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Jun 30, 2024
2Seventy Bio Q2 2024 Earnings Report
Reported financial results and operational progress for the second quarter of 2024.
Key Takeaways
2seventy bio reported a transformative quarter with a focus on Abecma, highlighted by $54 million in U.S. commercial revenue, a 43% reduction in operating expenses, and a strengthened balance sheet. The company completed the sale of its oncology R&D business to Regeneron and its Hemophilia A program to Novo Nordisk, positioning it to achieve profitability by the end of 2025.
Abecma generated $54 million in U.S. commercial revenue with growth in demand.
Completed sale of Hemophilia A and gene editing technology to Novo Nordisk for up to $40 million.
Operating expenses decreased by 43% due to the sale of R&D business to Regeneron.
Ended the quarter with approximately $202 million in cash, cash equivalents, and marketable securities, extending cash runway beyond 2027.
Revenue by Segment
Forward Guidance
2seventy bio is focused on commercial growth of Abecma, supported by a streamlined cost structure and a strengthened balance sheet, with the goal of achieving quarterly profitability by the end of 2025.
Positive Outlook
- Continued execution of the third line launch in the second half of 2024.
- Anticipated continued growth for Abecma.
- Strategic realignment to focus on Abecma development and commercialization.
- Expected cost savings from the sale of oncology and autoimmune R&D programs.
- Strengthened balance sheet through recent transactions.
Challenges Ahead
- Risk that Abecma will not be as commercially successful as anticipated.
- Risk that strategic realignment may not be as successful as anticipated.
- Risk of failure to achieve anticipated cost savings.
- Risk of disruptions in business that could make it difficult to achieve strategic objectives.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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