Bluebird Bio Inc (BLUE) Reports Q3 2023 Financial Results: Strong Commercial Launch and ...
Bluebird Bio Inc (NASDAQ:BLUE) reported a strong commercial launch for ZYNTEGLO and SKYSONA with 22 patient starts across both programs.
The company ended the quarter with $227 million in cash, cash equivalents, marketable securities, and restricted cash.
BLUE entered into an advance agreement to sell a priority review voucher, if granted, for $103 million, which would strengthen its cash position.
Net loss for the quarter was $71.7 million, compared to a net loss of $76.5 million for the same period in 2022.
Bluebird Bio Inc (NASDAQ:BLUE) announced its third-quarter financial results for the period ending September 30, 2023, on November 7, 2023. The company reported strong commercial and operational progress, including the successful launch of its ZYNTEGLO and SKYSONA programs.
Operational Highlights
BLUE reported strong growth for ZYNTEGLO with 16 patient starts since launch and 6 patient starts for SKYSONA. The company also announced an amendment to its agreement with Lonza, which manufactures drug products for ZYNTEGLO and SKYSONA. This amendment will increase manufacturing capacity for both therapies.
The company's Qualified Treatment Center (QTC) network has expanded to 29 activated centers across 16 states. BLUE remains on track to scale to 40-50 activated QTCs by the end of 2023.
Financial Performance
BLUE reported a net revenue of $12.4 million for Q3 2023, compared to $0.1 million for the same period in 2022. The increase was primarily due to SKYSONA and ZYNTEGLO product revenue.
The company's cash, cash equivalents, marketable securities, and restricted cash balance was approximately $227 million as of September 30, 2023. BLUE anticipates full-year 2023 net cash burn to be in the range of $270-$300 million.
Research and development expenses were $45.5 million for Q3 2023, compared to $53.1 million for the same period in 2022. Selling, general, and administrative expenses were $40.7 million for Q3 2023, compared to $33.4 million for Q3 2022.
Looking Ahead
BLUE is looking forward to the FDA's Prescription Drug User Fee Act (PDUFA) goal date of December 20, 2023, for its lovo-cel product. If approved, the company anticipates a commercial launch in early 2024. The company also expects to scale to 40-50 activated QTCs by the end of 2023.
BLUE's CEO, Andrew Obenshain, expressed confidence in the company's commercial gene therapy experience and commitment to continued partnership with the sickle cell community. He also expressed excitement about the opportunity to bring gene therapy to individuals living with Sickle Cell Disease (SCD).
Explore the complete 8-K earnings release (here) from bluebird bio Inc for further details.
This article first appeared on GuruFocus.
