2seventy Bio reports Q4 EPS ($1.11), consensus (99c)

Reports Q4 revenue $10.7M, consensus $14.71M. Abecma generated $56 million U.S. commercial revenue in the fourth quarter of 2023 and $358 million for the full year, shared equally with Bristol Myers Squibb Ended quarter with $221.8 million cash, cash equivalents, and marketable securities; cash runway extended beyond 2027…”In the past weeks and months, 2seventy has made significant changes to our business and cost structure designed to optimize our ability to unlock value for Abecma,” said Chip Baird, incoming CEO. “While Abecma experienced continued competitive headwinds in the fourth quarter, we and our partners at Bristol Myers Squibb are approaching critical milestones that we believe will shift Abecma back to growth, including the upcoming ODAC meeting next week to review our sBLA for Abecma in earlier lines. Given the strength of the KarMMa-3 data, which was presented at the American Society of Hematology Annual Meeting and Exposition last year, and the positive response from regulators in other geographies, we have confidence in the outcome of the ODAC meeting and potential for approval in the third line setting. With the potential for this expanded label and continuing commercial execution, in addition to the ongoing KarMMa-9 study in newly-diagnosed patients with inadequate response to transplant, we have confidence in Abecma’s role as an important treatment option for patients living with multiple myeloma.”