Blueprint Medicines Corporation
BPMC
reported a loss of $1.79 per share for first-quarter 2022, which was in line with the Zacks Consensus Estimate. The company had reported a loss of $1.72 per share in the year-ago quarter.
Quarterly revenues of $62.7 million comprehensively beat the Zacks Consensus Estimate of $43 million. Sales were significantly up from the year-ago figure of $21.6 million.
Shares of Blueprint Medicines were up 5.2% on Tuesday following the earnings announcement. The stock has lost 41.4% in the year so far compared with the
industry
’s decrease of 21.4%.
Image Source: Zacks Investment Research
Quarter in Detail
Since the company has transferred the responsibilities of booking U.S. product sales of Gavreto (pralsetinib) to
Roche
RHHBY
on Jul 1, 2021, Blueprint Medicines only records its share of profit and loss for the drug in its financial results.
Blueprint Medicines and Roche are co-developing Gavreto, which has been approved for treating patients with various types of RET-altered thyroid cancers and other solid tumors.
RHHBY reported Gavreto product sales of 5 million CHF.
Blueprint Medicines’ total revenues of $62.7 million comprised net product revenues from Ayvakit (avapritinib) sales and collaboration revenues. It reported net product revenues of $23.8 million. Collaboration revenues were $38.9 million, primarily generated from the agreements with CStone Pharmaceutical and Roche.
Research and development expenses were $103.1 million, up 24% from the year-ago figure, owing to higher costs associated with clinical studies and increased costs due to early discovery efforts.
Selling, general and administrative expenses were $57.1 million, up 35.9% year over year on account of higher costs related to the commercialization of Ayvakit/Ayvakyt (brand name of Ayvakit in Europe).
Blueprint Medicines had cash, cash equivalents, and investments worth $893.4 million as of Mar 31, 2022, lower than $1.03 billion on Dec 31, 2021.
2022 Guidance
Based on product revenue growth and collaboration revenues, Blueprint Medicines continues to expect total revenues for full-year 2022 in the range of $180-$200 million. The Zacks Consensus Estimate for the same currently stands at $195.93 million.
Net Ayvakit revenues are expected to be $115-$130 million in 2022.
Pipeline Updates
In March 2022, the European Commission
approved
Ayvakyt as a monotherapy for the treatment of adult patients with aggressive systemic mastocytosis (“SM”), including SM with an associated hematological neoplasm as well as mast cell leukemia, after at least one systemic therapy.
Following the latest nod from the EU, Ayvakyt became the first approved therapy designed to selectively target the KIT D816V mutation, the primary driver of disease in the region.
Ayvakit received FDA approval for treating unresectable or metastatic gastrointestinal stromal tumor harboring a PDGFRA exon 18 mutation, including PDGFRA D842V mutations in adults, in January 2020. The drug also received label expansion from the FDA in June 2021 to treat advanced SM, a rare and debilitating disease.
The company plans to submit a supplemental new drug application for Ayvakit in non-advanced SM to the FDA in the second half of 2022. Currently, there is no approved therapy for non-advanced SM.
On the first-quarter earnings call, management stated that Ayvakit has the potential to be the first and only treatment approved for non-advanced SM.
Blueprint Medicines Corporation Price, Consensus and EPS Surprise
Blueprint Medicines Corporation price-consensus-eps-surprise-chart
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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 are
Vertex Pharmaceuticals Incorporated
VRTX
and
Voyager Therapeutics, Inc.
VYGR
, 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
.
Vertex’s earnings estimates have been revised 0.3% upward for 2022 and 0.2% upward for 2023 over the past 60 days. The VRTX stock has rallied 22.5% year to date.
Earnings of Vertex surpassed estimates in each of the trailing four quarters.
Voyager Therapeutics’ loss per share estimates have narrowed 38.6% for 2022 and 29% for 2023 over the past 60 days. The VYGR stock has skyrocketed 213.6% year to date.
Earnings of Voyager Therapeutics have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion.
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