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Blueprint Medicines (BPMC) Misses on Q2 Earnings & Revenues

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Blueprint Medicines Corporation (BPMC - Free Report) reported a loss of $1.86 per share in the second quarter of 2021, narrower than the year-ago quarter’s loss of $2.28 but wider than the Zacks Consensus Estimate of $1.77

Quarterly revenues of $27.3 million were up significantly by 228% year over year, mainly due to higher collaboration and product revenues. However, the top line missed the Zacks Consensus Estimate of $29 million.

Shares of Blueprint Medicines have plunged 24.4% so far this year in comparison with the industry’s 0.4% decline.

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Quarter in Detail

Total revenues of $27.3 million comprised net product revenues and collaboration revenue. Net product revenues include $8.5 million from the sales of Ayvakit (avapritinib) and $2.9 million from the newly-approved Gavreto (pralsetinib). Collaboration revenues were $15.9 million, primarily drawn from the agreements with CStone and Roche (RHHBY - Free Report) .

Research and development (R&D) expenses were $80 million, down 12.1% from the year-ago quarter’s figure. This was primarily owing to the reimbursement received under the Roche collaboration deal for Gavreto.

Selling, general and administrative (SG&A) expenses were $49.3 million, up 16.8% year over year on account of higher costs related to the commercialization of Ayvakit/Ayvakyt (brand name of Ayvakit in Europe) and Gavreto.

Blueprint Medicines had cash, cash equivalents and investments worth $1.38 billion as of Jun 30, 2021, marginally lower than $1.43 billion as of Mar 31, 2021.

Pipeline Updates

Ayvakit/Ayvakyt

In June 2021, the FDA approved Blueprint Medicines’ supplemental new drug application (sNDA) seeking approval of Ayvakit for treating advanced systemic mastocytosis (SM), a rare and debilitating disease.

We inform investors that Ayvakit was approved by the FDA in January 2020 for treating unresectable or metastatic gastrointestinal stromal tumor (GIST) harboring a PDGFRA exon 18 mutation, including PDGFRA D842V mutations in adults.

In March 2021, the European Medicines Agency validated Blueprint Medicines’ Type II variation marketing authorization application seeking approval for Ayvakyt for treating advanced SM.

Gavreto

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”).

Others

Blueprint Medicines initiated a phase II/III HARBOR study to evaluateBLU-263, a next generation KIT inhibitor, to treat non-advanced SM and other mast cell disorders.

The company also initiated a phase I/II study for BLU-945, a triple-mutant EGFR inhibitor, to address patients with treatment-resistant EGFR-driven NSCLC. The company plans to start a phase I study of BLU-701, a double mutant EFR inhibitor, in patients with treatment-resistant EGFR-driven NSCLC. The company anticipates to evaluate both candidates as a single-agent as well as a combination in the second half of 2021 to treat naïve EGFR-driven NSCLC.

 

Zacks Rank & Stocks to Consider

Currently, Blueprint Medicines has a Zacks Rank #3 (Hold).

Some better-ranked stocks from the biotech sector include Repligen Corporation (RGEN - Free Report) and Vanda Pharmaceuticals (VNDA - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Repligen’s earnings per share estimates for 2021 have increased from $2.26 to $2.69 in the past 30 days. The same for 2022 have increased from $2.56 to $2.94 over the same period. The stock has rallied 25.8% in the year so far.

Vanda’s earnings per share estimates for 2021 have increased from $0.62 to $0.63 in the past 30 days. The same for 2022 have increased from $0.80 to $0.86 over the same period. The stock has risen 35.9% in the year so far.