Blueprint Medicines Corporation (BPMC) stock surged 5.01% during intraday trading on Friday, continuing its upward momentum following the company's recent first-quarter earnings report and raised guidance. Despite missing earnings and revenue estimates, investors appear to be focusing on the company's strong product sales and optimistic outlook.
The biotech firm reported a wider-than-expected Q1 loss of 74 cents per share, compared to the anticipated loss of 42 cents. Revenues of $149.4 million, generated entirely from Ayvakit sales, also fell short of expectations. However, Ayvakit sales showed impressive growth, jumping 61% year-over-year to $149.4 million, driven by new patient starts and high compliance rates.
Blueprint Medicines raised its 2025 guidance for global Ayvakit net product revenues to $700-$720 million, up from the previous range of $680-$710 million. This increase, coupled with the company's long-term sales target of $2 billion for Ayvakit by 2030, seems to have bolstered investor confidence. Additionally, positive updates on the company's pipeline, including progress with BLU-808 for various indications, may be contributing to the stock's upward movement.
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