Full Press Release Details
-- Achieved $54.2 million in AYVAKIT®/AYVAKYT® (avapritinib) net product revenues, representing 90% growth year-over-year, and $56.6 million in total revenues in the third quarter of 2023 –
-- Approximately 800 patients on AYVAKIT in the U.S. at the end of the third quarter, more than 35% growth in treated patients quarter-over-quarter and driven by ISM --
-- Plan to present data from Part 1 of the HARBOR trial of elenestinib in ISM at ASH 2023 –
CAMBRIDGE, Mass. , Oct. 26, 2023 /PRNewswire/ -- Blueprint Medicines Corporation (NASDAQ: BPMC ) today reported financial results and provided a business update for the third quarter ended September 30, 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 Kate Haviland , Chief Executive Officer at Blueprint Medicines. "Through the end of this year and into 2024, we anticipate continued steady growth in AYVAKIT revenue driven by both existing and new prescribers as we execute a disciplined approach to managing operating expenses and allocating capital to our most important investments."
Third Quarter 2023 Highlights and Recent Progress
Systemic mastocytosis (SM) and other mast cell disorders
Upcoming 2023 Milestones
Blueprint Medicines plans to achieve the following milestones by the end of 2023:
Third 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 third quarter 2023 financial results and recent business activities. The conference call may be accessed by dialing 833-470-1428 (domestic) and referring to conference ID 368229. 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 the following upcoming investor conferences:
A live webcast of this 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; ; 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 may impact Blueprint Medicines' ability to capitalize on the market potential of its approved drugs and drug candidates; and 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. 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) | |||||
| September 30, | December 31, | ||||
| 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) Blueprint Medicines defines working capital as current assets less current liabilities. | |||||
| (2) Amounts include 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 | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 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 – Related Party | - | 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 in net loss per share - basic and diluted | 60,688 | 59,758 | 60,445 | 59,564 |
SOURCE Blueprint Medicines Corporation