New York, May 26, 2026, 12:06 (EDT)
BridgeBio Pharma shares slipped Tuesday after Raymond James lowered its rating on the genetic-medicine firm. The move puts more attention on market risk around Attruby, BridgeBio’s heart drug, as investors look ahead to insurers’ stance if a cheaper generic linked to Pfizer’s Vyndamax approaches.
BridgeBio shares dropped 2.8% to $67.18 in late morning trade, putting its market cap near $13.1 billion. The stock hit a low of $66.57. The SPDR S&P Biotech ETF gained 1.1%, while the iShares Nasdaq Biotechnology ETF was up 0.4%. BridgeBio lagged the sector as U.S. equity markets came back after the Memorial Day holiday on Monday.
BridgeBio got cut to Market Perform from Outperform at Raymond James by analyst Martin Auster, who dropped the rating but did not set a price target. Auster flagged “payer-driven risks” heading into the 2031 loss of exclusivity for Pfizer’s Vyndamax. Payer risk here refers to insurers or PBMs steering patients to cheaper drugs. Loss of exclusivity means the end of patent or settlement blocks on generic rivals. TipRanks
BridgeBio has shifted into a commercial phase, and the shares now move on Attruby, its drug for transthyretin amyloid cardiomyopathy, or ATTR-CM. That’s a rare heart disease tied to abnormal transthyretin buildup. Raymond James called Attruby “differentiated,” but said its payer checks found payers are pushing for “lower cost options.” TipRanks
Pfizer is the clearest competitive comparison. In April, the company announced settlements with Dexcel Pharma, Hikma Pharmaceuticals and Cipla on Vyndamax, pushing out the drug’s effective U.S. patent expiration to June 1, 2031, though other lawsuits are still pending. “We are pleased by this outcome,” said Aamir Malik, Pfizer’s chief U.S. commercial officer, who pointed to Vyndamax’s “market leadership and physician experience.” Business Wire
Alnylam works in the same space. Its Amvuttra, an RNA interference drug, got FDA approval for ATTR-CM in 2025. RNA interference cuts down production of a target protein instead of stabilizing it after it’s made. Now payers can compare that option to BridgeBio’s Attruby and Pfizer’s Vyndamax.
BridgeBio pushed back against concerns by pointing to its commercial performance. First-quarter revenue came in at $194.5 million, with $180.6 million from U.S. Attruby product sales. As of March 31, the company reported $940.2 million in cash, cash equivalents and marketable securities. The board approved a buyback program of up to $500 million. CEO Neil Kumar called BridgeBio “fully financed” and said it trades at a “deep discount to intrinsic value.” BridgeBio
BridgeBio is still dealing with questions on product data. On May 11, the company said its drug acoramidis, known as Attruby, led to fewer cardiovascular hospitalizations than tafamidis in a matching-adjusted indirect comparison. This statistical method compares trials but is not a head-to-head study. BridgeBio also reported that acoramidis raised levels of serum transthyretin in blood tests. Duke’s Senthil Selvaraj called it a “mechanistic signal” that could point to the drug’s clinical benefit. BridgeBio
BridgeBio has pipeline updates in focus. The company submitted its new drug application for encaleret in autosomal dominant hypocalcemia type 1 on May 12. This is a rare inherited condition that alters calcium balance. BridgeBio reported 76% of patients on encaleret hit target serum and urine calcium levels at Week 24, compared to 4.4% with standard care. BridgeBio expects a potential U.S. launch in early 2027 if the drug is approved.
But the bear case is pretty direct. If generic tafamidis shows up after 2031 and insurers make it the preferred option over Attruby for new patients, BridgeBio could see less growth in the franchise than bulls hope. Raymond James cut its 2035 Attruby estimate to $1.7 billion from $2.1 billion, according to an Investing.com summary of the note.
Tuesday’s selling looks more like a reset on reimbursement than anything tied to trial data. BridgeBio still has FDA decisions and a launch coming, but the next big hurdles for the stock are basic: Attruby prescriptions, payer coverage, and seeing if new products can bring in revenue before 2031 starts to weigh.
