Blueprint Medicines Reports Third Quarter 2023 Results
-- Achieved
-- Approximately 800 patients on AYVAKIT in the
-- Plan to present data from Part 1 of the HARBOR trial of elenestinib in ISM at ASH 2023 –
"In the first full quarter following AYVAKIT's launch in indolent systemic mastocytosis, we saw strong and steady growth in both patients treated and revenue, reflecting a highly favorable reception to AYVAKIT's unique and compelling clinical profile and the effectiveness of our ongoing efforts to bring AYVAKIT to all patients who can benefit from treatment," said
Third Quarter 2023 Highlights and Recent Progress
Systemic mastocytosis (SM) and other mast cell disorders
- Third quarter AYVAKIT net revenue grew 90 percent year-over-year to
$54.2 million , with$49.1 million coming from theU.S , in the first full quarter of ISM launch.
Upcoming 2023 Milestones
- Present data from Part 1 of the HARBOR trial of elenestinib in indolent SM at the
American Society of Hematology conference inDecember 2023 .
Third Quarter 2023 Results
- Revenues: Revenues were $56.6 million for the third quarter of 2023, including $54.2 million of net product revenues from sales of AYVAKIT/AYVAKYT and $2.4 million in collaboration revenues. Blueprint Medicines recorded revenues of $65.9 million in the third quarter of 2022, including $28.6 million of net product revenues from sales of AYVAKIT/AYVAKYT and
$37.3 million in collaboration and license revenues. - Cost of Sales: Cost of sales was
$2.8 million for the third quarter of 2023, as compared to$3.0 million for the third quarter of 2022. The decrease was primarily due to a decrease in the cost of collaboration-related sales. - R&D Expenses: Research and development expenses were
$110.3 million for the third quarter of 2023, as compared to$128.0 million for the third quarter of 2022. This decrease was primarily due to a focused approach towards optimizing operational efficiency across our portfolio as we execute across our top priority programs and the timing of manufacturing of clinical trial materials. Research and development expenses included$11.2 million in stock-based compensation expenses for the third quarter of 2023. - SG&A Expenses: Selling, general and administrative expenses were
$70.7 million for the third quarter of 2023, as compared to$57.6 million for the third quarter of 2022. This increase was primarily due to an increase in compensation and personnel related costs driven by our first quarter field force expansion to support the AYVAKIT launch in ISM. Selling, general, and administrative expenses included$11.9 million in stock-based compensation expenses for the third quarter of 2023. - Net Loss: Net loss was
$133.7 million for the third quarter of 2023, or a net loss per share of$2.20 , as compared to a net loss of$133.2 million for the third quarter of 2022, or a net loss per share of$2.23 . - Cash Position: As of September 30, 2023, cash, cash equivalents and investments were $827.2 million, as compared to $1,078.5 million as of December 31, 2022. Our cash and investments provide a durable capital position which enables us to reach a self-sustainable profile.
Conference Call Information
Upcoming Investor Conferences
Stifel Healthcare Conference onWednesday, November 15, 2023 at12:40 pm ET .
A live webcast of this presentation will be available by visiting the Investors & Media section of
About
Blueprint Medicines is a global precision therapy company that invents life-changing therapies for people with cancer and blood disorders. Applying an approach that is both precise and agile, we create medicines that selectively target genetic drivers, with the goal of staying one step ahead across stages of disease. Since 2011, we have leveraged our research platform, including expertise in molecular targeting and world-class drug design capabilities, to rapidly and reproducibly translate science into a broad pipeline of precision therapies. Today, we have brought our approved medicines to patients in
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
Trademarks
|
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|
|
||||
2023 |
2022 |
||||
Cash, cash equivalents and marketable securities |
$ |
827,226 |
$ |
1,078,472 |
|
Working capital (1) |
610,788 |
863,417 |
|||
Total assets |
1,105,299 |
1,349,902 |
|||
Liability related to the sale of future royalties and revenues (2) |
440,147 |
430,330 |
|||
Term loan (2) |
238,378 |
139,083 |
|||
Deferred revenue (2) |
8,010 |
18,291 |
|||
Total liabilities |
902,688 |
835,225 |
|||
Total stockholders' equity |
202,611 |
514,677 |
|||
(1) |
|||||
(2) Amounts include both current and non-current portions of the balances. |
|
||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||
|
|
|||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||
Revenues: |
||||||||||||
Product revenue, net |
$ |
54,228 |
$ |
28,634 |
$ |
133,173 |
$ |
80,929 |
||||
Collaboration and license revenue |
2,338 |
9,843 |
44,250 |
56,826 |
||||||||
License revenue – |
- |
27,500 |
- |
27,500 |
||||||||
Total revenues |
56,566 |
65,977 |
177,423 |
165,255 |
||||||||
Cost and operating expenses: |
||||||||||||
Cost of sales |
2,782 |
3,000 |
8,280 |
12,965 |
||||||||
Collaboration loss sharing |
1,771 |
1,665 |
4,301 |
7,076 |
||||||||
Research and development |
110,252 |
127,981 |
330,184 |
359,579 |
||||||||
Selling, general and administrative |
70,741 |
57,608 |
215,826 |
173,354 |
||||||||
Total cost and operating expenses |
185,546 |
190,254 |
558,591 |
552,974 |
||||||||
Other income (expense): |
||||||||||||
Interest expense, net |
(3,808) |
(8,396) |
(13,624) |
(7,527) |
||||||||
Other income (expense), net |
(728) |
396 |
(369) |
575 |
||||||||
Total other expense |
(4,536) |
(8,000) |
(13,993) |
(6,952) |
||||||||
Loss before income taxes |
(133,516) |
(132,277) |
(395,161) |
(394,671) |
||||||||
Income tax expense |
197 |
886 |
907 |
4,200 |
||||||||
Net loss |
$ |
(133,713) |
$ |
(133,163) |
$ |
(396,068) |
$ |
(398,871) |
||||
Net loss per share - basic and diluted |
$ |
(2.20) |
$ |
(2.23) |
$ |
(6.55) |
$ |
(6.70) |
||||
Weighted-average number of common shares used |
60,688 |
59,758 |
60,445 |
59,564 |
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SOURCE
Media Contact, Sarah Mena Guerrero, 617-714-6684, media@blueprintmedicines.com; Investor Contact, Jenna Cohen, 857-209-3147, ir@blueprintmedicines.com