NEW YORK – Blueprint Medicines reported on Thursday before markets opened more than a threefold increase in Q2 revenues, driven by increased sales of several precision oncology products and an increase in collaboration revenues.
The Cambridge, Massachusetts-based company reported $27.3 million in total revenues for the three months ending June 30 compared to $8.3 million in Q2 2020, exceeding analysts' consensus estimate of $19 million. Pharmaceutical revenues more than doubled to $11.4 million during the quarter compared to $5.7 million in Q2 2020.
Sales of Blueprint's avapritinib (Ayvakit) were $8.5 million in the second quarter compared to $5.7 million in the year-ago period, marking a 49 percent jump. The drug treats patients with gastrointestinal tumors harboring PDGFRA exon 18 mutations, and in June it was also approved in the US for advanced systemic mastocytosis (SM), which is driven by the KIT D8186V mutation.
While the new indication didn't contribute much in Q2 revenue due to the timing of the approval, the company expects the advanced SM indication to be "the primary driver of Ayvakit revenue growth going forward," Christina Rossi, Blueprint's chief commercial officer, said on the firm's earnings call Thursday. The company also projected continued incremental growth from sales of avapritnib's GIST indication, which was approved in the US in 2020.
Blueprint's RET inhibitor pralsetinib (Gavreto), a drug for RET-altered, metastatic non-small cell lung and thyroid cancers, recorded $2.9 million in sales in the second quarter. That drug competes with Eli Lilly's selpercatinib (Retevmo) in the same tumor types with RET alterations.
Since the US Food and Drug Administration approved pralsetinib for advanced NSCLC and thyroid cancer last year, Rossi said the drug has "steadily increased" its market share, and in the US, pralsetinib now accounts for more than 40 percent of new patient scripts for RET inhibitors.
A year ago, Roche paid Blueprint $775M for certain rights to pralsetinib. At the end of Q2, Blueprint reached a milestone in that joint commercialization agreement, and going forward Roche subsidiary Genentech will book end-user sales of pralsetinib and will assume responsibility for product distribution in the US, Rossi said.
A significant portion of Blueprint's revenues are from collaboration agreements like the one for pralsetinib with Roche. Collaboration revenue grew nearly sixfold to $15.9 million in Q2 2021 compared to $2.7 million in Q2 2020.
Blueprint began two new trials of its pipeline products during the second quarter. One is a Phase II/III trial of BLU-263, Blueprint's next-generation KIT D816V inhibitor, in non-advanced SM. The other is a Phase I/II study of BLU-945 in patients with treatment-resistant EGFR-mutated NSCLC. In the second half of 2021, the company also expects to begin another trial in EGFR-mutated NSCLC, evaluating its BLU-701 agent.
This week, Blueprint also announced a research collaboration with MD Anderson Cancer Center to accelerate development of its CDK2-inhibitor, BLU-222, across different cancer types and to identify biomarkers of response.
The company reported a net loss for the second quarter of $108.4 million, or $1.86 per share, compared to a net loss of $123.5 million, or $2.28 per share, in Q2 2020. On average, Wall Street also expected a net loss of $1.86 per share.
In Q2, Blueprint's R&D expenses decreased 12 percent to $80 million in Q2 2021 compared to $91.1 million in Q2 2020. It's selling, general, and administrative expenses were $49.3 million, growing 17 percent compared to $42.2 million in the year-ago quarter.
As of June 30, Blueprint had $1.38 billion in cash, cash equivalents, and investments.