Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 _____________________________ FORM 10-Q (Mark One) For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-37359 _____________________________ BLUEPRINT MEDICINES CORPORATION ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact Name of Registrant as Specified in Its Ch ...

Blueprint Medicines (BPMC) came out with a quarterly loss of $0.74 per share versus the Zacks Consensus Estimate of a loss of $0.42. This compares to loss of $1.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -76.19%. A quarter ago, it was expected that this cancer drug developer would post a loss of $0.70 per share when it actually produced a loss of $0.79, delivering a surprise of -12.86%.Over the last four quarters, the ...

Blueprint Medicines Driving growth and innovation with operational excellence First quarter 2025 financial and operating results INTRODUCTION AYVAKIT PERFORMANCE Kate Haviland Chief Executive Officer Philina Lee, PhD Chief Commercial Officer PROGRESS May 1, 2025 First quarter 2025 financial and operating results Becker Hewes, MD Chief Medical Officer FINANCIAL RESULTS Mike Landsittel Chief Financial Officer 2 CLINICAL Forward-looking statements This presentation contains forward-looking statements within th ...

Blueprint Medicines (BPMC) Q1 2025 Earnings Call May 01, 2025 08:00 AM ET Speaker0 Good morning. My name is Angela Lang, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Blueprint Medicines' First Q twenty twenty five Earnings Release and Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer Thank you. Jenna Cohen, you may begin your conference. Speaker1 Thank you, ...

Revenue Performance - AYVAKIT net product revenues reached $149.4 million in Q1 2025, representing a 61% year-over-year growth[1] - Total revenues for Q1 2025 reached $149.413 million, a 55.5% increase from $96.116 million in Q1 2024[19] - Product revenue, net was $149.413 million, compared to $92.525 million in the same quarter last year, indicating strong growth[19] Financial Guidance - The company raised AYVAKIT net product revenue guidance for 2025 to $700 - $720 million, aiming for $2 billion by 2030[4] Expenses - Research and development expenses for Q1 2025 were $91.9 million, up from $88.2 million in Q1 2024, reflecting increased investment in priority programs[9] - Selling, general and administrative expenses increased to $95.8 million in Q1 2025 from $83.6 million in Q1 2024, driven by commercialization activities[9] - Research and development expenses increased to $91.890 million from $88.191 million year-over-year, reflecting ongoing investment in innovation[19] - Selling, general and administrative expenses rose to $95.807 million, up from $83.557 million in Q1 2024, indicating increased operational costs[19] Net Income - Net income for Q1 2025 was $0.5 million, significantly lower than $89.1 million in Q1 2024, primarily due to a one-time gain in the previous year[9] - Net income for Q1 2025 was $496,000, a significant decrease from $89.136 million in Q1 2024[19] - Net income per share (basic) was $0.01, down from $1.45 in the previous year, highlighting a decline in profitability[19] Cash and Investments - Cash, cash equivalents, and investments totaled $899.8 million as of March 31, 2025, compared to $863.9 million at the end of 2024[9] Research and Development Initiatives - The company initiated two proof-of-concept studies for BLU-808, targeting allergic rhinoconjunctivitis and chronic urticaria[4] - The company presented 12 poster and two oral data presentations at the AAAAI/WAO conference, showcasing long-term data from the PIONEER study[4] - The company continues to focus on expanding its product offerings and enhancing its research capabilities to drive future growth[19] Strategic Goals - Blueprint Medicines plans to achieve reimbursement of AYVAKIT in at least 20 countries overall[9] - Blueprint Medicines aims to reduce cash burn year-over-year in 2025 while advancing its prioritized programs[5]

Company Overview - Blueprint Medicines Corporation is a global, fully integrated biopharmaceutical company focused on inventing life-changing medicines [3] - The company aims to alleviate human suffering by addressing important medical problems in two core areas: allergy/inflammation and oncology/hematology [3] - Blueprint Medicines has a track record of success with two approved medicines, including AYVAKIT®/AYVAKYT® (avapritinib) for systemic mastocytosis (SM) in the U.S. and Europe [3] Upcoming Events - The company will host a live conference call and webcast on May 1, 2025, at 8:00 a.m. ET to report its first quarter 2025 financial results and provide a corporate update [1] - Access to the live conference call can be obtained by dialing 833-470-1428 (domestic) or 404-975-4839 (international) with conference ID 082088 [2] - An archived webcast will be available on the company's website approximately two hours after the call and will remain accessible for 30 days [2] Research and Development Focus - Blueprint Medicines is advancing a broad pipeline of programs ranging from early science to advanced clinical trials in mast cell diseases, including SM and chronic urticaria, as well as breast cancer and other solid tumors [3]

Group 1 - Blueprint Medicines Corporation (BPMC) is a prominent developer of therapies targeting mast cell disorders and genetically determined cancers [1] - BPMC has recently expanded the application of Ayvakit (Avapritinib) for treating systemic mastocytosis, both advanced and indolent forms [1] - The company's pipeline includes BLU-808, indicating ongoing development in innovative therapies [1]

Core Insights - Blueprint Medicines Corporation presented data on AYVAKIT® (avapritinib) demonstrating its long-term safety and efficacy for treating indolent systemic mastocytosis (ISM), with sustained symptom relief and quality-of-life improvements over multiple years of therapy [1][2] - AYVAKIT-treated patients showed significant improvements in bone health, emphasizing the importance of early treatment in ISM [1][5] - The company reported positive results from the Phase 1 trial of BLU-808, an oral wild-type KIT inhibitor, indicating a wide therapeutic window for mast cell activity modulation [1][7] AYVAKIT Efficacy and Safety - AYVAKIT 25 mg once daily was well-tolerated over a median of 3 years, with no new safety signals identified; common treatment-related adverse events included low-grade peripheral edema, periorbital edema, headache, and nausea [5] - Patients experienced durable improvements in overall symptoms and quality of life, with 93% of patients showing improved or stable benefits after escalating to AYVAKIT 50 mg QD [5] - Real-world data indicated that 67% of ISM patients had osteoporosis/osteopenia, compared to 34% in a matched control cohort (p<0.0001) [5] BLU-808 Development - BLU-808 demonstrated a favorable safety profile in healthy volunteers, with no serious adverse events or dose modifications required [10] - The investigational drug achieved over 80% reductions in serum tryptase levels, indicating effective mast cell target engagement [10] - The company plans to initiate multiple proof-of-concept trials for BLU-808, with initial data expected later in 2025 [2] Industry Context - Systemic mastocytosis (SM) is a rare disease primarily driven by the KIT D816V mutation, affecting approximately 95% of cases, leading to severe and unpredictable symptoms that significantly impact patients' quality of life [9][11] - AYVAKIT is currently approved for treating ISM and advanced SM, marking a significant advancement in therapeutic options for these patients [13]

Core Viewpoint - Blueprint Medicines Corporation (BPMC) reported a wider-than-expected adjusted loss for Q4 2024, with revenues missing estimates but showing significant year-over-year growth driven by Ayvakit sales [1][11]. Financial Performance - The adjusted loss per share for Q4 2024 was $0.79, compared to a loss of $1.82 per share in the same quarter last year [1]. - Quarterly revenues reached $146.4 million, all from Ayvakit sales, falling short of the Zacks Consensus Estimate of $148 million, but representing a 103.4% increase year-over-year [1][11]. - Total revenues for 2024 were $508.8 million, up from $249.4 million in 2023, but slightly below the Zacks Consensus Estimate of $510 million [11]. Product Sales - Ayvakit product revenues amounted to $144.1 million in Q4 2024, with $124.1 million from U.S. sales and $20 million from ex-U.S. sales, reflecting a 102.9% year-over-year increase [4]. - The label expansion of Ayvakit in 2023 to treat indolent systemic mastocytosis (ISM) has increased the eligible patient population, contributing to robust sales growth [5]. Research and Development - R&D expenses totaled $83.6 million, down 14.2% from the previous year, attributed to operational efficiency and favorable timing in manufacturing clinical study materials [9]. - The company plans to initiate two proof-of-concept studies for BLU-808, which has shown promising results in early trials [13][14]. Strategic Developments - Following the severance of ties with Roche for Gavreto, BPMC signed a deal with Rigel Pharmaceuticals for the U.S. rights to the drug, which closed in June 2024 [6][7]. - The company expects to generate $680-$710 million in global Ayvakit net product revenues for 2024 and aims for $2 billion in sales by 2030 [12]. Market Performance - Shares of BPMC fell 8% on February 13 due to the lower-than-expected Q4 results, despite the stock gaining 8.7% over the past year compared to a 2.4% decline in the industry [2][5].

Financial Performance - For the year ended December 31, 2024, the company reported a net loss of $67.1 million, with accumulated deficits reaching $2.4 billion[555]. - Total revenues for 2024 reached $508,824, a 104% increase from $249,380 in 2023[599]. - The net loss for 2024 was $67,089, significantly improved from a net loss of $506,984 in 2023, reflecting a reduction of 87%[599]. - The company incurred an income tax expense of $1,226 in 2024, up 27% from $968 in 2023[599]. - Selling, general and administrative expenses increased by 22% from $295,141,000 in 2023 to $359,272,000 in 2024, largely due to increased commercial and related expenses[607][608]. - Interest expense, net, increased by 50% from $(18,793,000) in 2023 to $(28,151,000) in 2024, primarily due to higher interest charges on term loans[608]. Revenue Sources - Revenue for the year primarily consisted of product sales from AYVAKIT/AYVAKYT, with expectations for a robust increase in net product revenues in 2025 compared to 2024[559][561]. - Product revenue, net increased by 135% to $478,950 in 2024, driven by growth in the number of patients on therapy[600]. - Collaboration, license, and other revenue decreased by 34% to $29,874 in 2024, primarily due to reduced contributions from existing collaborations[601]. Expenses and Costs - Research and development expenses decreased by 20% from $427.7 million in 2023 to $341.4 million in 2024, with significant reductions in external expenses for several drug candidates[573]. - Total cost of sales increased by 136% from $8,540,000 in 2023 to $20,163,000 in 2024, driven by a 484% increase in the cost of collaboration and other sales[603][604]. - The cost of goods sold related to product sales is estimated to be within the low to mid-single digit percentage range[563]. Financing and Cash Flow - The company has raised a total of $3.9 billion through various financing activities, including $1.9 billion from public offerings and $1.1 billion from collaboration agreements[554]. - The company received $273,111,000 in net cash from financing activities in 2024, an increase of $153.9 million compared to 2023[617]. - As of December 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $863.9 million, an increase from $767.2 million in 2023[642]. - Net cash used in operating activities decreased by $244.3 million, from $(436,847,000) in 2023 to $(192,586,000) in 2024, due to a decrease in net loss[615]. Future Outlook - The company anticipates variability in future revenue due to the timing and amount of product sales and collaboration agreements[560]. - The company aims to expand its sales and marketing infrastructure to commercialize avapritinib and seek marketing approval in additional geographies[556]. - The company plans to continue developing drug candidates, including elenestinib and BLU-808, with a modest increase in research and development expenses expected in 2025[575]. - The company anticipates significant commercialization expenses for AYVAKIT/AYVAKYT and other drug candidates if approved, impacting future capital requirements[625]. Debt and Obligations - The net carrying value of the term loan was $387.0 million as of December 31, 2024[621]. - The long-term debt obligation related to the term loan is $553.6 million over the next five years, with $43.9 million expected to be paid within one year[637]. - The effective annual interest rate on the senior secured term loan was 12.0% as of December 31, 2024, with $387.0 million outstanding[644]. - The company has an obligation to pay $5.0 million under research service commitments within one year, contingent on achieving certain development and sales milestones[639]. Market and Economic Factors - The company does not currently hedge foreign currency exchange rate risk, exposing it to fluctuations in foreign currency rates due to contracts with vendors in Asia and Europe[647]. - Inflation has not significantly impacted the company's financial condition or results of operations in 2024 and 2023, but prolonged high inflation could adversely affect results[648]. - The company may seek additional funding to support ongoing operations and business objectives, which could lead to dilution of existing stockholders' interests[632]. Collaborations and Partnerships - The Roche collaboration for pralsetinib was terminated in February 2024, impacting revenue recognition from GAVRETO sales[564]. - The company has two approved medicines and multiple investigational programs advancing towards potential commercialization[553].