CAMBRIDGE, Mass., Feb. 13, 2025 /PRNewswire/ -- Blueprint Medicines Corporation (NASDAQ: BPMC) today reported financial results and provided a business update for the fourth quarter and full year ended December 31, 2024 and provided financial guidance.
"We are entering 2025 in the strongest position we have ever been in as a company with a focus on driving growth and innovation through operational excellence. AYVAKIT is a medicine that is changing patients' lives, and the SM market is larger and growing faster than we originally expected. Our 2025 guidance of $680 to $710 million represents robust growth, putting AYVAKIT firmly on track to achieve $2 billion in revenue by 2030. With the larger potential SM franchise peak opportunity of $4 billion, we have a plan to drive innovation in the treatment of SM with elenestinib as we move beyond symptom control to disease modification in the HARBOR registration study, building a durable SM franchise that we anticipate will grow throughout the next decade," said Kate Haviland, Chief Executive Officer of Blueprint Medicines. "Our next potential blockbuster opportunity, BLU-808, is also coming into focus with the healthy volunteer data reported last month. BLU-808 demonstrated a best-in-class profile for an oral wild-type KIT inhibitor enabling our differentiated approach to modulating mast cell activity across thousands of patients with mast-cell-mediated allergic and inflammatory diseases. BLU-808 offers us the opportunity to find the right balance of efficacy and tolerability to realize true pipeline-in-a-medicine potential. Altogether, our portfolio represents a unique set of assets, targeting fundamental mast cell biology, that will drive durable and diversified growth over the next decade with significant operating leverage."
Fourth Quarter and Full Year 2024 Highlights and Recent Progress
Mast cell disorders
Corporate
2025 Financial Guidance
Blueprint today announced it anticipates approximately $680 million to $710 million in global AYVAKIT net product revenues for all approved indications in 2025. The midpoint of this range represents 45 percent year-over-year revenue growth. In 2024, Blueprint reduced cash burn by more than 50 percent and expects further reduction in 2025 as the company continues to invest in advancing prioritized programs, balancing investing in innovation with financial discipline. The company continues to expect that its existing cash, cash equivalents and investments, together with anticipated future product revenues, will maintain a durable capital position to enable the company to achieve a self-sustainable financial profile.
Key Upcoming Milestones
The company plans to achieve the following milestones in the first half of 2025:
Fourth Quarter and Year End 2024 Results
Conference Call Information
Blueprint Medicines will host a live conference call and webcast at 8:00 a.m. ET today to discuss fourth quarter and full year 2024 financial results and recent business activities. The conference call may be accessed by dialing 833-470-1428 (domestic) or 404-975-4839 (international), and referring to conference ID 349846. A webcast of the call will also be available under "Events and Presentations" in the Investors & Media section of the Blueprint Medicines website at http://ir.blueprintmedicines.com/. The archived webcast will be available on Blueprint Medicines' website approximately two hours after the conference call and will be available for 30 days following the call.
Upcoming Investor Conferences
Blueprint Medicines will participate in two upcoming investor conferences:
Live webcasts of the presentations will be available under "Events and Presentations" in the Investors & Media section of the Blueprint Medicines website at http://ir.blueprintmedicines.com. Replays of the webcasts will be archived on the Blueprint Medicines website for 30 days following the presentations.
About Blueprint Medicines
Blueprint Medicines is a fully integrated, commercial-stage, global biopharmaceutical company that invents life-changing medicines in two core, strategic areas of allergy/inflammation and oncology/hematology. We pursue discovery, development, and commercialization of therapies that potently and selectively target known drivers of disease, with focused investment in therapeutic areas where we can leverage our core expertise and business infrastructure to bring scale to our science. We are bringing AYVAKIT®/AYVAKYT® (avapritinib) to people living with systemic mastocytosis (SM) in the U.S. and Europe. Additionally, we have a pipeline of research and development programs that range from early science to advanced clinical trials in mast cell-mediated diseases, including SM and chronic urticaria, breast cancer, and other solid tumors vulnerable to CDK2 inhibition. For more information, visit www.BlueprintMedicines.com and follow us on X (formerly Twitter; @BlueprintMeds) and LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding Blueprint Medicines' views with respect to the peak systemic mastocytosis franchise and AYVAKIT revenue opportunities; its planned commercial investments and its future business growth; the advancement of BLU-808 and its potential to benefit patients with allergic and inflammatory diseases; the potential benefits of any of the Blueprint Medicines' current or future approved drugs or drug candidates in treating patients; the timing of its pre-clinical and clinical trials; and Blueprint Medicines' financial performance, strategy, including its planned investment allocation; projected cash burn, the anticipated proceeds upon the IDRx acquisition, goals and anticipated milestones, business plans and focus. The words "aim," "may," "will," "could," "would," "should," "expect," "plan," "anticipate,", "achieve", "intend," "believe," "estimate," "predict," "project," "potential," "continue," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation: the uncertainty of Blueprint's ability to execute on its strategic plan for sustainable growth; the risk of delay of any current or planned clinical trials or the development of Blueprint Medicines' current or future drug candidates; risks related to Blueprint Medicines' ability to successfully demonstrate the safety and efficacy of its drug candidates and gain approval of its drug candidates on a timely basis, if at all; preclinical and clinical results for Blueprint Medicines' drug candidates may not support further development of such drug candidates either as monotherapies or in combination with other agents or may impact the anticipated timing of data or regulatory submissions; the timing of the initiation of clinical trials and trial cohorts at clinical trial sites and patient enrollment rates may be delayed or slower than anticipated; actions of regulatory agencies may affect the initiation, timing and progress of clinical trials; risks related to Blueprint Medicines' ability to obtain, maintain and enforce patent and other intellectual property protection for its products and current or future drug candidates it is developing; and the success of Blueprint Medicines' current and future collaborations, financing arrangements, partnerships or licensing arrangements. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in Blueprint Medicines' filings with the Securities and Exchange Commission (SEC), including Blueprint Medicines' most recent Annual Report on Form 10-K, as supplemented by its most recent Quarterly Report on Form 10-Q and any other filings that Blueprint Medicines has made or may make with the SEC in the future. Any forward-looking statements contained in this press release represent Blueprint Medicines' views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, Blueprint Medicines explicitly disclaims any obligation to update any forward-looking statements.
Trademarks
Blueprint Medicines, AYVAKIT, AYVAKYT and associated logos are trademarks of Blueprint Medicines Corporation.
Blueprint Medicines Corporation | ||||||||
December 31, | December 31, | |||||||
2024 | 2023 | |||||||
Cash, cash equivalents and investments | $ | 863,937 | $ | 767,171 | ||||
Working capital (1) | 481,882 | 593,470 | ||||||
Total assets | 1,179,813 | 1,049,250 | ||||||
Deferred revenue (2) | 10,198 | 5,604 | ||||||
Liability related to the sale of future royalties and revenues (2) | 255,174 | 441,625 | ||||||
Term loan (2) | 386,970 | 238,813 | ||||||
Total liabilities | 881,148 | 918,641 | ||||||
Total stockholders' equity | 298,665 | 130,609 |
(1) | Blueprint Medicines defines working capital as current assets less current liabilities. |
(2) | Includes both current and long-term portions of the balance. |
Blueprint Medicines Corporation | ||||||||||||
Three Months Ended | Years Ended | |||||||||||
December 31, | December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Revenues: | ||||||||||||
Product revenue, net | $ | 144,125 | $ | 71,034 | $ | 478,950 | $ | $204,207 | ||||
Collaboration and license revenue | 2,241 | 923 | 29,874 | 45,173 | ||||||||
Total revenues | 146,366 | 71,957 | 508,824 | 249,380 | ||||||||
Cost and operating expenses: | ||||||||||||
Cost of sales | 7,447 | 260 | 20,163 | 8,540 | ||||||||
Collaboration loss sharing | — | — | — | 4,256 | ||||||||
Research and development | 83,672 | 97,537 | 341,433 | 427,720 | ||||||||
Selling, general and administrative | 96,450 | 79,270 | 359,272 | 295,141 | ||||||||
Total cost and operating expenses | 187,569 | 177,067 | 720,868 | 735,657 | ||||||||
Other income (expense): | ||||||||||||
Interest expense, net | (7,775) | (5,170) | (28,151) | (18,793) | ||||||||
Other income (expense), net | (306) | (577) | 656 | (946) | ||||||||
Debt extinguishment gain | - | - | 173,676 | - | ||||||||
Total other income (expense) | (8,081) | (5,747) | 146,181 | (19,739) | ||||||||
Loss before income taxes | (49,284) | (110,857) | (65,863) | (506,016) | ||||||||
Income tax expense | 672 | 61 | 1,226 | 968 | ||||||||
Net loss | $ | (49,956) | $ | (110,918) | $ (67,089) | $ (506,984) | ||||||
Net loss per share applicable to common | $ | (0.79) | $ | (1.82) | $ (1.07) | $ (8.37) | ||||||
Weighted-average number of common shares | 63,600 | 60,890 | 62,857 | 60,558 |
Last Trade: | US$80.20 |
Daily Change: | -1.48 -1.81 |
Daily Volume: | 2,018,519 |
Market Cap: | US$5.100B |
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