BPMC - Blueprint Medicines Corporation (BPMC) Q4 2023 Earnings Call Transcript

2024-02-15 13:11:04 ET

Blueprint Medicines Corporation (BPMC)

Q4 2023 Earnings Conference Call

February 15, 2024 08:00 AM ET

Company Participants

Jenna Cohen - Vice President, Investor Relations

Kate Haviland - Chief Executive Officer

Philina Lee - Chief Commercial Officer

Suad Namouni - President of Research and Development

Christy Rossi - Chief Operating Officer

Mike Landsittel - Chief Financial Officer

Becker Hewes - Chief Medical Officer

Conference Call Participants

Brad Canino - Stifel

Salveen Richter - Goldman Sachs

Marc Frahm - TD Cowen

Reni Benjamin - Citizens JMP

Michael Schmidt - Guggenheim

Derek Archila - Wells Fargo

Laura Prendergast - Raymond James

Matt Biegler - Oppenheimer

Ami Fadia - Needham

Peter Lawson - Barclays

Colleen Kusy - Baird

Presentation

Operator

Good morning. My name is Jerin and I will be your conference operator today. At this time, I would like to welcome everyone to the Blueprint Medicines' Fourth Quarter and Full Year 2023 Financial Results Conference Call. All lines have been on placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

Jenna Cohen, you may begin your conference.

Jenna Cohen

Thank you, Jerin and good morning, everyone. Welcome to Blueprint Medicines' fourth quarter and full year 2023 financial and operating results conference call. This morning we issued a press release which outlines the topics we plan to discuss today. You can access the press release as well as the slides that we'll be reviewing today by going to the Investors section of our website at www.blueprintmedicines.com.

Joining me are Kate Haviland, Chief Executive Officer; Philina Lee, Chief Commercial Officer; Suad Namouni, President of Research and Development; and Mike Landsittel, Chief Financial Officer. Christy Rossi, Chief Operating Officer and Becker Hewes, Chief Medical Officer are also on the line and available during Q&A.

Before we begin, I'd like to remind you that some of the statements made during the call today are forward-looking statements as outlined on Slide 3 and are subject to a number of risks and uncertainties. These may cause our actual results to differ materially including those described in our reports filed with the SEC. You are cautioned not to place any undue reliance on these forward-looking statements and Blueprint disclaims any obligation to update such statements.

With that I'll now hand the call over to Kate.

Kate Haviland

Thank you, Jenna and good morning, everyone.

2023 was a pivotal year for Blueprint Medicines, as we successfully brought forth AYVAKIT to become the first and only approved medicine for patients with indolent systemic mastocytosis or ISM. As we enter 2024 AYVAKIT will continue to be the foundation of our flagging business, with our early launch momentum through AYVAKIT firmly on the path to become a multibillion dollar product. Our growing revenue also enabled us to invest in additional compelling opportunities in our pipeline to drive longer term growth and deliver even more transformational medicines in the future. To achieve our goal this year, we're focusing on three key aspects of the business.

Let's start with AYVAKIT's blockbuster potential and its ability to drive durable revenue growth for Blueprint well into the next decade. We know that the first few quarters of launch are critical in dividing the sales trajectory for a product and we have driven a very strong first six months of results in this ISM launch, establishing the foundation for future growth. We've clearly demonstrated our ability to reach patients and drive revenue, achieving $204 million in global AYVAKIT revenue in 2023 and 84% increase over 2022. This compelling growth was primarily driven by the uptake in patients with ISM, who comprise about 95% of all patients with SM. A sizable rare disease patient population that we estimate at 70,000 prevalent patients in the US and Europe alone. ...

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