Blueprint Medicines (BPMC) is an American drug company based in Massachusetts. It develops treatments targeting people with genomically defined diseases, including cancers and hematologic disorders. A number of Blueprint’s drugs have been approved by the FDA, and the company has other product candidates in the pipeline.
Let’s take a look at Blueprint Medicines’ latest financial performance, business updates, and the newly added risk factor. (See Blueprint Medicines stock charts on TipRanks).
Q2 Financial Results
Blueprint Medicines reported revenue of $27.3 million for Q2 2021, compared to $8.3 million in the same quarter last year and the consensus estimate of $19.01 million. Revenue consisted of $15.9 million generated through collaboration arrangements, and the rest came from product sales. The company recorded $8.5 million in AYVAKIT/AYVAKYT sales and $2.9 million in GAVRETO sales.
It posted a loss per share of $1.86, which met the consensus estimate and narrowed from a loss per share of $2.28 in the same quarter last year. Blueprint ended Q2 with $1.38 billion in cash.
Business Updates
Blueprint Medicines has entered into a strategic partnership with The University of Texas MD Anderson Cancer Center to accelerate the development of its BLU-222 drug candidate. The company is developing BLU-222 as a therapy for cyclin E-aberrant cancers.
In Q2, Blueprint advanced with the clinical trials of BLU-263 and BLU-945. It is developing BLU-263 as a treatment for systemic mastocytosis. BLU-945 is under development as a therapy for treatment-resistant EGFR-driven non-small cell lung cancer.
Risk Factors
The new TipRanks Risk Factors tool shows 63 risk factors for Blueprint Medicines. Since Q4 2020, the company updated its risk profile with one new risk factor under the Ability to Sell category.
Blueprint tells investors that there is increasing demand for its drug candidates in compassionate use programs. This is where patients with unmet medical needs may be allowed to use unapproved drugs. The company cautions that a decision to provide or deny access to its drug candidates for compassionate use may generate negative publicity that could, in turn, harm its reputation and business.
The majority of Blueprint Medicines’ risk factors fall under the Tech and Innovation category, with 32% of total risks. That is above the sector average of 26%. Blueprint’s shares have declined about 8% since the beginning of 2021.
Analysts’ Take
In July, Morgan Stanley analyst David Lebovitz reiterated a Hold rating on Blueprint Medicines stock with a price target of $96. Lebovitz’s price target suggests 7.45% downside potential.
Consensus among analysts is a Moderate Buy based on 4 Buys and 2 Holds. The average Blueprint Medicines price target of $124 implies 19.54% upside potential to current levels.
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