BPMC - Why Blueprint Medicines Stock Soared Today
2023-10-26 17:47:00 ET
Shares of Blueprint Medicines (NASDAQ: BPMC) closed up 25.6% on Thursday after the cancer and blood discorder therapy company announced stronger-than-expected quarterly results.
Blueprint Medicines' third-quarter revenue declined 14.1% year over year to $56.6 million, translating to a net loss of $2.20 per share. Analysts, on average, were expecting a wider net loss of $2.37 per share on revenue of only $51 million.
Note Blueprint's revenue included 90% year-over-year growth in net-product revenues (to $49.1 million) from U.S. sales of Ayvakit, with more than 800 patients using the treatment at the end of the quarter. More than half of Blueprint's top line in last year's Q3 came from collaboration and license revenues. This was also the company's first full quarter following Ayvakit's launch to treat indolent systemic mastocytosis (ISM).
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Why Blueprint Medicines Stock Soared Today