Full Press Release Details
-- Achieved $39.9 million in AYVAKIT ® /AYVAKYT ® (avapritinib) net product revenues and $57.6 million in total revenues in the second quarter of 2023 --
-- AYVAKIT approved by the FDA for the treatment of adults with indolent systemic mastocytosis on May 22, 2023 --
-- Announced development candidate BLU-808, an oral, highly potent and selective wild-type KIT inhibitor with first- and best-in-class potential, for the treatment of patients with mast cell disorders, including chronic urticaria –
CAMBRIDGE, Mass. , Aug. 2, 2023 /PRNewswire/ -- Blueprint Medicines Corporation (NASDAQ: BPMC ) today reported financial results and provided a business update for the second quarter ended June 30, 2023 .
"We have entered a new era at Blueprint with the launch of AYVAKIT in indolent systemic mastocytosis. In the second quarter, we delivered strong growth in AYVAKIT revenue and patients on therapy, reinforcing our belief in the blockbuster potential for AYVAKIT in systemic mastocytosis," said Kate Haviland , Chief Executive Officer of Blueprint Medicines. "We also achieved important regulatory and operational milestones, including multiple readouts from our pipeline at ASCO and the nomination of a selective and potent inhibitor of wild-type KIT which leverages our expertise and infrastructure as we build a franchise in mast cell driven diseases. Our year-to-date achievements fortify our strong foundation for near- and long-term growth."
Second Quarter 2023 Highlights and Recent Progress
Systemic mastocytosis (SM) and other mast cell disorders
Cancers vulnerable to CDK2 inhibition
EGFR-driven non-small cell lung cancer (NSCLC)
Key Upcoming Milestones
Blueprint Medicines plans to achieve the following milestones by the end of 2023:
Second Quarter 2023 Results
Conference Call Information
Blueprint Medicines will host a live conference call and webcast at 8:00 a.m. ET today to discuss second quarter 2023 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 669158. 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 one upcoming investor conference:
A live webcast of the presentation will be available by visiting the Investors & Media section of Blueprint Medicines' website at http://ir.blueprintmedicines.com . A replay of the webcast will be archived on Blueprint Medicines' website for 30 days following the 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 approvals and launches, the initiation of clinical trials or the results of ongoing and planned clinical trial; Blueprint Medicines' plans, strategies and timelines to nominate development candidates; timelines and expectations for interactions with the FDA and other regulatory authorities; statements regarding the plans and potential benefits of AYVAKIT in treating patients with indolent SM; statements regarding plans and expectations for Blueprint Medicines' current or future approved drugs and drug candidates; the potential benefits of any of Blueprint Medicines' current or future approved drugs or drug candidates in treating patients; and Blueprint Medicines' financial performance, strategy, goals and anticipated 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: preliminary activity and safety data may not be representative of more mature data; 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; the success of Blueprint Medicines' current and future collaborations, financing arrangements, partnerships or licensing arrangements; 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; and the resurgence of the COVID-19 pandemic may impact Blueprint Medicines' business, operations, strategy, goals and anticipated milestones, including ongoing and planned research and discovery activities, and Blueprint Medicines' ability to conduct ongoing and planned clinical trials. 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 and associated logos are trademarks of Blueprint Medicines Corporation.
| Blueprint Medicines Corporation Selected Condensed Consolidated Balance Sheet Data (in thousands) (unaudited) | |||||
| June 30, | December 31, | ||||
| 2023 | 2022 | ||||
| Cash, cash equivalents and marketable securities | $ | 836,566 | $ | 1,078,472 | |
| Working capital (1) | 642,307 | 863,417 | |||
| Total assets | 1,106,445 | 1,349,902 | |||
| Liability related to the sale of future royalties and revenues (2) | 437,341 | 430,330 | |||
| Term loan (2) | 140,003 | 139,083 | |||
| Deferred revenue (2) | 8,328 | 18,291 | |||
| Total liabilities | 795,315 | 835,225 | |||
| Total stockholders' equity | 311,130 | 514,677 |
| (1) | Blueprint Medicines defines working capital as current assets less current liabilities. |
| (2) | Amount includes both current and non-current portions of the balances. |
| Blueprint Medicines Corporation Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except per share data) (Unaudited) | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Revenues: | ||||||||||||
| Product revenue, net | $ | 39,876 | $ | 28,454 | $ | 78,945 | $ | 52,295 | ||||
| Collaboration and license revenue | 17,694 | 8,093 | 41,912 | 46,983 | ||||||||
| Total revenues | 57,570 | 36,547 | 120,857 | 99,278 | ||||||||
| Cost and operating expenses: | ||||||||||||
| Cost of sales | 2,323 | 4,886 | 5,498 | 9,964 | ||||||||
| Collaboration loss sharing | 1,234 | 2,145 | 2,530 | 5,410 | ||||||||
| Research and development | 110,063 | 128,466 | 222,135 | 231,599 | ||||||||
| Selling, general and administrative | 71,931 | 58,688 | 142,882 | 115,747 | ||||||||
| Total cost and operating expenses | 185,551 | 194,185 | 373,045 | 362,720 | ||||||||
| Other income (expense): | ||||||||||||
| Interest income (expense), net | (3,996) | 427 | (9,815) | 869 | ||||||||
| Other income (expense), net | (626) | 632 | 359 | 177 | ||||||||
| Total other income (expense), net | (4,622) | 1,059 | (9,456) | 1,046 | ||||||||
| Loss before income taxes | (132,603) | (156,579) | (261,644) | (262,396) | ||||||||
| Income tax expense | 190 | 3,130 | 710 | 3,313 | ||||||||
| Net loss | $ | (132,793) | $ | (159,709) | $ | (262,354) | $ | (265,709) | ||||
| Net loss per share - basic and diluted | $ | (2.19) | $ | (2.68) | $ | (4.35) | $ | (4.47) | ||||
| Weighted-average number of common shares used in net loss per share - basic and diluted | 60,516 | 59,617 | 60,322 | 59,465 |
SOURCE Blueprint Medicines Corporation