CAMBRIDGE, Mass., May 2, 2024 /PRNewswire/ -- Blueprint Medicines Corporation (Nasdaq: BPMC) today reported financial results, provided a business update for the first quarter ended March 31, 2024, and provided updated financial guidance.
"We delivered another very strong quarter in our launch of AYVAKIT in indolent systemic mastocytosis (ISM) and have entered 2024 in a position of strength with great momentum across all aspects of our business. The first few quarters of a launch are critical in defining the sales trajectory for a product, and our revenue to-date positions us squarely on the path to achieve more than $2 billion in peak sales for AYVAKIT in systemic mastocytosis," said Kate Haviland, Chief Executive Officer of Blueprint Medicines. "Importantly, our growing revenue also enables us to invest in additional, compelling opportunities across our pipeline, where we can drive longer-term growth. This includes advancing our portfolio focused in allergy and inflammation as we move BLU-808 into the clinic in the second half of this year. I am proud of our team's strong operational execution against our core value drivers, which enables Blueprint to realize the harmony between our mission of bringing new, innovative medicines to patients and building a robust and thriving business that will create substantial value for our shareholders."
First Quarter 2024 Highlights and Recent Progress
Mast cell disorders
HR+/HER2- breast cancer
Corporate
2024 Financial Guidance
Blueprint Medicines now anticipates approximately $390 million to $410 million in global AYVAKIT net product revenues for all approved indications in 2024, an increase from the previous range of $360 million to $390 million. This updated guidance reflects continued execution in the global launch for ISM, as well as a stronger than anticipated first quarter. The company continues to expect that full-year operating expenses and cash burn will decline in 2024 as compared to 2023, and that its existing cash, cash equivalents and investments, together with anticipated future product revenues, will enable the company to maintain a durable capital position to achieve a self-sustainable financial profile.
Key Upcoming Milestones
The company plans to achieve the following remaining milestones in the first half of 2024:
Mast cell disorders
HR+/HER2- breast cancer
First Quarter 2024 Results
Conference Call Information
Blueprint Medicines will host a live conference call and webcast at 8:00 a.m. ET today to discuss first quarter 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 186292. 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:
A live webcast of the fireside discussions will be available under "Events and Presentations" in the Investors & Media section of the Blueprint Medicines website at http://ir.blueprintmedicines.com. A replay of the webcasts will be archived on the Blueprint Medicines website for 30 days following the events.
About Blueprint Medicines
Blueprint Medicines is a global, fully integrated biopharmaceutical company that invents life-changing medicines. We seek to alleviate human suffering by solving important medical problems in two core focus areas: allergy/inflammation and oncology/hematology. Our approach begins by targeting the root causes of disease, using deep scientific knowledge in our core focus areas and drug discovery expertise across multiple therapeutic modalities. We have a track record of success with two approved medicines, including AYVAKIT®/AYVAKYT® (avapritinib) which we are bringing to patients with systemic mastocytosis (SM) in the U.S. and Europe. Leveraging our established research, development, and commercial capability and infrastructure, we now aim to significantly scale our impact by advancing a broad pipeline of programs ranging from early science to advanced clinical trials in mast cell diseases including SM and chronic urticaria, breast cancer and other solid tumors. 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 plans, strategies, timelines and expectations for Blueprint Medicines' operations, including its expectations for growth in 2024; statements regarding our current or future approved drugs and drug candidates and operations, including AYVAKIT's potential as a greater than $2 billion product, plans to advance our portfolio by targeting additional allergic-inflammatory diseases driven by mast cells, plans to submit an investigational new drug application for BLU-808 and present combination dose escalation data for BLU-222 in combination with ribociclib and fulvestrant in patients HR+/HER2- breast cancer at ASCO; expectations related to the markets for our current or future approved drugs and drug candidates; the potential benefits of any of our current or future approved drugs or drug candidates in treating patients; and our financial performance, strategy, goals and anticipated milestones, business plans and focus, including expectations regarding our revenue ramp, continued decline in operating expenses and cash burn and potential profitability. The words "aim," "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "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 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; the success of Blueprint Medicines' current and future collaborations, financing arrangements, partnerships or licensing arrangements; and the accuracy of our estimates of revenues, expenses and capital requirements. 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. GAVRETO and associated logos are trademarks of Blueprint Medicines Corporation outside of the United States.
Blueprint Medicines Corporation Selected Condensed Consolidated Balance Sheet Data (in thousands) (unaudited) | |||||
March 31, | December 31, | ||||
2024 | 2023 | ||||
Cash, cash equivalents and investments | $ | 735,604 | $ | 767,171 | |
Working capital (1) | 569,999 | 593,470 | |||
Total assets | 1,038,475 | 1,049,250 | |||
Deferred revenue (2) | 11,886 | 5,604 | |||
Liability related to the sale of future royalties and revenues (2) | 267,819 | 441,625 | |||
Term loan (2) | 239,385 | 238,813 | |||
Total liabilities | 727,788 | 918,641 | |||
Total stockholders' equity | 310,687 | 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 Condensed Consolidated Statements of Operations Data (in thousands, except per share data) (unaudited) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues: | |||||||||||
Product revenue, net | $ | 92,525 | $ | 39,069 | |||||||
Collaboration revenue | 3,591 | 24,218 | |||||||||
Total revenues | 96,116 | 63,287 | |||||||||
Cost and operating expenses: | |||||||||||
Cost of sales | 3,191 | 3,175 | |||||||||
Collaboration loss sharing | - | 1,296 | |||||||||
Research and development | 88,191 | 112,073 | |||||||||
Selling, general and administrative | 83,557 | 70,950 | |||||||||
Total cost and operating expenses | 174,939 | 187,494 | |||||||||
Other income (expense): | |||||||||||
Interest income (expense), net | (5,895) | (5,819) | |||||||||
Other income, net | 376 | 986 | |||||||||
Debt extinguishment gain | 173,658 | - | |||||||||
Total other income (expense), net | 168,139 | (4,833) | |||||||||
Income (Loss) before income taxes | 89,316 | (129,040) | |||||||||
Income tax expense | 180 | 520 | |||||||||
Net income (loss) | $ | 89,136 | $ | (129,560) | |||||||
Net income (loss) per share — basic | $ | 1.45 | $ | (2.15) | |||||||
Net income (loss) per share — diluted | $ | 1.40 | $ | (2.15) | |||||||
Weighted-average number of common shares used in net income | 61,580 | 60,126 | |||||||||
Weighted-average number of common shares used in net income | 63,802 | 60,126 | |||||||||
Last Trade: | US$90.63 |
Daily Change: | -3.74 -3.96 |
Daily Volume: | 658,431 |
Market Cap: | US$5.760B |
December 18, 2024 December 07, 2024 October 30, 2024 September 10, 2024 August 01, 2024 |
Astria Therapeutics is a biopharmaceutical company, and our mission is to bring life-changing therapies to patients and families affected by rare and niche allergic and immunological diseases. Our lead program, STAR-0215, is a monoclonal antibody inhibitor of plasma kallikrein in clinical development...
CLICK TO LEARN MORECompass Therapeutics is a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. The company's scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth...
CLICK TO LEARN MOREEnd of content
No more pages to load