Blueprint Medicines (BPMC) Q4 2023 earnings summary

Executive summary

• AYVAKIT net product revenue reached $204.2M in FY 2023, up 84% YoY; Q4 revenue was $71.0M.

• 2024 revenue guidance is $360M–$390M, with most growth expected from ISM; operating expenses and cash burn are expected to decline.

Financial highlights

• FY 2023 total revenue was $249.4M vs. $204.0M in 2022; net product sales were $204.2M vs. $111.0M.

• Q4 2023 total revenue was $72.0M, including $71.0M in net product sales, vs. $38.8M and $30.1M, respectively, in Q4 2022.

• FY net loss was $507.0M vs. $557.5M in 2022; diluted loss per share was $8.37 vs. $9.35. Q4 net loss was $110.9M vs. $158.6M, and diluted loss per share was $1.82 vs. $2.65.

• FY R&D expense was $427.7M vs. $477.4M; SG&A was $295.1M vs. $237.4M.

• FY cost of sales fell to $8.5M from $17.8M, mainly due to lower inventory write-downs and collaboration-related sales costs.

Outlook and guidance

• 2024 global AYVAKIT net product revenue guidance is $360M–$390M across approved indications; the midpoint implies >80% YoY growth.

• Most 2024 revenue growth is expected from ISM; operating expenses and cash burn are expected to decline further, with R&D prioritization and greater SG&A leverage.

• H1 2024 plans include PIONEER long-term ISM data and BLU-222 combination data; BLU-808 IND submission is targeted for Q2 2024.