Blueprint Medicines Corporation reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $128.2 million for the three months ended September 30, 2024, a substantial increase of 127% compared to $56.6 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $362.5 million, up 104% from $177.4 million in the prior year. This growth was primarily driven by a surge in product revenue, which amounted to $128.2 million for the quarter, compared to $54.2 million in the previous year, reflecting a 136% increase.
The company's product revenue from the United States also saw a notable rise, reaching $113.1 million for the three months ended September 30, 2024, compared to $49.1 million in the same period of 2023. Revenue from the Rest of World increased to $15.1 million, up from $5.1 million year-over-year. However, collaboration, license, and other revenue decreased significantly, primarily due to reduced manufacturing services related to the CStone collaboration.
Despite the revenue growth, Blueprint Medicines reported a net loss of $56.3 million for the three months ended September 30, 2024, an improvement from a net loss of $133.7 million in the same period of 2023. For the nine months, the net loss was $17.1 million, a significant reduction from $396.1 million in the prior year. The company attributed this improvement to optimized operational efficiency and reduced research and development expenses, which decreased by $29.3 million for the quarter and $79.4 million for the nine months.
Selling, general, and administrative expenses increased to $89.9 million for the three months ended September 30, 2024, up from $70.7 million in the same period of 2023, driven by increased commercial activities to support the launch of AYVAKIT/AYVAKYT. The company also reported a debt extinguishment gain of $173.7 million related to the termination of the Royalty Purchase Agreement with Royalty Pharma.
As of September 30, 2024, Blueprint Medicines had cash, cash equivalents, and marketable securities totaling $882.4 million, an increase from $767.2 million at the end of 2023. The company anticipates that its existing cash and equivalents will fund operations for at least the next twelve months. The company continues to focus on its core areas of allergy/inflammation and oncology/hematology, with ongoing development of its product pipeline, including AYVAKIT and elenestinib.
About Blueprint Medicines Corp
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