Blueprint Medicines Q2 2024 Results and AYVAKIT®/AYVAKYT® Revenue Guidance Increase

Blueprint Medicines Corporation, a biopharmaceutical company, announced its financial results for the second quarter of 2024 and provided an update on its business activities. The company's net product revenues from AYVAKIT reached $114.1 million for the quarter, marking a significant growth of over 185 percent year-over-year. As a result, Blueprint Medicines has raised its revenue guidance for AYVAKIT to a range of $435 million to $450 million for the entire year of 2024.

Kate Haviland, the CEO of Blueprint Medicines, highlighted the significant milestones achieved during the quarter. She noted that it has been one year since AYVAKIT received U.S. approval for treating indolent systemic mastocytosis (ISM), a rare disease. Haviland emphasized that the strong revenue performance and market development for AYVAKIT are paving the way for the company to potentially exceed $2 billion in peak sales. Additionally, the company is investing in further growth areas, with AYVAKIT serving as the foundation of a franchise focused on mast cell diseases.

Key developments during the quarter included the initiation of a Phase 1 healthy volunteer trial for BLU-808, a wild-type KIT inhibitor. This investigational drug shows promise for treating chronic urticaria and other mast cell disorders. Moreover, Blueprint Medicines plans to commence the HARBOR Part 2 study of elenestinib, a next-generation KIT D816V inhibitor, in ISM later this year.

In terms of financial performance, Blueprint Medicines reported total revenues of $138.2 million for the second quarter of 2024. This included $114.1 million from AYVAKIT sales and $24.0 million from collaboration, license, and other revenues. Comparatively, in the second quarter of 2023, the company reported total revenues of $57.6 million, with $39.9 million from AYVAKIT sales and $17.7 million from collaboration and other revenues.

The cost of sales amounted to $7.6 million for the second quarter of 2024, a rise from $2.3 million in the same period the previous year. The increase was largely attributed to the sale of GAVRETO product to Rigel. Research and development expenses stood at $84.3 million, down from $110.1 million in the second quarter of 2023. This decline was mainly due to enhanced operational efficiency and the timing of clinical trial material manufacturing. Selling, general, and administrative expenses were $89.3 million, up from $71.9 million in the second quarter of 2023, driven by activities supporting the commercialization of AYVAKIT.

Notably, the company reported a net loss of $50.0 million for the second quarter of 2024, a significant improvement from the net loss of $132.8 million in the same period the previous year. As of June 30, 2024, Blueprint Medicines had $868.5 million in cash, cash equivalents, and investments, compared to $767.2 million as of December 31, 2023. The increase was primarily due to an additional draw under the company's 2022 debt facility with Sixth Street Partners.

Looking ahead, Blueprint Medicines has outlined several key milestones for the second half of 2024. These include initiating the registration-enabling Part 2 of the HARBOR trial in ISM, continuing strategic business development discussions, and completing Phase 1 combination dose escalation for BLU-222 by the end of the year to inform registration plans.

Blueprint Medicines is committed to advancing its pipeline of therapies targeting mast cell diseases, breast cancer, and other solid tumors. With a robust financial position and ongoing investment in innovation, the company aims to create long-term value and address significant patient needs in its core focus areas.

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