Blueprint Medicines Corporation (Nasdaq: BPMC) today announced its financial results and business highlights for the third quarter ended September 30, 2024, along with updated financial guidance.
Strong AYVAKIT Performance and Growth Outlook
“With AYVAKIT’s strong revenue performance this quarter, our year-to-date results are setting the stage for significant growth and value creation into 2025 and beyond,” said Kate Haviland, CEO of Blueprint Medicines. “We are raising our 2024 revenue expectations once again, now forecasting between $475 million and $480 million. Finishing the year close to half a billion dollars in revenue underscores AYVAKIT’s success as one of the most impactful rare disease launches to date. The continued revenue growth of AYVAKIT, combined with our targeted investments in key product opportunities, positions us to meaningfully reduce cash burn while focusing on long-term expansion and shareholder value.”
Q3 2024 Highlights and Recent Achievements
Mast Cell Disorders:
- Reported AYVAKIT net product revenue of $128.2 million in Q3 2024, with $113.1 million in the U.S. and $15.1 million from international markets, representing 136% growth year-over-year.
- Advanced a Phase 1 study of BLU-808, an investigational oral KIT inhibitor with best-in-class potential for chronic urticaria and other mast cell disorders. Early data from the study, assessing safety, pharmacokinetics, and pharmacodynamics, are expected in early 2025.
- Presented AYVAKIT data at the American College of Allergy, Asthma, and Immunology (ACAAI) conference, showcasing the drug’s efficacy in moderate to severe indolent systemic mastocytosis (ISM) and underscoring the importance of prompt diagnosis and treatment.
- Scheduled a scientific seminar on November 14, 2024, to discuss advancements in the mast cell franchise with Dr. Paul O’Byrne, a leading allergy and asthma expert.
Updated Financial Guidance for 2024
Blueprint Medicines now projects full-year global AYVAKIT net product revenues between $475 million and $480 million, up from the previous guidance of $435 million to $450 million. This increase reflects growth in patient uptake, favorable compliance trends, and strong performance internationally. The company anticipates a year-over-year reduction in operating expenses and cash burn in 2024 and expects that its existing cash, cash equivalents, and investments, along with projected product revenue, will support its transition to a self-sustaining financial position.
