bluebird bio Reports Revenue Growth to $83.8 Million Amid Increased Gene Therapy Infusions

bluebird bio, Inc. reported a significant increase in total revenue for the fiscal year ended December 31, 2024, reaching $83.8 million, compared to $29.5 million in the previous year. This growth was primarily driven by the infusion of 37 patients with its gene therapies, including ZYNTEGLO, SKYSONA, and LYFGENIA, compared to just 12 infusions in 2023. However, the company also faced a net loss of $240.7 million for the year, an increase from a loss of $211.9 million in 2023, reflecting ongoing challenges in achieving profitability. The accumulated deficit as of December 31, 2024, stood at approximately $4.5 billion.

In terms of operational changes, bluebird bio announced a restructuring plan in September 2024 aimed at reducing cash operating expenses by approximately 20%. This plan included a workforce reduction of about 25% and is expected to be fully realized by the third quarter of 2025. The company also entered into a Merger Agreement with Beacon Parent Holdings, L.P. on February 21, 2025, which involves a cash tender offer for its outstanding shares at $3.00 per share, plus a contingent value right. The transaction is anticipated to close in the first half of 2025, subject to regulatory approvals and other customary conditions.

The company has activated over 70 qualified treatment centers (QTCs) for the administration of its therapies, with a focus on establishing a robust network to support commercialization efforts. As of March 25, 2025, bluebird bio reported 14 patient starts for ZYNTEGLO and 11 for LYFGENIA in 2025, while no patients had completed cell collection for SKYSONA yet this year. The company has also implemented outcomes-based agreements with payers to enhance access to its therapies, covering approximately 200 million U.S. lives.

Looking ahead, bluebird bio's financial outlook remains uncertain, particularly if the Merger Transaction does not close as planned. The company has indicated that it will require additional funding to continue operations and support its commercialization efforts. As of December 31, 2024, bluebird bio had cash and cash equivalents of approximately $62.3 million, which it expects will fund operations into the second quarter of 2025. However, the company has acknowledged that it may face liquidity challenges if revenues do not meet projections or if expenses exceed expectations.