Blueprint Medicines Corp (BPMC)·Q1 2025 Earnings Summary

Executive Summary

• AYVAKIT global net product revenue rose 61% year over year to $149.4M in Q1 2025 ($129.4M U.S., $20.0M ex-U.S.), prompting a raise in full-year 2025 AYVAKIT revenue guidance to $700–$720M .
• GAAP net income was $0.5M (diluted EPS $0.01), versus $89.1M (diluted EPS $1.40) in Q1 2024; Q1 2025 benefited from a $50.0M one-time equity investment gain, while the prior-year period included a $173.7M non-cash debt extinguishment gain .
• Management highlighted a “well below 10%” free-goods rate in Q1 (favorable to expectations), derisking a key variable amid Medicare Part D redesign; underlying demand drivers (new starts, duration) tracked to plan .
• Strategic/catalyst update: initiated BLU-808 proof-of-concept studies (allergic rhinoconjunctivitis, chronic urticaria), and advancing HARBOR (elenestinib) in ISM; strong cash of $899.8M supports continued investment and a path to self-sustainability .

What Went Well and What Went Wrong

What Went Well

• AYVAKIT revenue momentum and guidance raise: Q1 AYVAKIT net product revenue of $149.4M (+61% YoY) and FY25 revenue guidance lifted to $700–$720M, underpinned by stronger-than-expected free vs. commercial mix and robust demand metrics .
• Favorable free-goods dynamics: “free goods rate now well below 10%,” derisking a major Q1 uncertainty tied to Part D/foundation funding; management sees durability through 2025 .
• Pipeline execution: BLU-808 entered two PoC studies; HARBOR for elenestinib is enrolling; CEO reiterated the multiyear path to $2B AYVAKIT by 2030 and a $4B SM franchise opportunity .

Quote: “AYVAKIT is well on its way to meeting our goal of $2 billion in revenue by 2030… the substantial and growing multi-billion-dollar systemic mastocytosis opportunity” – CEO Kate Haviland .

What Went Wrong

• Profitability quality and optics: GAAP net income of $0.5M was primarily from a $50.0M one-time equity gain; operating profile reflects high R&D/SG&A as total cost and operating expenses ($190.5M) exceeded revenues ($149.4M) .
• International sequential lumpiness: ex-U.S. revenue flat QoQ at $20.0M (order timing and FX), with broader ex-U.S. ISM reimbursement still ramping beyond Germany .
• Limited quantitative guidance beyond revenue: no numeric OpEx, OI&E, tax-rate guidance; management signaled “modest” increases in R&D/SG&A and a YoY decline in cash burn, but without ranges .

Financial Results

Notes: Q1 2025 net income includes a $50.0M equity investment gain; Q1 2024 included a $173.7M non‑cash debt extinguishment gain .

Segment/Regional mix (AYVAKIT net product revenue):

KPIs and balance sheet:

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “AYVAKIT is well on its way to meeting our goal of $2 billion in revenue by 2030” – CEO Kate Haviland .
• “Free goods rate now well below 10%… one of the key drivers for our guidance update” – CCO Philina Lee .
• “We are raising our AYVAKIT net product revenue guidance to $700 million to $720 million for the year” – CFO Michael Landsittel .
• On macro: “IP being domiciled in the U.S. and our low cost of goods… insulated from potential biopharmaceutical tariffs” – CEO .
• On BLU-808: PoC in ARC and chronic urticaria will test multiple dosing regimens to balance efficacy/tolerability; early CIU data possible by year-end – CMO Becker Hewes .

Q&A Highlights

• Quarterly cadence and shape: Q1 had fewer ordering days; a “make-up” day benefits Q3; overall trajectory consistent with updated FY guide .
• Free-goods durability: now “well below 10%”; expected to remain relatively durable, watching new Medicare patient access/foundation funding .
• International dynamics: QoQ flat on orders/FX; Germany ISM performing well; expect more ISM reimbursements beyond Germany over 2025/2026 .
• BLU-808 dosing strategy: exploring consistent/induce-maintain/titrate-to-effect regimens (1–6 mg) to address symptom relief and biologic impact beyond antibody constraints .
• Commercial expansion: expanding field force to deepen allergy and add derm/GI; primary growth impact in 2026 and beyond .

Estimates Context

• S&P Global consensus estimates could not be retrieved via our tool mapping for BPMC; as a result, we cannot provide numeric comparisons to Street estimates for Q1 2025. We note management raised FY25 AYVAKIT guidance to $700–$720M, which typically prompts Street revenue model updates to the new range midpoint .
• If you want, we can re-attempt estimates retrieval when the S&P mapping is updated.

Key Takeaways for Investors

• Robust commercial momentum: AYVAKIT Q1 net product revenue of $149.4M (+61% YoY) with a favorable free-goods mix; FY25 guidance raised to $700–$720M .
• Quality of EPS: GAAP profitability was de minimis and driven by one-time gains; underlying operating expenses still exceed revenues, implying continued investment phase .
• Mix tailwind derisked: “Well below 10%” free-goods rate reduces a key 2025 uncertainty tied to Part D/foundation dynamics .
• Pipeline catalysts: BLU-808 early PoC readouts (initial CIU data possible by YE25) and HARBOR enrollment progress in ISM underpin medium-term optionality .
• International expansion: Germany ISM ramp is healthy; broader EU reimbursement will be incremental, with quarter-to-quarter lumpiness from orders/FX .
• Cash runway: $899.8M cash and investments and expectation of lower 2025 cash burn support continued commercial and R&D investment toward a self-sustaining profile .
• Near-term trading setup: Guidance raise and favorable mix are supportive; watch sequential revenue cadence (order-day dynamics Q2→Q3) and any updates on BLU-808 enrollment/data timing .

Appendix: Additional Data Points

• Balance sheet (Q1 2025 vs. 12/31/24): Cash, cash equivalents & investments $899.8M vs. $863.9M; total liabilities $853.5M; equity $342.1M .
• One-time items: $50.0M equity investment gain in Q1 2025 (IDRx/GSK); $173.7M non-cash debt extinguishment gain in Q1 2024 (Royalty Pharma termination) .