Blueprint Medicines Corporation (BPMC) reported a net loss of $67.1 million for the year ended December 31, 2024, compared to a net loss of $506.98 million in 2023. Total revenues increased significantly to $508.8 million in 2024, a 104% rise from $249.4 million in 2023. This increase was primarily driven by a 135% surge in net product revenue, reaching $478.9 million, largely attributed to increased sales of AYVAKIT/AYVAKYT for indolent and advanced systemic mastocytosis (SM) patients. Collaboration, license, and other revenue decreased by 34% to $29.9 million, primarily due to the termination of the Roche immunotherapy collaboration and decreased revenue from the CStone collaboration.
Total cost and operating expenses decreased slightly to $720.9 million in 2024 from $735.7 million in 2023. Research and development expenses decreased by 20% to $341.4 million, mainly due to a reduction in clinical and manufacturing-related activities. Conversely, selling, general, and administrative expenses increased by 22% to $359.3 million, reflecting increased commercialization efforts for AYVAKIT/AYVAKYT. Interest expense, net, increased by 50% to $28.2 million due to higher interest charges on the term loan with Sixth Street Partners, partially offset by higher interest income. Other income (expense), net, saw a substantial increase to $146.2 million, primarily due to a gain on the equity investment in IDRx, which is expected to be acquired by GSK plc.
Significant strategic developments during the period included the termination of the Roche pralsetinib collaboration agreement in February 2024, resulting in the sale of U.S. rights to pralsetinib to Rigel Pharmaceuticals. Blueprint Medicines also continued its collaborations with CStone Pharmaceuticals for avapritinib in Greater China and Zai Lab for BLU-525 and BLU-945 in Greater China. The company also advanced its pipeline, including the initiation of a Phase 3 trial for elenestinib (BLU-263) in indolent SM and the submission of an Investigational New Drug (IND) application for BLU-808, a wild-type KIT inhibitor. As of January 31, 2025, Blueprint Medicines employed 649 full- and part-time employees globally.
Blueprint Medicines' financial performance was significantly impacted by the increased sales of AYVAKIT/AYVAKYT, offset by decreased collaboration revenue and increased operating expenses. The company's outlook for 2025 anticipates a robust increase in net product revenues driven by continued patient growth on AYVAKIT/AYVAKYT and a gain on its equity investment in IDRx. The company also anticipates modest increases in research and development and selling, general, and administrative expenses to support ongoing and new initiatives. The company's financial position remains dependent on continued revenue generation from AYVAKIT/AYVAKYT and the successful advancement of its pipeline. The company's financial statements and risk factors highlight the inherent uncertainties associated with pharmaceutical development and commercialization.
About Blueprint Medicines Corp
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