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Mar 31, 2024
Bluebird Bio Q1 2024 Earnings Report
Reported first quarter results and highlighted operational progress and 2024 guidance.
Key Takeaways
Bluebird Bio reported a first quarter net revenue of $18.6 million. The company completed the first patient start for LYFGENIA and anticipates 85 to 105 patient starts across its portfolio in 2024. They expect their cash and cash equivalents to be sufficient to meet planned operating expenses and capital expenditure requirements through Q1 2026.
First patient start (cell collection) for LYFGENIA completed.
15 patient starts to date in 2024 (11 ZYNTEGLO, 3 SKYSONA, 1 LYFGENIA); 85 to 105 patient starts anticipated across the portfolio in 2024.
First quarter 2024 net revenue of $18.6 million.
bluebird has activated 64 QTCs for LYFGENIA and ZYNTEGLO and six centers are activated to administer SKYSONA.
Bluebird Bio
Bluebird Bio
Bluebird Bio Revenue by Segment
Bluebird Bio Revenue by Geographic Location
Revenue by Segment
ZYNTEGLO product Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
The Company anticipates 85 to 105 patient starts (cell collections) combined across all three of its FDA approved therapies (LYFGENIA, ZYNTEGLO, SKYSONA) in 2024. Gross-to-net discounts across all three products are expected to be in the range of 20% to 25% of gross revenue in 2024 and will fluctuate based on product and payer mix, as well as utilization of outcomes-based agreements for LYFGENIA and ZYNTEGLO. The Company anticipates recognizing revenue from its first infusion of LYFGENIA in the third quarter of 2024.
Positive Outlook
- Anticipates 85 to 105 patient starts across all therapies in 2024.
- Expects to recognize revenue from first LYFGENIA infusion in Q3 2024.
- Cash runway expected to last through Q1 2026.
- Confirmed prior authorization approval for commercial and Medicaid-insured patients for LYFGENIA.
- Multiple outcomes-based agreements in place for LYFGENIA with national commercial payer organizations; published coverage policies are in place for more than 200 million U.S. lives.
Challenges Ahead
- Gross-to-net discounts across all three products are expected to be in the range of 20% to 25% of gross revenue in 2024.
- Restatement of consolidated financial statements may impact future results.
- Delays in filing 2023 Form 10-K and Q1 2024 Form 10-Q.
- Achieving commercial revenue targets is assumed in cash runway projection.
- Operating restrictions from loan agreement could adversely affect business.