BridgeBio added $133.1 million of revenue in six months. Its accounts receivable balance added $177.6 million. That is the filing in one slightly uncomfortable scale comparison: sales more than doubled, but money owed to the company grew even faster.
Revenue rose 120.4% from the comparable six-month period to $243.7 million. Operating cash outflow barely moved, from $279.9 million to $268.4 million, while cash fell 9.5% to $677.9 million. The business is reporting more revenue, but the cash conversion is still doing much of the arguing.
The revenue increase also needs a closer look. BridgeBio says last year's six-month figure included a $105.0 million regulatory milestone tied to Beyonttra approvals. This year's revenue mix leaned more on royalties from product sales in Europe and Japan, following those approvals.
Management describes that shift plainly:
"Royalty revenue increased for the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily due to royalties earned from net product sales of Beyonttra in the EU, following EC approval in February 2025, and in Japan, following pricing approval in May 2025."
BridgeBio Pharma, 10-Q, Aug. 10, 2026
That is a more commercial form of revenue than a one-time milestone. It is also a business that has to collect from product sales and carry the related economics on its balance sheet.
The balance-sheet movement is where the six-month numbers get less tidy. Inventory rose from $18.3 million to $52.8 million, while accounts receivable climbed from $76.9 million to $254.5 million. The company disclosed that operating assets and liabilities produced a $96.7 million cash outflow, mainly because of receivables, inventory, prepaid expenses, and other current assets.
BridgeBio attributes the largest piece directly to product revenue receivables:
"The net cash outflow of $96.7 million related to changes in operating assets and liabilities was attributed mainly to an increase of $72.1 million in accounts receivable, net primarily related to receivables for net product revenues, an increase of $16.6 million in inventories, an increase of $22.7 million in prepaid expenses and other current assets, a decrease of $15.6 million in accrued compensation and benefits, and a decrease in deferred revenue of $6.5 million, partially offset by an increase in accounts payable of $16.5 million, which are primarily due to the timing of payments, and an increase in other current liabilities of $26.6 million."
BridgeBio Pharma, 10-Q, Aug. 10, 2026
The plain-English version is not that revenue failed to grow. It is that the growth required cash before the income statement could turn it into operating cash. The cause of the wider balance-sheet increase beyond the disclosed six-month movements is not separately stated.
Costs rose too. Research and development increased 34.4% to $149.4 million, and total cost of revenues increased by $18.7 million. Even so, the operating margin improved from negative 121.4% to negative 43.9%, helped by the much larger revenue base.
The annual record supplies some context without resolving the accounting timing. Revenue rose from $9.3 million in 2023 to $221.9 million in 2024 and $502.1 million in 2025, a rapid commercial ramp with a history of milestone-driven jumps. The latest filing adds a different receipt: royalties are now part of the reported engine, but receivables and inventory are expanding alongside them.
BridgeBio's latest close was $84.47, up 2.0% on Aug. 7, with a market capitalization of $16.2 billion. The unresolved question is how much of this newer royalty revenue becomes collected cash in BridgeBio's next reported period.