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Dec 31, 2023
Bluebird Bio Q4 2023 Earnings Report
Bluebird Bio reported fourth quarter and annual results, highlighted operational progress, and provided 2024 guidance.
Key Takeaways
Bluebird Bio reported Q4 2023 revenue of $7.8 million and full year 2023 revenue of $29.5 million. The company anticipates 85 to 105 patient starts across its three FDA approved therapies in 2024. They also announced a $175 million term loan facility with Hercules Capital, extending the cash runway through Q1 2026.
Cash runway extended through Q1 2026 following announcement of a $175 million term loan facility with Hercules Capital.
9 patient starts to date in 2024 (7 ZYNTEGLO, 2 SKYSONA); 85 to 105 patient starts anticipated across the portfolio in 2024.
First government outcomes-based agreement for sickle cell disease signed with Michigan Medicaid.
62 qualified treatment centers (QTCs) activated.
Bluebird Bio
Bluebird Bio
Forward Guidance
Bluebird anticipates 85 to 105 patient starts across all three FDA approved therapies in 2024 and expects to recognize revenue from its first infusion of LYFGENIA in the third quarter of 2024.
Positive Outlook
- 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.
- Expects to recognize revenue from its first infusion of LYFGENIA in the third quarter of 2024.
- First LYFGENIA patient start imminent; multiple patients enrolled and preparing for treatment across QTC network.
- Based on launch estimates and current business plans, the transaction is projected to extend the Company’s cash runway through Q1 2026.
Challenges Ahead
- The Company anticipates enrollment to be complete in Q4 2024 for LOVO-CEL CLINICAL TRIAL UPDATE.
- The restatements relate to the identification of embedded leases and the treatment of non-lease components contained in lease agreements with contract manufacturers.
- As a result, the Company anticipates recording an increase in lease assets and lease liabilities, as well as an increase in non-cash interest expense in each restated period.
- The Company does not expect the restatement to result in any impact on its cash position or revenue.
- The Company expects that its actual results to be reported in its 2023 Form 10-K will not differ materially from the results included herein, however, these results are subject to change following the completion of the Company’s financial close procedures and the audit of its consolidated financial statements for the year ended December 31, 2023.