Blueprint Medicines Corporation BPMC reported fourth-quarter 2024 adjusted loss of 79 cents per share, wider than the Zacks Consensus Estimate of a loss of 70 cents. The company had incurred a loss of $1.82 per share in the year-ago quarter.
Quarterly revenues of $146.4 million, generated entirely from the net product sales of Ayvakit, missed the Zacks Consensus Estimate of $148 million. Nonetheless, total revenues jumped 103.4% year over year.
Shares of the company lost 8% on Feb. 13, following lower-than-expected fourth-quarter results.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
The company’s total revenues comprise net product revenues from Ayvakit/Ayvakyt and collaboration revenues.
Ayvakit (avapritinib), an inhibitor of KIT and PDGFRA proteins, is approved for treating PDGFRA Exon 18 mutant gastrointestinal stromal tumors and advanced and indolent systemic mastocytosis (ISM).
Product revenues from Ayvakit sales came in at $144.1 million. Out of the total revenues generated from Ayvakit sales in the fourth quarter, $124.1 million came from the U.S. sales of the drug and $20 million in ex-U.S. sales.
Ayvakit sales have increased 102.9% year over year, driven by new patient starts, low discontinuation rates and a high compliance rate.
The label expansion of Ayvakit/Ayvakyt in 2023 to treat ISM in adults in the United States and EU increased the drug's eligible patient population, which has been driving robust growth in sales. Since ISM is chronic, patients stay on therapy for longer durations.
The company recognized collaboration and license revenues of $2.2 billion in the reported quarter, up from $0.1 billion recorded a year ago.
Blueprint Medicines’ shares have gained 8.7% in the past year against the industry’s 2.4% decline.
Image Source: Zacks Investment Research
Another BPMC drug, Gavreto (pralsetinib), is approved for metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer and RET-mutant and RET fusion-positive thyroid cancer.
Following the severance of ties with Roche for Gavreto, Blueprint Medicines signed a deal with Rigel Pharmaceuticals in February 2024, whereby the latter purchased the U.S. rights to research, develop, manufacture and commercialize the drug. The transaction was closed in June 2024.
Per the terms of the agreement, Blueprint Medicines is eligible to receive contingent specified regulatory and commercial milestone payments, in addition to certain tiered percentage royalties on annual net sales of Gavreto in the United States.
Research and development (R&D) expenses totaled $83.6 million, down 14.2% from the year-ago quarter’s figure. The primary reason behind the decrease in R&D expenses was continued operational efficiency gains across the company’s portfolio and favorable timing of manufacturing clinical study materials.
Selling, general and administrative expenses amounted to $96.4 million, up 21.6% year over year. The increase was due to higher compensation and headcount costs related to the commercialization of Ayvakit/Ayvakyt.
Blueprint Medicines had cash, cash equivalents and investments worth $863.9 million as of Dec. 31, 2024, compared with $882.4 million as of Sept. 30, 2024.
Revenues totaled $508.8 million, which rose from $249.4 million in 2023 but fell short of the Zacks Consensus Estimate of $510 million. Product revenues amounted to $478.9 million, in line with the company’s guidance of $475-$480 million.
Loss per share came in at $1.07, down from $8.37 in 2023 due to higher revenues. However, the loss was wider than the Zacks Consensus Estimate of a loss of 92 cents per share.
Blueprint Medicines Corporation Price, Consensus and EPS Surprise
Blueprint Medicines Corporation price-consensus-eps-surprise-chart | Blueprint Medicines Corporation Quote
Blueprint Medicines expects to generate around $680-$710 million in global Ayvakit net product revenues for all approved indications in 2024.
The company expects to achieve Ayvakit sales of $2 billion by 2030.
Following the closing of GSK's acquisition of IDRx, BPMC anticipates approximately $80 million in gross proceeds from an equity stake in IDRx.
Last month, the company posted results from the phase I healthy volunteer study of BLU-808, showing a differentiated profile that enables the evaluation of tunable dosing strategies. BLU-808 was well-tolerated at all doses tested, showed consistent pharmacokinetics supporting once-daily oral dosing and achieved dose-dependent reductions in tryptase exceeding 80%.
BPMC plans to initiate two proof-of-concept studies of BLU-808 in patients with chronic spontaneous urticaria/chronic inducible urticaria and allergic rhinitis/allergic conjunctivitis. It reduced cash burn by more than 50% in 2024 and expects further reduction in 2025.
Blueprint Medicines currently carries a Zacks Rank #3 (Hold).
A couple of better-ranked stocks in the biotech sector are Immunocore Holdings plc IMCR and Alnylam Pharmaceuticals ALNY. While IMCR sports a Zacks Rank #1 (Strong Buy) at present, ALNY carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 90 days, estimates for Immunocore’s 2024 loss per share have remained unchanged at 94 cents. Loss per share estimates for 2025 have narrowed from $1.66 to $1.62 in the past seven days.
IMCR’s earnings beat estimates in two of the trailing four quarters and missed the same in the other two, the average surprise being 25.57%.
The consensus estimate for 2025 ALNY’s earnings per share is currently pegged at 41 cents.
ALNY’s earnings beat estimates in three of the trailing four quarters and met once, delivering an average surprise of 95.73%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Alnylam Pharmaceuticals, Inc. (ALNY) : Free Stock Analysis Report
Blueprint Medicines Corporation (BPMC) : Free Stock Analysis Report
Immunocore Holdings PLC Sponsored ADR (IMCR) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。