Full Press Release Details
CAMBRIDGE, Mass. , Feb. 16, 2022 /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, 2021 .
Fourth Quarter 2021 Highlights and Recent Progress
AYVAKIT®/AYVAKYT® (avapritinib): systemic mastocytosis (SM) and gastrointestinal stromal tumor (GIST)
GAVRETO® (pralsetinib): RET-altered cancers
BLU-945, BLU-701 and BLU-451 (formerly LNG-451): EGFR-driven NSCLC
BLU-222: ovarian, breast and other cyclin E-CDK2 aberrant cancers
Key Upcoming Milestones
The company plans to achieve the following milestones by mid-2022:
Fourth Quarter and Year End 2021 Results
2022 Financial Guidance
Blueprint Medicines today announced it anticipates approximately $180M to $200M in total revenues in 2022, including approximately $115M to $130M in AYVAKIT net product revenues. The company continues to expect that its existing cash, cash equivalents and investments, together with anticipated future product revenues, will provide sufficient capital to enable the company to achieve a self-sustainable financial profile.
Conference Call Information
Blueprint Medicines will host a live conference call and webcast at 8:30 a.m. ET today to discuss fourth quarter and full year 2021 financial results and recent business activities. The conference call may be accessed by dialing 844-200-6205 (domestic) or 929-526-1599 (international), and referring to conference ID 936793. 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 each presentation will be available by visiting the Investors & Media section of Blueprint Medicines' website at http://ir.blueprintmedicines.com . A replay of the webcasts will be archived on Blueprint Medicines' website for 30 days following each presentation.
About Blueprint Medicines
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' current or future approved drugs and drug candidates, including timelines for marketing applications, approvals and launches, the initiation of clinical trials or the results of ongoing and planned clinical trials, and publications; Blueprint Medicines' plans, strategies and timelines to nominate development candidates; plans regarding expansion of Blueprint Medicines' research platform, addition of new therapeutic candidates to its portfolio, and targeted sourcing of external innovation, and the anticipated benefits of these plans; plans and timelines for additional marketing applications for avapritinib and pralsetinib and, if approved, commercializing avapritinib and pralsetinib in additional geographies or for additional indications; the potential benefits of any of Blueprint Medicines' current or future approved drugs or drug candidates in treating patients; the potential benefits of Blueprint Medicines' collaborations, including its collaborations with CStone,Roche and Genentech, and Zai Lab ; and Blueprint Medicines' strategy, goals and anticipated financial performance, growth, milestones, business plans and focus. 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, risks and uncertainties related to the impact of the COVID-19 pandemic to Blueprint Medicines' business, operations, strategy, goals and anticipated milestones, including Blueprint Medicines' ongoing and planned research and discovery activities, ability to conduct ongoing and planned clinical trials, clinical supply of current or future drug candidates, commercial supply of current or future approved products, and launching, marketing and selling current or future approved products; Blueprint Medicines' ability and plans in continuing to establish and expand a commercial infrastructure, and successfully launching, marketing and selling current or future approved products; Blueprint Medicines' ability to successfully expand the approved indications for AYVAKIT/AYVAKYT and GAVRETO or obtain marketing approval for AYVAKIT/AYVAKYT in additional geographies in the future; the delay of any current or planned clinical trials or the development of Blueprint Medicines' current or future drug candidates; Blueprint Medicines' advancement of multiple early-stage efforts; 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; the preclinical and clinical results for Blueprint Medicines' drug candidates, which may not support further development of such drug candidates; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials; Blueprint Medicines' ability to obtain, maintain and enforce patent and other intellectual property protection for AYVAKIT/AYVAKYT, GAVRETO or any drug candidates it is developing; Blueprint Medicines' ability to develop and commercialize companion diagnostic tests for AYVAKIT/AYVAKYT, GAVRETO or any of its current and future drug candidates; Blueprint Medicines' ability to successfully expand its operations, research platform and portfolio of therapeutic candidates and the timing and costs thereof; Blueprint Medicines' ability to realize the anticipated benefits of its succession planning process and executive leadership transition plan; and the success of Blueprint Medicines' current and future collaborations, 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.
Blueprint Medicines, AYVAKIT, AYVAKYT, GAVRETO and associated logos are trademarks of Blueprint Medicines Corporation.
| Blueprint Medicines Corporation | |||||
| Selected Condensed Consolidated Balance Sheet Data | |||||
| (in thousands) | |||||
| (unaudited) | |||||
| December 31, | December 31, | ||||
| 2021 | 2020 | ||||
| Cash, cash equivalents and marketable securities | $ | 1,034,643 | $ | 1,549,722 | |
| Working capital (1) | 404,260 | 796,957 | |||
| Total assets | 1,252,225 | 1,718,393 | |||
| Deferred revenue | 36,576 | 41,158 | |||
| Total liabilities | 281,490 | 248,305 | |||
| Total stockholders' equity | 970,735 | 1,470,088 |
| Blueprint Medicines Corporation | ||||||||||||
| Condensed Consolidated Statements of Operations Data | ||||||||||||
| (in thousands, except per share data) | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended | Years Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| Revenues: | ||||||||||||
| Product revenue, net | $ | 20,029 | $ | 6,688 | $ | 57,687 | $ | 22,134 | ||||
| Collaboration revenue | 86,993 | 27,419 | 122,393 | 771,601 | ||||||||
| Total revenues | $ | 107,022 | $ | 34,107 | $ | 180,080 | $ | 793,735 | ||||
| Cost and operating expenses: | ||||||||||||
| Cost of sales | 7,549 | 128 | 17,934 | 425 | ||||||||
| Collaboration loss sharing | 4,531 | - | 7,801 | - | ||||||||
| Research and development | 356,877 | 77,405 | 601,033 | 326,860 | ||||||||
| Selling, general and administrative | 54,199 | 42,541 | 195,293 | 157,743 | ||||||||
| Total cost and operating expenses | $ | 423,156 | $ | 120,074 | $ | 822,061 | $ | 485,028 | ||||
| Other income (expense): | ||||||||||||
| Interest income, net | 463 | 936 | 2,386 | 6,599 | ||||||||
| Other income (expense), net | (381) | 50 | (1,489) | (366) | ||||||||
| Total other income (expense) | $ | 82 | $ | 986 | $ | 897 | $ | 6,233 | ||||
| Income (loss) before income taxes | $ | (316,052) | $ | (84,981) | $ | (641,084) | $ | 314,940 | ||||
| Income tax expense | 2,635 | 688 | 3,001 | 1,058 | ||||||||
| Net income (loss) | $ | (318,687) | $ | (85,669) | $ | (644,085) | $ | 313,882 | ||||
| Net income (loss) per share applicable to common stockholders — basic | $ | (5.40) | $ | (1.53) | $ | (11.01) | $ | 5.76 | ||||
| Net income (loss) per share applicable to common stockholders —diluted | $ | (5.40) | $ | (1.53) | $ | (11.01) | $ | 5.59 | ||||
| Weighted-average number of common shares used in net income (loss) per share applicable to common stockholders — basic | 58,985 | 56,072 | 58,518 | 54,534 | ||||||||
| Weighted-average number of common shares used in net income (loss) per share applicable to common stockholders —diluted | 58,985 | 56,072 | 58,518 | 56,168 |
Sarah Mena Guerrero 617-714-6684 [email protected]
Investor Contact
Kristin Hodous 617-714-6674 [email protected]
SOURCE Blueprint Medicines Corporation