Shares of BioCryst Pharmaceuticals (NASDAQ: BCRX) plummeted 5.33% in pre-market trading on Monday after the company reported mixed third-quarter results that fell short of revenue expectations despite beating earnings estimates.

The biopharmaceutical company, which focuses on rare diseases, reported Q3 earnings per share of $0.16, significantly surpassing the analyst consensus estimate of $0.04. This represents a substantial improvement from a loss of $0.07 per share in the same period last year. However, BioCryst's quarterly revenue of $159.395 million missed analyst expectations of $162.974 million, despite showing a 36.14% increase year-over-year.

The revenue miss appears to be the primary driver behind the stock's decline, as investors reacted negatively to the company's top-line performance. While BioCryst's flagship product ORLADEYO saw strong growth with Q3 revenue up 37% year-over-year, it wasn't enough to meet market expectations. The company did raise its full-year 2025 ORLADEYO revenue guidance to between $590 million and $600 million, indicating confidence in continued growth.

Despite the positive earnings surprise and raised guidance, the market seems focused on the revenue shortfall and potential concerns about the company's ability to meet growth expectations. BioCryst also lowered its outlook for 2025 adjusted operating expenses to between $430 million and $440 million, which could be seen as a move to manage costs in light of the revenue performance.

The company remains optimistic about its future, stating it is on track to deliver net income and positive cash flows for the full year 2025. However, the stock's sharp decline suggests investors may need more convincing about BioCryst's growth trajectory and ability to meet or exceed market expectations in the coming quarters.