.38 per share

- 2021-11: $40.50 per share

- 2021-12: $16.68 per share

- 2022-01: $9.87 per share

- 2022-02: $7.80 per share

- 2022-03: $10.15 per share

- 2022-04: $8.02 per share

- 2022-05: $6.83 per share

- 2022-06: $9.08 per share

- 2022-07: $8.66 per share

- 2022-08: $10.50 per share

- 2022-09: $9.94 per share

- 2022-10: $10.43 per share

- 2022-11: $9.37 per share

- 2022-12: $7.62 per share

- 2023-01: $9.28 per share

- 2023-02: $11.42 per share

- 2023-03: $16.58 per share

- 2023-04: $14.52 per share

- 2023-05: $13.72 per share

- 2023-06: $17.20 per share

- 2023-07: $35.01 per share

- 2023-08: $29.91 per share

- 2023-09: $26.37 per share

- 2023-10: $26.04 per share

- 2023-11: $28.71 per share

- 2023-12: $40.37 per share

- 2024-01: $34.29 per share

- 2024-02: $34.15 per share

- 2024-03: $30.92 per share

- 2024-04: $25.62 per share

- 2024-05: $28.01 per share

- 2024-06: $25.33 per share

- 2024-07: $25.95 per share

- 2024-08: $27.85 per share

- 2024-09: $25.46 per share

- 2024-10: $23.41 per share

- 2024-11: $27.09 per share

- 2024-12: $27.44 per share

- 2025-01: $34.21 per share

- 2025-02: $34.90 per share

- 2025-03: $34.57 per share

- 2025-04: $38.36 per share

- 2025-05: $34.25 per share

- 2025-06: $43.18 per share

- 2025-07: $47.27 per share

- 2025-08: $51.76 per share

- 2025-09: $51.94 per share

- 2025-10: $62.64 per share

- 2025-11: $72.01 per share

- 2025-12: $76.49 per share

- 2026-01: $77.27 per share

- 2026-02: $66.48 per share

- 2026-03: $74.26 per share

- 2026-04: $71.11 per share

- 2026-05: $66.26 per share

- 2026-06: $74.48 per share

- 2026-07: $80.09 per share

- 2026-08: $76.59 per share

- 2026-09: $65.80 per share

- 2026-10: $67.13 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:27.015Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1743881/000174388126000009/bbio-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Dan Davidowitz](https://gigainvestors.com/pcm): 4,002 BBIO shares; USD 298,000 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [Andreas Halvorsen](https://gigainvestors.com/vg): 9,949,219 BBIO shares; USD 741,018,000 reported position value; 2.11% of portfolio; reduce; quarter 2026 Q2.

# BBIO — BridgeBio Pharma Inc.

Held by 2 investors · USD 741,316,000 total · 2026 Q2 · reported price USD 74.48 (split-adjusted).
Page: https://gigainvestors.com/s/BBIO

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Andreas Halvorsen (https://gigainvestors.com/vg) | USD 741,018,000 | 2.1% | reduce -15.99% |
| Dan Davidowitz (https://gigainvestors.com/pcm) | USD 298,000 | 0.0% | reduce -91.29% |

## Total held by quarter

- 2019 Q2: USD 717,968,127 · 1 holder · USD 26.97
- 2019 Q3: USD 571,552,677 · 1 holder · USD 21.47
- 2019 Q4: USD 933,065,735 · 1 holder · USD 35.05
- 2020 Q1: USD 772,008,739 · 1 holder · USD 29.00
- 2020 Q2: USD 868,110,517 · 1 holder · USD 32.61
- 2020 Q3: USD 998,819,582 · 1 holder · USD 37.52
- 2020 Q4: USD 1,893,018,670 · 1 holder · USD 71.11
- 2021 Q1: USD 1,639,853,046 · 1 holder · USD 61.60
- 2021 Q2: USD 1,622,815,611 · 1 holder · USD 60.96
- 2021 Q3: USD 1,247,725,848 · 1 holder · USD 46.87
- 2021 Q4: USD 444,038,130 · 1 holder · USD 16.68
- 2022 Q1: USD 270,203,059 · 1 holder · USD 10.15
- 2022 Q2: USD 241,718,598 · 1 holder · USD 9.08
- 2022 Q3: USD 264,612,651 · 1 holder · USD 9.94
- 2022 Q4: USD 202,851,951 · 1 holder · USD 7.62
- 2023 Q1: USD 441,376,031 · 1 holder · USD 16.58
- 2023 Q2: USD 457,881,045 · 1 holder · USD 17.20
- 2023 Q3: USD 662,440,533 · 1 holder · USD 26.37
- 2023 Q4: USD 1,014,134,407 · 1 holder · USD 40.37
- 2024 Q1: USD 776,741,042 · 1 holder · USD 30.92
- 2024 Q2: USD 636,314,702 · 1 holder · USD 25.33
- 2024 Q3: USD 639,580,431 · 1 holder · USD 25.46
- 2024 Q4: USD 689,319,993 · 1 holder · USD 27.44
- 2025 Q1: USD 762,454,314 · 1 holder · USD 34.57
- 2025 Q2: USD 802,760,060 · 2 holders · USD 43.18
- 2025 Q3: USD 831,767,474 · 2 holders · USD 51.94
- 2025 Q4: USD 1,103,917,066 · 2 holders · USD 76.49
- 2026 Q1: USD 882,830,208 · 2 holders · USD 74.26
- 2026 Q2: USD 741,316,000 · 2 holders · USD 74.48