BridgeBio Pharma, Inc. (NASDAQ:BBIO), a pharmaceutical company based in Palo Alto, California, held its Annual Meeting of Stockholders on June 21, 2024, where several key proposals were voted upon. The company, which is incorporated in Delaware, announced the results of the meeting today.
The stockholders elected five Class II directors to the company’s Board of Directors, who will serve until the 2027 Annual Meeting or until their successors are elected. The elected directors are Eric Aguiar, M.D., Jennifer E. Cook, Andrea J. Ellis, Fred Hassan, and Ali J. Satvat, with Dr. Aguiar and Ms. Cook receiving over 139 million votes each, Ms. Ellis approximately 139.2 million, Mr. Hassan over 137 million, and Mr. Satvat over 106 million votes. There were 17,266,449 broker non-votes for this proposal.
In a non-binding advisory vote, stockholders approved the compensation of the company’s named executive officers with over 134 million votes in favor, against approximately 9.25 million, and 68,286 abstentions. The same number of broker non-votes were recorded for this proposal as well.
The appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified by a significant majority, with over 160 million votes for, 196,629 against, and 40,932 abstentions.
Additionally, the stockholders approved an amendment and restatement of the 2021 Amended and Restated BridgeBio Pharma, Inc. Stock Option and Incentive Plan. The amendment includes an increase in the number of shares reserved for issuance by 6,500,000 shares. The proposal received over 118 million votes in favor, around 25 million against, and 310,852 abstentions, with the same number of broker non-votes as the first two proposals.
The information provided in this article is based on the company's latest 8-K filing with the SEC.
In other recent news, BridgeBio Pharma has exceeded its enrollment target for the Phase 3 FORTIFY study of BBP-418, a potential treatment for Limb-girdle Muscular Dystrophy Type 2I/R9. The company expects to release initial results from this study in 2025. Also, BridgeBio's Infigratinib trials have shown promising results, outperforming competitor Voxzogo's Phase II data, as noted by BMO (TSX:BMO) Capital Markets.
Several analyst firms have also weighed in on BridgeBio. Wells Fargo (NYSE:WFC) reaffirmed an Overweight rating, Goldman Sachs (NYSE:GS) and Citi maintained Buy ratings, and BMO Capital Markets reiterated an Outperform rating. The latter firm's analysis highlighted Infigratinib's promising trial data, suggesting potential for significant market penetration.
In other developments, BridgeBio's PROPEL 2 trial demonstrated a significant increase in annualized height velocity in children with achondroplasia. In addition, the company has strategic partnerships with Bayer (OTC:BAYRY) and AstraZeneca (NASDAQ:AZN) for the commercialization of acoramidis.
InvestingPro Insights
Amid the corporate governance updates at BridgeBio Pharma, Inc., investors may be keen to understand the broader financial context in which these decisions are taking place. According to real-time data from InvestingPro, BridgeBio Pharma's market capitalization stands at $4.33 billion. The company's growth trajectory is highlighted by an impressive 181.05% revenue growth over the last twelve months as of Q1 2024, and an even more staggering quarterly revenue growth rate of 11,461.88% in Q1 2024. Despite these growth figures, the company's gross profit margin remains high at 98.91%, indicating strong control over cost of goods sold relative to revenue.
InvestingPro Tips suggest that analysts are optimistic about BridgeBio Pharma's sales growth in the current year, with two analysts revising their earnings upwards for the upcoming period. However, it's important to note that analysts do not anticipate the company to be profitable this year, and the company is trading at a high revenue valuation multiple. For investors looking to dive deeper, there are additional InvestingPro Tips available that can shed light on the company's financial health and future prospects.
For those interested in a more comprehensive analysis, the InvestingPro platform offers more tips for BridgeBio Pharma, which can be accessed at https://www.investing.com/pro/BBIO. To enhance your experience, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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