Shares of oncology-focused Blueprint Medicines ( NASDAQ: BPMC ) surged ~13% in the morning hours Tuesday despite lower-than-expected financials for 2Q 2022 as management outlined plans to report data from a registration enabling trial for leading drug AYVAKIT in August.
Revenue for the quarter grew ~28% YoY to $36.5M as systemic mastocytosis therapy AYVAKIT added $28.5M of net product revenue while collaboration revenues stood at $8M.
"We are now one year into the AYVAKIT launch in advanced systemic mastocytosis (SM) and continue to see a significant expansion of our prescriber base as well as strong patient demand, reinforcing our conviction in the growth opportunity in SM," Chief Executive Kate Haviland remarked.
While the cost of sales dropped ~25% YoY to $4.9M, the company’s net loss expanded ~47% YoY to $159.7M as SG&A expenses climbed ~19% YoY to $58.7M. However, cash, cash equivalents, and investments fell only ~8% from 2021 year-end to $947.2M.
In terms of upcoming milestones, Blueprint ( BPMC ) expects to report topline data from the pivotal PIONEER trial of AYVAKIT in non-advanced SM in Aug. 2022.
For 2022, the management continues to project $180M – $200M in total revenues, including $115M – $130M AYVAKIT net product revenue compared to $52.3M in the year so far.
The current consensus estimates indicate $195.4M revenue for the company in 2022.
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Blueprint jumps 13% ahead of key data readout despite earnings miss