$BPMC
Blueprint Medicines Corp

2020 Q4 Form 10-Q Financial Statement

#000155837020012041 Filed on October 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $34.10M $745.1M $9.139M
YoY Change -33.83% 8053.17% 734.61%
Cost Of Revenue $100.0K $146.0K
YoY Change
Gross Profit $34.00M $745.0M
YoY Change
Gross Profit Margin 99.71% 99.98%
Selling, General & Admin $42.50M $37.38M $25.65M
YoY Change 31.58% 45.73% 113.73%
% of Gross Profit 125.0% 5.02%
Research & Development $77.40M $74.23M $81.45M
YoY Change -12.64% -8.87% 26.16%
% of Gross Profit 227.65% 9.96%
Depreciation & Amortization $1.700M $1.600M $1.300M
YoY Change -185.0% 23.08% 8.33%
% of Gross Profit 5.0% 0.21%
Operating Expenses $120.0M $111.6M $107.1M
YoY Change -0.75% 4.21% 39.81%
Operating Profit -$86.00M $633.4M
YoY Change
Interest Expense $900.0K $1.200M $0.00
YoY Change
% of Operating Profit 0.19%
Other Income/Expense, Net $100.0K $981.0K $3.686M
YoY Change -96.72% -73.39% 32.35%
Pretax Income -$85.00M $634.3M -$94.28M
YoY Change 28.21% -772.87% 29.68%
Income Tax $700.0K $370.0K
% Of Pretax Income 0.06%
Net Earnings -$85.70M $634.0M -$94.28M
YoY Change 29.2% -772.48% 29.64%
Net Earnings / Revenue -251.32% 85.08% -1031.57%
Basic Earnings Per Share $11.49 -$1.93
Diluted Earnings Per Share -$1.528M $11.16 -$1.93
COMMON SHARES
Basic Shares Outstanding 55.73M 55.17M 48.92M
Diluted Shares Outstanding 56.79M 48.92M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $871.8M $757.4M $493.4M
YoY Change 80.3% 53.5% -11.82%
Cash & Equivalents $684.6M $565.2M $89.24M
Short-Term Investments $187.2M $192.2M $404.2M
Other Short-Term Assets $22.00M $17.40M $15.20M
YoY Change 124.49% 14.47% 153.33%
Inventory $8.581M $5.565M
Prepaid Expenses
Receivables $7.096M $44.37M $2.414M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $927.8M $841.7M $513.7M
YoY Change 79.52% 63.83% -9.19%
LONG-TERM ASSETS
Property, Plant & Equipment $34.13M $35.20M $38.31M
YoY Change -11.03% -8.12% 28.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $677.9M $598.5M $101.0M
YoY Change 952.64% 492.57%
Other Assets $5.925M $8.666M $5.741M
YoY Change -42.04% 50.95% -46.35%
Total Long-Term Assets $790.6M $716.5M $224.2M
YoY Change 314.14% 219.59% 454.95%
TOTAL ASSETS
Total Short-Term Assets $927.8M $841.7M $513.7M
Total Long-Term Assets $790.6M $716.5M $224.2M
Total Assets $1.718B $1.558B $737.9M
YoY Change 142.82% 111.16% 21.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.370M $2.929M $2.203M
YoY Change -8.83% 32.96% -44.93%
Accrued Expenses $105.9M $89.12M $80.42M
YoY Change 19.43% 10.81% 77.92%
Deferred Revenue $12.56M $10.39M $4.933M
YoY Change 103.88% 110.64%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $130.8M $110.1M $94.14M
YoY Change 22.84% 16.96% 67.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.235M $9.318M $120.0K
YoY Change -7.41% 7665.0% -99.8%
Total Long-Term Liabilities $7.235M $9.318M $120.0K
YoY Change -7.41% 7665.0% -99.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $130.8M $110.1M $94.14M
Total Long-Term Liabilities $7.235M $9.318M $120.0K
Total Liabilities $248.3M $238.2M $221.6M
YoY Change 2.04% 7.49% 89.71%
SHAREHOLDERS EQUITY
Retained Earnings -$631.4M -$545.7M -$878.9M
YoY Change -33.21% -37.91%
Common Stock $58.00K $56.00K $49.00K
YoY Change 18.37% 14.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.470B $1.320B $516.3M
YoY Change
Total Liabilities & Shareholders Equity $1.718B $1.558B $737.9M
YoY Change 142.82% 111.16% 21.75%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$85.70M $634.0M -$94.28M
YoY Change 29.2% -772.48% 29.64%
Depreciation, Depletion And Amortization $1.700M $1.600M $1.300M
YoY Change -185.0% 23.08% 8.33%
Cash From Operating Activities -$24.80M $622.3M -$71.70M
YoY Change -44.77% -967.92% 30.36%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K $0.00 -$6.200M
YoY Change -82.05% -100.0% 129.63%
Acquisitions
YoY Change
Other Investing Activities -$74.90M -$430.1M $80.70M
YoY Change -204.61% -632.96% 320.31%
Cash From Investing Activities -$75.50M -$430.1M $74.50M
YoY Change -211.52% -677.32% 348.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 220.1M 84.40M 4.500M
YoY Change 12127.78% 1775.56% 4400.0%
NET CHANGE
Cash From Operating Activities -24.80M 622.3M -71.70M
Cash From Investing Activities -75.50M -430.1M 74.50M
Cash From Financing Activities 220.1M 84.40M 4.500M
Net Change In Cash 119.8M 276.6M 7.300M
YoY Change 386.99% 3689.04% -119.06%
FREE CASH FLOW
Cash From Operating Activities -$24.80M $622.3M -$71.70M
Capital Expenditures -$700.0K $0.00 -$6.200M
Free Cash Flow -$24.10M $622.3M -$65.50M
YoY Change -41.22% -1050.08% 25.24%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1. Nature of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Blueprint Medicines Corporation (the Company), a Delaware corporation incorporated on October 14, 2008, is a precision therapy company focused on genomically defined cancers, rare diseases and cancer immunotherapy. The Company’s approach is to leverage its novel target discovery engine to systematically and reproducibly identify kinases that are drivers of diseases and to craft highly selective and potent drug candidates that may provide significant and durable clinical responses for patients without adequate treatment options. The Company has two approved precision therapies and is currently advancing multiple investigational medicines in clinical and pre-clinical development, along with a number of earlier stage research programs. The Company is devoting substantially all of its efforts to research and development for current and future drug candidates and commercialization of AYVAKIT/AYVAKYT, GAVRETO and any current or future drug candidates that obtain marketing approval. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As of September 30, 2020, the Company had cash, cash equivalents and investments of $1,355.9 million. Based on the Company’s current operating plans, the Company anticipates that its existing cash, cash equivalents and investments will <span style="background-color:#ffffff;color:#212529;">be sufficient to enable it to fund its current operations for at least the next twelve months from the issuance of the financial statements. </span></p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><span style="font-style:italic;font-weight:bold;line-height:1.19;margin-bottom:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and in developing the estimates and assumptions that are used in the preparation of the financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: revenue recognition, operating lease right-of-use assets, operating lease liabilities, stock-based compensation expense, accrued expenses, and income taxes.<span style="color:#212529;font-family:'Franklin Gothic Book';"> </span>The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact thereof on local, regional, national and international customers and markets. The Company had made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates.</p>
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NetIncomeLossAvailableToCommonStockholdersBasic
633978000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-94275000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
399550000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-281363000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55169000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48921000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54018000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47361000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56786000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48921000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55492000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47361000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
11.49
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.93
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
7.40
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-5.94
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
11.16
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.93
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
7.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-5.94
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4730000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6025000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4637000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4477000
bpmc Coronavirus Aid Relief And Economic Security Act Carryback Net Operating Losses Period
CoronavirusAidReliefAndEconomicSecurityActCarrybackNetOperatingLossesPeriod
P5Y
bpmc Coronavirus Aid Relief And Economic Security Act Taxable Income Limitation Percentage Eliminated
CoronavirusAidReliefAndEconomicSecurityActTaxableIncomeLimitationPercentageEliminated
0.80
bpmc Interest Deductible Percentage Of Adjusted Taxable Income
InterestDeductiblePercentageOfAdjustedTaxableIncome
0.50
bpmc Tax Cuts And Jobs Act2017 Interest Deductible Percentage Of Adjusted Taxable Income
TaxCutsAndJobsAct2017InterestDeductiblePercentageOfAdjustedTaxableIncome
0.30
bpmc Coronavirus Aid Relief And Economic Security Act Charitable Deduction Limitation Percentage
CoronavirusAidReliefAndEconomicSecurityActCharitableDeductionLimitationPercentage
0.25
bpmc Coronavirus Aid Relief And Economic Security Act Qualified Improvement Property Recovery Period
CoronavirusAidReliefAndEconomicSecurityActQualifiedImprovementPropertyRecoveryPeriod
P15Y
bpmc Coronavirus Aid Relief And Economic Security Act Bonus Depreciation Percentage
CoronavirusAidReliefAndEconomicSecurityActBonusDepreciationPercentage
1
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
4303000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
4167000
us-gaap Operating Lease Cost
OperatingLeaseCost
13014000
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
708000
us-gaap Operating Lease Cost
OperatingLeaseCost
11906000
CY2020Q3 us-gaap Sublease Income
SubleaseIncome
730000
us-gaap Sublease Income
SubleaseIncome
2181000
us-gaap Sublease Income
SubleaseIncome
2117000
CY2020Q3 us-gaap Lease Cost
LeaseCost
3573000
CY2019Q3 us-gaap Lease Cost
LeaseCost
3459000
us-gaap Lease Cost
LeaseCost
10833000
us-gaap Lease Cost
LeaseCost
9789000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
3616000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
3485000
us-gaap Operating Lease Payments
OperatingLeasePayments
10789000
us-gaap Operating Lease Payments
OperatingLeasePayments
8727000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
486000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
23300000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y8M12D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.082
CY2020Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
25500000

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