2Seventy Bio (TSVT) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Company transformation and strategic focus

• Completed major divestitures, selling research pipeline to Regeneron and heme program to Novo Nordisk, streamlining operations to focus solely on Abecma for multiple myeloma.

• Workforce reduced to about 60, primarily supporting Abecma manufacturing and quality control.

• Cost-cutting measures on track to save $150 million year-over-year, supporting the path to break-even.

• Break-even targeted with US sales slightly below $400 million, potentially achievable as soon as next year.

• Strategic optionality and capital markets independence expected upon reaching profitability.

Abecma commercial performance and growth drivers

• Abecma received FDA approval for third-line multiple myeloma in April, expanding the addressable US market to 16,000–18,000 patients.

• Revenue in Q2 reached $54 million, with a notable increase in apheresis procedures indicating future growth.

• Growth expected to accelerate in Q3 and beyond as third-line uptake materializes.

• Sales force and medical science liaisons actively promote Abecma, with messaging focused on efficacy, safety, and manufacturing reliability.

• Promotionally sensitive market; further investment in commercial efforts under consideration for 2025.

Market dynamics and competitive landscape

• Multiple myeloma market remains highly competitive, with no single winner expected; physician and patient-specific decisions drive product choice.

• Competition includes other CAR T therapies and bispecific antibodies, with new entrants like Gilead/Arcellx's anito-cel being closely monitored.

• Abecma's differentiation centers on safety profile, efficacy, and manufacturing turnaround (25 days from apheresis to shipment).

• Ongoing efforts to expand geographic footprint and site engagement to increase market share.