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Blueprint's (BPMC) Q4 Earnings & Sales Top Estimates, Stock Up
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Blueprint Medicines Corporation (BPMC - Free Report) reported a loss of $2.65 per share for fourth-quarter 2022, narrower than the Zacks Consensus Estimate of a loss of $2.73. The company reported a $5.40 per share loss in the year-ago quarter.
Quarterly revenues of $39 million also surpassed the Zacks Consensus Estimate of $33 million. Product sales were up significantly from the year-ago figure of $20.03 million.
Shares of Blueprint Medicines were up 2.84% in the aftermarket hours following the announcement of the results. The stock has plunged 32.9% this year compared with the industry’s decline of 7%.
Image Source: Zacks Investment Research
Quarter in Detail
Blueprint Medicines’ total revenues of $39 million comprised of net product revenues from Ayvakit (avapritinib) sales and collaboration revenues. Net product revenues from Ayvakit sales were $30.1 million. Sales of the drug grew slightly on a sequential basis and 50.1% on a year-over-year basis.
Collaboration revenues were $8.7 million, primarily generated from the agreements with CStone Pharmaceutical and Roche (RHHBY - Free Report) .
In June 2018, the company inked a collaboration contract with CStone Pharmaceuticals to develop and commercialize its three clinical-stage candidates in Mainland China, Hong Kong, Macau and Taiwan, either as monotherapies or combo regimes. Blueprint Medicines is eligible to receive future milestone fees.
In July 2021, Blueprint Medicines transferred the responsibilities of booking the U.S. product sales of Gavreto to Roche. The company only records the share of profit and loss for Gavreto in financial results and does not record any net product revenues from Gavreto sales. As a result, Blueprint Medicines’ current product revenues solely comprise sales from Ayvakit.
The company suffered a year-over-year decline of 89.98% in collaboration revenues to $8.7 million.
Research and development expenses were $1117.8 million, down 67% from the year-ago figure. In the year-ago quarter, research and development expenses included $260 million incurred through the acquisition of Lengo Therapeutics and stand as the primary driver for the decrease in expenses in the reported quarter.
Selling, general and administrative expenses were $64 million, up 18.52% year over year, on account of higher costs related to the commercialization of Ayvakit/Ayvakyt (the brand name of Ayvakit in Europe).
Blueprint Medicines had cash, cash equivalents and investments worth $1078.5 million as of Dec 31, 2022, higher than $1,034.6 million in the year-ago quarter.
Full-Year 2022 Results
Revenues in the full-year 2022 were clocked at $204.04 million, portraying a 13.30% increase compared with 2021 results. Sales surpassed the Zacks Consensus Estimate of $198.5 million as well as the guided range of $180-$200 million.
Loss per share for the full year was $9.35 which was narrower than the Zacks Consensus Estimate of a loss of $9.41 per share.
2023 Financial Guidance
Blueprint Medicines expects to achieve in the range of $130-$140 million in Ayvakit net product revenues for advanced SM and GIST, rolling into 2023. The Zacks Consensus Estimate for the same currently stands at $199.94 million. This guidance excludes revenues from the anticipated Ayvakit indication expansion in ISM in mid-2023.
Blueprint Medicine also expects $40 million to $50 million in collaboration revenues from existing collaborations.
Pipeline Updates
In late January 2023, Blueprint Medicine announced that the FDA has accepted the company’s supplemental new drug application for Ayvakit (avapritinib) for the treatment of adults with indolent systemic mastocytosis (SM) under priority review.
The FDA had previously breakthrough therapy designation to Ayvakit for the treatment of moderate to severe indolent SM.
Blueprint Medicine expects a decision from the FDA on May 22, 2023.
Blueprint Medicines Corporation Price, Consensus and EPS Surprise
In the past 90 days, the estimate for 89BIO’s 2022 loss per share has narrowed from $3.09 to $2.99. During the same period, the loss estimate per share for 2023 has narrowed from $2.82 to $2.59. In the past year, the shares of 89BIO have risen by 220.5%.
ETNB’s earnings witnessed an average earnings surprise of 10.08%, beating three out of four estimates in the trailing four reported quarters.
In the past 90 days, the consensus estimate for ADMA Biologics’ 2022 loss per share has been flat at a loss of 33 cents. But, during the same period, the loss estimate per share for 2023 has narrowed from 20 cents to 19 cents. In the past year, the shares of ADMA Biologics have increased by 116.9%.
ADMA’s earnings beat estimates in three of the trailing four quarters, delivering an average earnings surprise of 1.81%.
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Blueprint's (BPMC) Q4 Earnings & Sales Top Estimates, Stock Up
Blueprint Medicines Corporation (BPMC - Free Report) reported a loss of $2.65 per share for fourth-quarter 2022, narrower than the Zacks Consensus Estimate of a loss of $2.73. The company reported a $5.40 per share loss in the year-ago quarter.
Quarterly revenues of $39 million also surpassed the Zacks Consensus Estimate of $33 million. Product sales were up significantly from the year-ago figure of $20.03 million.
Shares of Blueprint Medicines were up 2.84% in the aftermarket hours following the announcement of the results. The stock has plunged 32.9% this year compared with the industry’s decline of 7%.
Image Source: Zacks Investment Research
Quarter in Detail
Blueprint Medicines’ total revenues of $39 million comprised of net product revenues from Ayvakit (avapritinib) sales and collaboration revenues. Net product revenues from Ayvakit sales were $30.1 million. Sales of the drug grew slightly on a sequential basis and 50.1% on a year-over-year basis.
Collaboration revenues were $8.7 million, primarily generated from the agreements with CStone Pharmaceutical and Roche (RHHBY - Free Report) .
In June 2018, the company inked a collaboration contract with CStone Pharmaceuticals to develop and commercialize its three clinical-stage candidates in Mainland China, Hong Kong, Macau and Taiwan, either as monotherapies or combo regimes. Blueprint Medicines is eligible to receive future milestone fees.
In July 2021, Blueprint Medicines transferred the responsibilities of booking the U.S. product sales of Gavreto to Roche. The company only records the share of profit and loss for Gavreto in financial results and does not record any net product revenues from Gavreto sales. As a result, Blueprint Medicines’ current product revenues solely comprise sales from Ayvakit.
The company suffered a year-over-year decline of 89.98% in collaboration revenues to $8.7 million.
Research and development expenses were $1117.8 million, down 67% from the year-ago figure. In the year-ago quarter, research and development expenses included $260 million incurred through the acquisition of Lengo Therapeutics and stand as the primary driver for the decrease in expenses in the reported quarter.
Selling, general and administrative expenses were $64 million, up 18.52% year over year, on account of higher costs related to the commercialization of Ayvakit/Ayvakyt (the brand name of Ayvakit in Europe).
Blueprint Medicines had cash, cash equivalents and investments worth $1078.5 million as of Dec 31, 2022, higher than $1,034.6 million in the year-ago quarter.
Full-Year 2022 Results
Revenues in the full-year 2022 were clocked at $204.04 million, portraying a 13.30% increase compared with 2021 results. Sales surpassed the Zacks Consensus Estimate of $198.5 million as well as the guided range of $180-$200 million.
Loss per share for the full year was $9.35 which was narrower than the Zacks Consensus Estimate of a loss of $9.41 per share.
2023 Financial Guidance
Blueprint Medicines expects to achieve in the range of $130-$140 million in Ayvakit net product revenues for advanced SM and GIST, rolling into 2023. The Zacks Consensus Estimate for the same currently stands at $199.94 million. This guidance excludes revenues from the anticipated Ayvakit indication expansion in ISM in mid-2023.
Blueprint Medicine also expects $40 million to $50 million in collaboration revenues from existing collaborations.
Pipeline Updates
In late January 2023, Blueprint Medicine announced that the FDA has accepted the company’s supplemental new drug application for Ayvakit (avapritinib) for the treatment of adults with indolent systemic mastocytosis (SM) under priority review.
The FDA had previously breakthrough therapy designation to Ayvakit for the treatment of moderate to severe indolent SM.
Blueprint Medicine expects a decision from the FDA on May 22, 2023.
Blueprint Medicines Corporation Price, Consensus and EPS Surprise
Blueprint Medicines Corporation price-consensus-eps-surprise-chart | Blueprint Medicines Corporation Quote
Zacks Rank and Other Stocks to Consider
Blueprint Medicines currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same industry are 89BIO, Inc. (ETNB - Free Report) and ADMA Biologics, Inc. (ADMA - Free Report) , both carrying a Zacks Ranks #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the estimate for 89BIO’s 2022 loss per share has narrowed from $3.09 to $2.99. During the same period, the loss estimate per share for 2023 has narrowed from $2.82 to $2.59. In the past year, the shares of 89BIO have risen by 220.5%.
ETNB’s earnings witnessed an average earnings surprise of 10.08%, beating three out of four estimates in the trailing four reported quarters.
In the past 90 days, the consensus estimate for ADMA Biologics’ 2022 loss per share has been flat at a loss of 33 cents. But, during the same period, the loss estimate per share for 2023 has narrowed from 20 cents to 19 cents. In the past year, the shares of ADMA Biologics have increased by 116.9%.
ADMA’s earnings beat estimates in three of the trailing four quarters, delivering an average earnings surprise of 1.81%.