Shares of Blueprint Medicines (BPMC 2.50%) closed up 25.6% on Thursday after the cancer and blood discorder therapy company announced stronger-than-expected quarterly results.
An impressive start for Blueprint Medicines' Ayvakit
Blueprint Medicines' third-quarter revenue declined 14.1% year over year to $56.6 million, translating to a net loss of $2.20 per share. Analysts, on average, were expecting a wider net loss of $2.37 per share on revenue of only $51 million.
Note Blueprint's revenue included 90% year-over-year growth in net-product revenues (to $49.1 million) from U.S. sales of Ayvakit, with more than 800 patients using the treatment at the end of the quarter. More than half of Blueprint's top line in last year's Q3 came from collaboration and license revenues. This was also the company's first full quarter following Ayvakit's launch to treat indolent systemic mastocytosis (ISM).
"Continued steady growth" expected through 2023 and into 2024
Blueprint Medicines CEO Kate Haviland said the company
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.
Haviland added that the company expects "continued steady growth" in Ayvakit revenue through the end of 2023 and into 2024, driven by both existing and new prescribers.
All in all, this was a great start for Blueprint Medicines following the launch of Ayvakit, and the leading cancer-treatment stock is responding in kind.
