BPMC - Blueprint Medicines stock climbs after Q3 beats

2023-10-26 11:23:02 ET

Blueprint Medicines ( NASDAQ: BPMC ) shares jumped 23% on Thursday after a better-than-expected Q3 report .

The Massachusetts-based precision therapy company generated revenue of $56.6M, which fell 14.2% Y/Y but met Wall Street estimates. Sales of AYVAKIT/AYVAKYT cancer drug accounted for $54.2M of revenue.

"In the first full quarter following AYVAKIT's launch in indolent systemic mastocytosis, we saw strong and steady growth in both patients treated and revenue, reflecting a highly favorable reception to AYVAKIT's unique and compelling clinical profile and the effectiveness of our ongoing efforts to bring AYVAKIT to all patients who can benefit from treatment," said CEO Kate Haviland.

The company lowered its R&D expenses from $128M in the same quarter last year to $110.3M. However, net losses slightly widened from $133.2M to $133.7M.

As of September 30, 2023, Blueprint Medicines ( BPMC ) held $827.2M in cash, cash equivalents and investments, as compared to $1.07B as of December 31, 2022.

More on Blueprint Medicines

• Blueprint Medicines: Rating Downgrade Amid Growth Concerns
• Blueprint Medicines: At The Forefront Of Groundbreaking Cancer Treatments
• Blueprint Medicines Corporation 2023 Q2 - Results - Earnings Call Presentation
• Blueprint Medicines Q3 2023 Earnings Preview
• Blueprint Medicines dips despite Q2 beat

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