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

Strategic transformation and focus

• Recent divestitures included selling the research pipeline to Regeneron and the heme program to Novo Nordisk, streamlining operations to focus solely on the commercial product Abecma.

• Abecma, a CAR T therapy for multiple myeloma, received FDA approval for third-line use in April, expanding its addressable US market to 16,000–18,000 patients.

• The company has reduced its workforce to about 60 employees and implemented cost-saving measures targeting $150 million in annual savings.

Commercial performance and growth drivers

• Q2 revenue reached $54 million, with modest regrowth and increased apheresis activity indicating rising demand.

• The third-line label expansion is expected to drive more meaningful revenue growth in Q3 and beyond, with a two-month lag from patient enrollment to revenue recognition.

• Early signs of growth include returning prescribers and major academic centers resuming Abecma use.

• The sales force, including CTAMs and MSLs, is critical for promotion, with messaging focused on efficacy, safety, and manufacturing reliability.

Market dynamics and competitive landscape

• The multiple myeloma market is highly competitive, with decisions on therapy being patient- and physician-specific.

• Key challenges for uptake include prescriber inertia, competition from other CAR T therapies and bispecific antibodies, and capacity constraints at various points in the treatment process.

• The company is monitoring new entrants, such as Gilead/Arcellx's anito-cel, and is investing in expanding its geographic footprint and site engagement.