Blueprint Medicines Corp (BPMC) Reports Q3 2023 Earnings
Blueprint Medicines Corp (NASDAQ:BPMC) reported $56.6 million in total revenues for Q3 2023, with $54.2 million from AYVAKIT/AYVAKYT net product revenues, marking a 90% YoY growth.
The company's net loss was $133.7 million, or a net loss per share of $2.20, compared to a net loss of $133.2 million, or a net loss per share of $2.23 in Q3 2022.
As of September 30, 2023, cash, cash equivalents and investments were $827.2 million, compared to $1,078.5 million as of December 31, 2022.
Research and development expenses decreased to $110.3 million in Q3 2023, compared to $128.0 million in Q3 2022, reflecting the company's focus on optimizing operational efficiency.
Blueprint Medicines Corp (NASDAQ:BPMC) released its Q3 2023 earnings report on October 26, 2023. The company reported significant revenue growth, driven primarily by its AYVAKIT/AYVAKYT (avapritinib) product, and demonstrated a commitment to operational efficiency.
Financial Highlights
Blueprint Medicines Corp (NASDAQ:BPMC) reported total revenues of $56.6 million for the third quarter of 2023, including $54.2 million of net product revenues from sales of AYVAKIT/AYVAKYT, representing a 90% growth year-over-year. The company's net loss for the quarter was $133.7 million, or a net loss per share of $2.20, compared to a net loss of $133.2 million, or a net loss per share of $2.23 in the same period in 2022.
Operational Efficiency
Research and development expenses were $110.3 million for the third quarter of 2023, as compared to $128.0 million for the third quarter of 2022. This decrease was primarily due to a focused approach towards optimizing operational efficiency across the company's portfolio. Selling, general and administrative expenses were $70.7 million for the third quarter of 2023, as compared to $57.6 million for the third quarter of 2022.
Company's Cash Position
As of September 30, 2023, cash, cash equivalents and investments were $827.2 million, as compared to $1,078.5 million as of December 31, 2022. The company's durable capital position enables it to reach a self-sustainable profile.
Company's Outlook
Blueprint Medicines Corp (NASDAQ:BPMC) anticipates continued steady growth in AYVAKIT revenue driven by both existing and new prescribers as it executes a disciplined approach to managing operating expenses and allocating capital to its most important investments. The company's CEO, Kate Haviland, stated,
Through the end of this year and into 2024, we anticipate continued steady growth in AYVAKIT revenue driven by both existing and new prescribers as we execute a disciplined approach to managing operating expenses and allocating capital to our most important investments."
Explore the complete 8-K earnings release (here) from Blueprint Medicines Corp for further details.
This article first appeared on GuruFocus.
