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Blueprint Medicines (BPMC) Q4 Earnings Beat, Revenues In Line
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Blueprint Medicines Corporation (BPMC - Free Report) reported a loss of $1.53 per share in the fourth quarter of 2020, narrower than the Zacks Consensus Estimate of $1.57 but wider than the year-ago quarter’s loss of $1.35.
Total revenues of $34.1 million were down 33.8% year over year mainly due to lower collaboration revenues. The top line was almost in line with the Zacks Consensus Estimate. Revenues include $6 million of net product revenues from the sales of Ayvakit (avapritinib) and $0.7 million from the newly approved Gavreto (pralsetinib). Collaboration revenues were $27.4 million, which were primarily drawn from the agreements with CStone and Roche (RHHBY - Free Report) . In the year-ago quarter, Blueprint Medicines recorded $51.5 million as collaboration revenues.
Shares of Blueprint Medicines were up 7.6% on Wednesday following the announcement of the results. However, the stock has declined 10.6% so far this year against the industry’s increase of 10.2%.
Quarter in Detail
Research and development expenses were $77.4 million, down 12.6% from the year-ago quarter’s figure, mainly owing to the reimbursement received under the Roche collaboration deal for Gavreto.
Selling, general and administrative expenses were $42.5 million, up 31.5% year over year on account of higher personnel fees, infrastructure and other commercial costs.
Blueprint Medicines had cash, cash equivalents and investments worth $1.5 billion as of Dec 31, 2020, marginally higher than $1.4 billion as of Sep 30, 2020. The strengthened cash position was mainly owing to an upfront payment of $775 million received from Roche in the third quarter of 2020.
Full-Year Results
For 2020, Blueprint Medicines generated revenues of $793.7 million, reflecting a significant increase year over year.
For the same period, the company reported earnings of $5.59 per share against the year-ago loss of $7.27 per share.
Ayvakit & Other Pipeline Updates
Along with earnings release, Blueprint Medicines announced that the FDA has accepted its supplemental new drug application (sNDA) seeking approval of Ayvakit for treating advanced systemic mastocytosis (“SM”), a rare, debilitating disease. With the FDA granting a priority review to the sNDA a decision from the regulatory body is expected on Jun 16, 2021. This might have been a catalyst for the stock to go up following the announcement of the news. Upon potential approval, the company plans to launch the drug in the first half of this year. A potential label expansion should also drive sales in the days ahead.
The company has also submitted a Type II variation marketing authorization application to the European Medicines Agency (“EMA”) seeking approval of Ayvakyt for the treatment of adult patients with advanced SM.
Please note that Ayvakit was approved by the FDA for treating unresectable or metastatic gastrointestinal stromal tumor (“GIST”), harboring a PDGFRA exon 18 mutation, including PDGFRA D842V mutations in adults in January 2020. Sales of the drug declined 1.6% on a sequential basis during the reported quarter.
Notably, in September 2020, the European Commission granted a conditional marketing authorization to Ayvakyt (brand name of Ayvakit in Europe) as a monotherapy for the treatment of adult patients with unresectable or metastatic GIST, harboring the PDGFRA D842V mutation.
Meanwhile, in December 2020, the FDA approved Gavreto (pralsetinib) for the treatment of patients with advanced/metastatic rearranged during transfection (“RET”)-mutant and RET fusion-positive thyroid cancer. In September 2020, the FDA approved Gavreto for the treatment of adults with metastatic RET fusion-positive non-small-cell lung cancer (“NSCLC”).
Blueprint Medicines Corporation Price, Consensus and EPS Surprise
Lexicon’s loss per share estimates have narrowed 74.2% for 2021 over the past 60 days. The stock has skyrocketed 127.5% year to date.
Vericel’s earnings estimates have been revised 11.7% upward for 2021 over the past 60 days. The stock has rallied 65.7% year to date.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research SherazMian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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Blueprint Medicines (BPMC) Q4 Earnings Beat, Revenues In Line
Blueprint Medicines Corporation (BPMC - Free Report) reported a loss of $1.53 per share in the fourth quarter of 2020, narrower than the Zacks Consensus Estimate of $1.57 but wider than the year-ago quarter’s loss of $1.35.
Total revenues of $34.1 million were down 33.8% year over year mainly due to lower collaboration revenues. The top line was almost in line with the Zacks Consensus Estimate. Revenues include $6 million of net product revenues from the sales of Ayvakit (avapritinib) and $0.7 million from the newly approved Gavreto (pralsetinib). Collaboration revenues were $27.4 million, which were primarily drawn from the agreements with CStone and Roche (RHHBY - Free Report) . In the year-ago quarter, Blueprint Medicines recorded $51.5 million as collaboration revenues.
Shares of Blueprint Medicines were up 7.6% on Wednesday following the announcement of the results. However, the stock has declined 10.6% so far this year against the industry’s increase of 10.2%.
Quarter in Detail
Research and development expenses were $77.4 million, down 12.6% from the year-ago quarter’s figure, mainly owing to the reimbursement received under the Roche collaboration deal for Gavreto.
Selling, general and administrative expenses were $42.5 million, up 31.5% year over year on account of higher personnel fees, infrastructure and other commercial costs.
Blueprint Medicines had cash, cash equivalents and investments worth $1.5 billion as of Dec 31, 2020, marginally higher than $1.4 billion as of Sep 30, 2020. The strengthened cash position was mainly owing to an upfront payment of $775 million received from Roche in the third quarter of 2020.
Full-Year Results
For 2020, Blueprint Medicines generated revenues of $793.7 million, reflecting a significant increase year over year.
For the same period, the company reported earnings of $5.59 per share against the year-ago loss of $7.27 per share.
Ayvakit & Other Pipeline Updates
Along with earnings release, Blueprint Medicines announced that the FDA has accepted its supplemental new drug application (sNDA) seeking approval of Ayvakit for treating advanced systemic mastocytosis (“SM”), a rare, debilitating disease. With the FDA granting a priority review to the sNDA a decision from the regulatory body is expected on Jun 16, 2021. This might have been a catalyst for the stock to go up following the announcement of the news. Upon potential approval, the company plans to launch the drug in the first half of this year. A potential label expansion should also drive sales in the days ahead.
The company has also submitted a Type II variation marketing authorization application to the European Medicines Agency (“EMA”) seeking approval of Ayvakyt for the treatment of adult patients with advanced SM.
Please note that Ayvakit was approved by the FDA for treating unresectable or metastatic gastrointestinal stromal tumor (“GIST”), harboring a PDGFRA exon 18 mutation, including PDGFRA D842V mutations in adults in January 2020. Sales of the drug declined 1.6% on a sequential basis during the reported quarter.
Notably, in September 2020, the European Commission granted a conditional marketing authorization to Ayvakyt (brand name of Ayvakit in Europe) as a monotherapy for the treatment of adult patients with unresectable or metastatic GIST, harboring the PDGFRA D842V mutation.
Meanwhile, in December 2020, the FDA approved Gavreto (pralsetinib) for the treatment of patients with advanced/metastatic rearranged during transfection (“RET”)-mutant and RET fusion-positive thyroid cancer. In September 2020, the FDA approved Gavreto for the treatment of adults with metastatic RET fusion-positive non-small-cell lung cancer (“NSCLC”).
Blueprint Medicines Corporation Price, Consensus and EPS Surprise
Blueprint Medicines Corporation price-consensus-eps-surprise-chart | Blueprint Medicines Corporation Quote
Zacks Rank & Stocks to Consider
Blueprint Medicines currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the biotech sector include Lexicon Pharmaceuticals, Inc. (LXRX - Free Report) and Vericel Corporation (VCEL - Free Report) , both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Lexicon’s loss per share estimates have narrowed 74.2% for 2021 over the past 60 days. The stock has skyrocketed 127.5% year to date.
Vericel’s earnings estimates have been revised 11.7% upward for 2021 over the past 60 days. The stock has rallied 65.7% year to date.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research SherazMian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>