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Blueprint Medicines (BPMC) Q4 Loss Widens, Revenues Top Mark
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Blueprint Medicines Corporation (BPMC - Free Report) incurred an adjusted loss of 99 cents per share (excluding a one-time payment of $260 million incurred for the acquisition of Lengo Therapeutics) for fourth-quarter 2021, wider than the Zacks Consensus Estimate of a loss of 71 cents. The company reported a loss of $1.53 per share in the year-ago quarter.
On a reported basis, the company incurred a loss of $5.40 per share in the fourth quarter of 2021.
However, quarterly revenues of $107 million beat the Zacks Consensus Estimate of $104 million. Sales were significantly up from the year-ago figure of $34.1 million.
Shares of Blueprint Medicines were down 10% on Wednesday following the mixed earnings announcement. The stock has declined 25.3% in the past year compared with the industry’s decrease of 39.1%.
Image Source: Zacks Investment Research
Full-Year Results
For 2021, Blueprint Medicines generated total revenues of $180.1 million compared with $793.7 million recorded in 2020.
For full-year 2021, the company reported a loss of $11.01 per share against its net income of $5.59 per share reported in 2020.
Quarter in Detail
Since the company has transferred the responsibilities of booking U.S. product sales of Gavreto (pralsetinib) to Roche (RHHBY - Free Report) on Jul 1, 2021, Blueprint Medicines only records the share of profit and loss for the drug in its financial results.
Blueprint Medicines is co-developing Gavreto with Roche, which is approved for treating patients with various types of RET-altered thyroid cancers and other solid tumors.
The company’s total revenues of $107 million comprised net product revenues from Ayvakit (avapritinib) sales and collaboration revenues. It reported net product revenues of $20 million. Collaboration revenues were $87 million, primarily generated from the agreements with CStone Pharmaceutical and Roche.
The company reported a collaboration loss sharing of $4.5 million for Gavreto during the quarter.
Research and development expenses were $356.9 million, significantly up from the year-ago figure. Research and development expenses included $260 million, which were incurred to complete the acquisition of Lengo Therapeutics in December 2021. This was the primary reason for the year-over-year surge in expenses.
Selling, general and administrative expenses were $54.2 million, up 27.5% 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 $1.03 billion as of Dec 31, 2021, lower than $1.29 billion on Sep 30, 2021.
2022 Guidance
Based on product revenue growth and collaboration revenues, Blueprint Medicines anticipates total revenues for full-year 2022 in the range of $180-$200 million. The Zacks Consensus Estimate for the same currently stands at $228.6 million.
Net Ayvakit revenues are expected to be $115-$130 million in 2022.
Pipeline Updates
Ayvakit is being evaluated in the phase II PIONEER study for treating non-advanced systemic mastocytosis (“SM”). Data from the study is anticipated in mid-2022. Pending results from the study, the company plans to submit a supplemental new drug application for Ayvakit in non-advanced SM to the FDA by the end of 2022.
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.
On the fourth-quarter earnings call, management stated that the advanced SM indication has now become the primary driver of product revenues for Ayvakit.
In January 2022, the European Medicines Agency’s Committee for Medicinal Products for Human Use rendered a positive opinion on and recommended the approval for Ayvakyt as a monotherapy for treating adult patients with advanced SM.
Blueprint Medicines Corporation Price, Consensus and EPS Surprise
Image: Bigstock
Blueprint Medicines (BPMC) Q4 Loss Widens, Revenues Top Mark
Blueprint Medicines Corporation (BPMC - Free Report) incurred an adjusted loss of 99 cents per share (excluding a one-time payment of $260 million incurred for the acquisition of Lengo Therapeutics) for fourth-quarter 2021, wider than the Zacks Consensus Estimate of a loss of 71 cents. The company reported a loss of $1.53 per share in the year-ago quarter.
On a reported basis, the company incurred a loss of $5.40 per share in the fourth quarter of 2021.
However, quarterly revenues of $107 million beat the Zacks Consensus Estimate of $104 million. Sales were significantly up from the year-ago figure of $34.1 million.
Shares of Blueprint Medicines were down 10% on Wednesday following the mixed earnings announcement. The stock has declined 25.3% in the past year compared with the industry’s decrease of 39.1%.
Image Source: Zacks Investment Research
Full-Year Results
For 2021, Blueprint Medicines generated total revenues of $180.1 million compared with $793.7 million recorded in 2020.
For full-year 2021, the company reported a loss of $11.01 per share against its net income of $5.59 per share reported in 2020.
Quarter in Detail
Since the company has transferred the responsibilities of booking U.S. product sales of Gavreto (pralsetinib) to Roche (RHHBY - Free Report) on Jul 1, 2021, Blueprint Medicines only records the share of profit and loss for the drug in its financial results.
Blueprint Medicines is co-developing Gavreto with Roche, which is approved for treating patients with various types of RET-altered thyroid cancers and other solid tumors.
The company’s total revenues of $107 million comprised net product revenues from Ayvakit (avapritinib) sales and collaboration revenues. It reported net product revenues of $20 million. Collaboration revenues were $87 million, primarily generated from the agreements with CStone Pharmaceutical and Roche.
The company reported a collaboration loss sharing of $4.5 million for Gavreto during the quarter.
Research and development expenses were $356.9 million, significantly up from the year-ago figure. Research and development expenses included $260 million, which were incurred to complete the acquisition of Lengo Therapeutics in December 2021. This was the primary reason for the year-over-year surge in expenses.
Selling, general and administrative expenses were $54.2 million, up 27.5% 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 $1.03 billion as of Dec 31, 2021, lower than $1.29 billion on Sep 30, 2021.
2022 Guidance
Based on product revenue growth and collaboration revenues, Blueprint Medicines anticipates total revenues for full-year 2022 in the range of $180-$200 million. The Zacks Consensus Estimate for the same currently stands at $228.6 million.
Net Ayvakit revenues are expected to be $115-$130 million in 2022.
Pipeline Updates
Ayvakit is being evaluated in the phase II PIONEER study for treating non-advanced systemic mastocytosis (“SM”). Data from the study is anticipated in mid-2022. Pending results from the study, the company plans to submit a supplemental new drug application for Ayvakit in non-advanced SM to the FDA by the end of 2022.
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.
On the fourth-quarter earnings call, management stated that the advanced SM indication has now become the primary driver of product revenues for Ayvakit.
In January 2022, the European Medicines Agency’s Committee for Medicinal Products for Human Use rendered a positive opinion on and recommended the approval for Ayvakyt as a monotherapy for treating adult patients with advanced SM.
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 #4 (Sell).
Better-ranked stocks in the biotech sector include Axsome Therapeutics, Inc. (AXSM - Free Report) and Kaleido Biosciences, Inc. , both sporting a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Axsome Therapeutics’ loss per share estimates have narrowed 0.5% for 2022 over the past 60 days.
Earnings of Axsome Therapeutics have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion.
Kaleido Biosciences’ loss per share estimates have narrowed 11.3% for 2022 over the past 60 days.
Earnings of Kaleido Biosciences have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion.