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.

BPMC’s Q4 Results in Detail

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.

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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.

BPMC’s 2024 Results

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.

BPMC's 2025 Outlook

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.

BPMC's Pipeline Updates

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.

BPMC’s Zacks Rank & Stocks to Consider

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%.



 

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