Blueprint Medicines' (BPMC) Q2 Earnings & Revenues Miss Mark

·3 min read

Blueprint Medicines Corporation BPMC reported a loss of $2.68 per share for second-quarter 2022, wider than the Zacks Consensus Estimate of a loss of $2.23. The company had reported a loss of $1.86 per share in the year-ago quarter.

Quarterly revenues of $36.5 million also missed the Zacks Consensus Estimate of $38 million. Sales were up 33.7% from the year-ago figure of $27.3 million.

Despite the weaker-than-expected earnings, shares of Blueprint Medicines were up 11.3% on Tuesday following the announcement of the news. The stock has plunged 47.5% in the year compared with the industry’s decrease of 22.6%.

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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 7 million CHF.

Blueprint Medicines’ total revenues of $36.5 million comprised net product revenues from (avapritinib) sales and collaboration revenues. Net product revenues from Ayvakit sales were $28.5 million. Sales of the drug grew 20% on a sequential basis.

Collaboration revenues were $8 million, primarily generated from the agreements with CStone Pharmaceutical and Roche.

Research and development expenses were $128.5 million, up 60.6% 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 $58.7 million, up 19.1% 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 $947.2 million as of Jun 30, 2022, higher than $893.4 million as of Mar 31, 2022.

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 $242.30 million.

Net Ayvakit revenues are expected in the range of $115-$130 million in 2022.

Pipeline Updates

Ayvakit is being evaluated in the phase II PIONEER study for treating non-advanced systemic mastocytosis or SM. BPMC plans to present top-line data from the study later this month.

Blueprint Medicines plans to submit a supplemental new drug application for Ayvakit in non-advanced SM to the FDA in the second half of 2022.

Blueprint Medicines Corporation Price, Consensus and EPS Surprise

Blueprint Medicines Corporation Price, Consensus and EPS Surprise
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 #3 (Hold). Some better-ranked stocks in the biotech sector include Beam Therapeutics Inc. BEAM and Precision BioSciences, Inc. DTIL, 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.

Beam Therapeutics’ loss per share estimates narrowed 0.7% for 2022 and 0.8% for 2023 in the past 60 days.

Earnings of Beam Therapeutics surpassed estimates in three of the trailing four quarters and missed on the other occasion. BEAM delivered an earnings surprise of 1.80%, on average.

Precision BioSciences’ loss per share estimates narrowed 5.8% for 2022 and 16.2% for 2023 in the past 60 days.

Earnings of Precision BioSciences surpassed estimates in each of the trailing four quarters. DTIL delivered an earnings surprise of 76.15%, on average.


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