TakeoverPE & activists

BBIOBridgeBio Pharma, Inc.

Pharmaceutical Preparations · $14.7B market cap · 834 employees

0.7×

Less likely than average to be taken private

Top 28% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • High CEO pay despite TSRNo
    $15M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    —
    Cash flow under 80% of net income
  • Payouts exceed cash flowNo
    -11% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    —
    Over 40% of assets
  • Shareholder dissentNo
    80% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $602K · 60th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    1.5 per 10K words · 46th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $14.7B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target

Deal filings

FiledFormAcquirerPricePremium
Dec 15, 2020DEFM14A—$73.2641%

Key numbers

Revenue
$502MFY2021: $70MFY2022: $78MFY2023: $9MFY2024: $222MFY2025: $502M
126% YoY
Operating margin
-104.2%FY2021: -827.1%FY2022: -659.6%FY2023: -6528.8%FY2024: -267.2%FY2025: -104.2%
61% YoY
EBITDA
−$518MFY2021: −$571MFY2022: −$505MFY2023: −$601MFY2024: −$587MFY2025: −$518M
12% YoY
Net debt / EBITDA
—
$1.1B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$70M$78M$9M$222M$502M 126% FY2021: $70MFY2022: $78MFY2023: $9MFY2024: $222MFY2025: $502M
Operating income−$577M−$512M−$607M−$593M−$523M 12% FY2021: −$577MFY2022: −$512MFY2023: −$607MFY2024: −$593MFY2025: −$523M
Operating cash flow−$498M−$419M−$528M−$521M−$446M 14% FY2021: −$498MFY2022: −$419MFY2023: −$528MFY2024: −$521MFY2025: −$446M
Capex$13M$5M$1M$933K$1M 18% FY2021: $13MFY2022: $5MFY2023: $1MFY2024: $933KFY2025: $1M
Stock-based comp$100M$92M$109M$96M$133M 39% FY2021: $100MFY2022: $92MFY2023: $109MFY2024: $96MFY2025: $133M
Buybacks$200M$0$0$0$48MFY2021: $200MFY2022: $0FY2023: $0FY2024: $0FY2025: $48M

13D filers

FiledFilerFormStakeIntent
Aug 17, 2026KKR Genetic Disorder L.P.SCHEDULE 13D/A4.7%Passive
Jul 10, 2026VIKING GLOBAL INVESTORS LPSCHEDULE 13D/A5.0%Passive
Apr 2, 2026VIKING GLOBAL INVESTORS LPSCHEDULE 13D/A6.1%Passive
Feb 17, 2026VIKING GLOBAL INVESTORS LPSCHEDULE 13D/A6.8%Passive
Nov 14, 2025VIKING GLOBAL INVESTORS LPSCHEDULE 13D/A8.2%Active
Aug 14, 2025VIKING GLOBAL INVESTORS LPSCHEDULE 13D/A9.3%Passive
Jul 1, 2025VIKING GLOBAL INVESTORS LPSCHEDULE 13D/A9.8%Active
May 14, 2025KKR Genetic Disorder L.P.SCHEDULE 13D/A7.0%Passive
Mar 12, 2025VIKING GLOBAL INVESTORS LPSCHEDULE 13D/A11.7%Passive
Mar 7, 2025KKR Genetic Disorder L.P.SCHEDULE 13D/A10.1%Passive

Insider trading

−$105Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $105M · 153 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$15M$75M108125
FY2024$16M−$3M3993
FY2023$12M$70M5794
FY2022$7M−$11M1190
FY2021$26M−$133M23100