The uptick in such expenses is due to higher costs related to the commercialization of Ayvakit in indolent systemic mastocytosis, as well as increased compensation-related costs driven by improved headcount.
Selling, general and administrative expenses were $71.9 million, up 22.5% year over year.
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The primary reason for the decrease in R&D expenses was continued operational efficiency gains across Blueprint’s portfolio along with favorable timing of manufacturing of clinical trial materials Research and development (R&D) expenses were $110.1 million, down 14.3% from the year-ago figure. The termination of the collaboration agreement will become effective in February 2024, at which time Blueprint will regain commercialization and development rights to Gavreto from Roche worldwide excluding the CStone Territory. However, in February 2023, the company announced initiating the process of regaining development and commercialization rights for Gavreto from Roche. As a result, Blueprint Medicines’ current product revenues solely comprise sales from Ayvakit. The company only records the share of profit and loss for Gavreto in financial results and does not record any net product revenues from Gavreto sales. In July 2021, BPMC transferred the responsibilities of booking the U.S. Blueprint Medicines is eligible to receive future milestone fees. In June 2018, the company inked a collaboration contract with CStone Pharmaceuticals to develop and commercialize its three clinical-stage candidates in Mainland China, Hong Kong, Macau and Taiwan, either as monotherapies or combo regimes. Blueprint recognizes collaboration revenues from the agreements with CStone Pharmaceutical and Roche. Our estimate for total revenues generated from Ayvakit sales was pegged at $32.7 million.Ĭollaboration revenues were $17.7 million, beating the Zacks Consensus Estimate of $7.92 million, as well as our estimate of $9 million. Sales of the drug grew 2% on a sequential basis and 40% on a year-over-year basis.
Net product revenues from Ayvakit sales were $39.9 million, which beat the Zacks Consensus estimate of $35.5 million for the total sales of the drug in the reported quarter. Quarter in Detailīlueprint Medicines’ total revenues comprised of net product revenues from Ayvakit (avapritinib) sales and collaboration revenues. However, Blueprint Medicines did not issue any product sales guidance for Ayvakit for 2023. The company reported total revenues of $36.5 million in the year-ago quarter. Quarterly revenues of $57.6 million also surpassed the Zacks Consensus Estimate of $45 million. The company had incurred a loss of $2.68 per share in the year-ago quarter. Blueprint Q2 Earnings and Revenues Beat Estimatesīlueprint Medicines Corporation reported a loss of $2.19 per share for the second quarter of 2023, narrower than the Zacks Consensus Estimate of a loss of $2.58. Will the recent negative trend continue leading up to its next earnings release, or is Blueprint Medicines due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Shares have lost about 2% in that time frame, underperforming the S&P 500.
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If you are good with personal finance and are looking to invest, you will find the Blueprint Medicines on NASDAQ stock exchange.It has been about a month since the last earnings report for Blueprint Medicines ( BPMC Quick Quote BPMC - Free Report). Always read up on optimal investment strategies if you are new to investing. Trading in bear markets is always harder so you might want to avoid these stocks if you are not a veteran. Since this share has a negative outlook we recommend looking for other projects instead to build a portfolio. Our Ai stock analyst implies that there will be a negative trend in the future and the BPMC shares are not a good investment for making money. Currently there seems to be a trend where stocks in the Healthcare Manufacturing sector(s) are not very popular in this period. According to present data Blueprint Medicines's BPMC shares and potentially its market environment have been in bearish cycle last 12 months (if exists). Recommendations: Buy or sell Blueprint Medicines stock? Wall Street Stock Market & Finance report, prediction for the future: You'll find the Blueprint Medicines share forecasts, stock quote and buy / sell signals below. Real Estate and Housing Market Forecast.
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