Blueprint Medicines Q1 2024 Earnings Report
Key Takeaways
Blueprint Medicines reported a strong first quarter with AYVAKIT net product revenues of $92.5 million, representing a 135% year-over-year growth. The company raised its full year AYVAKIT net product revenue guidance to $390 million to $410 million. Net income for the quarter was $89.1 million, driven by a one-time non-cash debt extinguishment gain.
AYVAKIT net product revenues reached $92.5 million, a 135% increase year-over-year.
Full year AYVAKIT net product revenue guidance raised to $390 million - $410 million.
IND for wild-type KIT inhibitor BLU-808 on track for filing in Q2.
Net income was $89.1 million, driven by a debt extinguishment gain.
Blueprint Medicines
Blueprint Medicines
Blueprint Medicines Revenue by Segment
Forward Guidance
Blueprint Medicines anticipates approximately $390 million to $410 million in global AYVAKIT net product revenues for all approved indications in 2024. The company continues to expect that full-year operating expenses and cash burn will decline in 2024 as compared to 2023, and that its existing cash, cash equivalents and investments, together with anticipated future product revenues, will enable the company to maintain a durable capital position to achieve a self-sustainable financial profile.
Positive Outlook
- Global AYVAKIT net product revenues are expected to be between $390 million and $410 million for 2024.
- Updated guidance reflects continued execution in the global launch for ISM.
- Stronger than anticipated first quarter.
- Full-year operating expenses are expected to decline in 2024 compared to 2023.
- Cash burn is expected to decline in 2024 compared to 2023.