We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Blueprint's (BPMC) Q1 Earnings & Sales Top Estimates, View Up
Read MoreHide Full Article
Blueprint Medicines Corporation (BPMC - Free Report) reported a loss of $2.15 per share for the first quarter of 2023, narrower than the Zacks Consensus Estimate of a loss of $2.66 as well as our estimate of a loss of $2.63 per share. The company reported a $1.79 per share loss in the year-ago quarter.
Quarterly revenues of $63.3 million also surpassed both the Zacks Consensus Estimate and our estimate of $43 million and $40.7 million, respectively. The company reported total revenues of $62.7 million in the year-ago quarter.
Shares of Blueprint Medicines were up 12.6% on Thursday, following the announcement of the positive results. The stock has gained 33.4% this year against the industry’s decline of 6.1%.
Image Source: Zacks Investment Research
Quarter in Detail
Blueprint Medicines’ total revenues of $63.3 million comprised of net product revenues from Ayvakit (avapritinib) sales and collaboration revenues. Net product revenues from Ayvakit sales were $39.1 million (including $34.9 million in the United States). Sales of the drug grew 30% on a sequential basis and 63.9% on a year-over-year basis.
Collaboration revenues were $24.2 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. However, in February 2023, the company announced initiating the process of regaining development and commercialization rights for Gavreto from Roche.
Research and development (R&D) expenses were $112.1 million, down 8.7% from the year-ago figure. The primary driver of R&D expenses was increased compensation-related costs driven by improved headcount, along with increased costs related to early discovery efforts.
Selling, general and administrative expenses were $71 million, up 24.3% year over year, on account of higher costs related to the commercialization of Ayvakit/Ayvakyt (the brand name of Ayvakit in Europe), as well as increased compensation-related costs driven by improved headcount.
Blueprint Medicines had cash, cash equivalents and investments worth $961.3 million as of Mar 31, 2023, as compared with $1078.5 million as of Dec 31, 2022.
2023 Financial Guidance Updated
Blueprint Medicines now expects Ayvakit net product revenues for advanced systemic mastocytosis (SM) and gastrointestinal stromal tumors for 2023 in the range of $135-$145 million (earlier $130-$140 million). The Zacks Consensus Estimate for total revenues is currently pegged at $207.41 million. This guidance excludes revenues from the anticipated Ayvakit indication expansion in indolent SM (ISM) in mid-2023.
Blueprint Medicine also expects $40 million to $50 million (same as before) in collaboration revenues from existing collaborations for 2023.
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 ISM under priority review.
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 Zacks Consensus Estimate for Aptinyx’s 2023 loss per share has narrowed from 77 cents to 47 cents. This year, shares of Aptinyx have fallen by 58.6%.
APTX beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 6.56%.
In the past 90 days, the consensus estimate for ADMA Biologics’ 2023 loss per share has narrowed from 19 cents to 14 cents. This year, shares of ADMA Biologics have decreased by 11.8%.
ADMA beat estimates in three out of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 2.88%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Blueprint's (BPMC) Q1 Earnings & Sales Top Estimates, View Up
Blueprint Medicines Corporation (BPMC - Free Report) reported a loss of $2.15 per share for the first quarter of 2023, narrower than the Zacks Consensus Estimate of a loss of $2.66 as well as our estimate of a loss of $2.63 per share. The company reported a $1.79 per share loss in the year-ago quarter.
Quarterly revenues of $63.3 million also surpassed both the Zacks Consensus Estimate and our estimate of $43 million and $40.7 million, respectively. The company reported total revenues of $62.7 million in the year-ago quarter.
Shares of Blueprint Medicines were up 12.6% on Thursday, following the announcement of the positive results. The stock has gained 33.4% this year against the industry’s decline of 6.1%.
Image Source: Zacks Investment Research
Quarter in Detail
Blueprint Medicines’ total revenues of $63.3 million comprised of net product revenues from Ayvakit (avapritinib) sales and collaboration revenues. Net product revenues from Ayvakit sales were $39.1 million (including $34.9 million in the United States). Sales of the drug grew 30% on a sequential basis and 63.9% on a year-over-year basis.
Collaboration revenues were $24.2 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. However, in February 2023, the company announced initiating the process of regaining development and commercialization rights for Gavreto from Roche.
Research and development (R&D) expenses were $112.1 million, down 8.7% from the year-ago figure. The primary driver of R&D expenses was increased compensation-related costs driven by improved headcount, along with increased costs related to early discovery efforts.
Selling, general and administrative expenses were $71 million, up 24.3% year over year, on account of higher costs related to the commercialization of Ayvakit/Ayvakyt (the brand name of Ayvakit in Europe), as well as increased compensation-related costs driven by improved headcount.
Blueprint Medicines had cash, cash equivalents and investments worth $961.3 million as of Mar 31, 2023, as compared with $1078.5 million as of Dec 31, 2022.
2023 Financial Guidance Updated
Blueprint Medicines now expects Ayvakit net product revenues for advanced systemic mastocytosis (SM) and gastrointestinal stromal tumors for 2023 in the range of $135-$145 million (earlier $130-$140 million). The Zacks Consensus Estimate for total revenues is currently pegged at $207.41 million. This guidance excludes revenues from the anticipated Ayvakit indication expansion in indolent SM (ISM) in mid-2023.
Blueprint Medicine also expects $40 million to $50 million (same as before) in collaboration revenues from existing collaborations for 2023.
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 ISM under priority review.
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 Stocks to Consider
Blueprint Medicines currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Aptinyx and ADMA Biologics (ADMA - 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.
In the past 90 days, the Zacks Consensus Estimate for Aptinyx’s 2023 loss per share has narrowed from 77 cents to 47 cents. This year, shares of Aptinyx have fallen by 58.6%.
APTX beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 6.56%.
In the past 90 days, the consensus estimate for ADMA Biologics’ 2023 loss per share has narrowed from 19 cents to 14 cents. This year, shares of ADMA Biologics have decreased by 11.8%.
ADMA beat estimates in three out of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 2.88%.