Revenue from Blueprint Medicines' rare-disease drug, Ayvakit, topped Wall Street's fourth-quarter expectations, and BPMC stock surged.
Ayvakit treats several forms of cancer, advanced and idiopathic systemic mastocytosis. Patients with these diseases experience a damaging buildup of mast cells on their organs. During the December quarter, Ayvakit generated $71 million in sales, growing 31% sequentially.
That beat expectations for $67.1 million, according to FactSet. Blueprint provided another estimate, saying analysts called for $65.5 million. Ayvakit sales have now topped expectations for four quarters, says Jim Baker, senior vice president of corporate affairs for Blueprint.
BPMC stock popped more than 13% to 87.51 in morning trades.
The company believes Ayvakit could become a blockbuster and bring in peak revenue of $2 billion. But for 2024, sales are expected to be a lower $360 million to $390 million. BPMC stock analysts surveyed by FactSet called for $391 million. Baker says FactSet only accounts for about half of the analysts who cover BPMC stock.
"All analyst consensus revenue for Ayvakit for full-year revenue coming into our guide this morning was $370 million," he said in an email to Investor's Business Daily. "We set revenue guidance at $360 million to $390 million for the year."
Blueprint stock has been doing well recently — and has a strong Relative Strength Rating of 92 out of a best-possible 99. The RS Rating means BPMC stock ranks in the top 8% of all stocks in terms of 12-month performance, according to IBD Digital.
Shares are below their 50-day line, but remain above their 200-day moving average, MarketSmith.com shows.
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