$BPMC
Blueprint Medicines Corp

2023 Q2 Form 10-Q Financial Statement

#000155837023008120 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $57.57M $63.29M $38.78M
YoY Change 57.52% 0.89% -63.76%
Cost Of Revenue $2.323M $3.175M $4.848M
YoY Change -52.46% -37.49% -35.78%
Gross Profit $55.25M $60.11M $33.93M
YoY Change 74.5% 4.27% -65.89%
Gross Profit Margin 95.96% 94.98% 87.5%
Selling, General & Admin $71.93M $70.95M $64.02M
YoY Change 22.57% 24.35% 18.12%
% of Gross Profit 130.2% 118.03% 188.67%
Research & Development $110.1M $112.1M $117.8M
YoY Change -14.33% 8.67% -66.98%
% of Gross Profit 199.22% 186.44% 347.27%
Depreciation & Amortization $3.578M $3.684M $7.016M
YoY Change 143.4% 126.29% 321.89%
% of Gross Profit 6.48% 6.13% 20.68%
Operating Expenses $183.2M $183.0M $183.7M
YoY Change -2.1% 14.25% -55.79%
Operating Profit -$128.0M -$122.9M -$149.8M
YoY Change -17.69% 19.87% -52.62%
Interest Expense -$3.996M -$5.819M -$9.240M
YoY Change -732.28% -1416.52% -2095.68%
% of Operating Profit
Other Income/Expense, Net -$626.0K -$4.833M $1.429M
YoY Change -159.11% 43836.36% -476.05%
Pretax Income -$132.6M -$129.0M -$157.6M
YoY Change -15.31% 21.95% -50.13%
Income Tax $190.0K $520.0K $1.036M
% Of Pretax Income
Net Earnings -$132.8M -$129.6M -$158.6M
YoY Change -16.85% 22.23% -50.22%
Net Earnings / Revenue -230.66% -204.72% -409.08%
Basic Earnings Per Share -$2.19 -$2.15
Diluted Earnings Per Share -$2.19 -$2.15 -$2.65
COMMON SHARES
Basic Shares Outstanding 60.47M 59.98M 59.83M
Diluted Shares Outstanding 60.52M 60.13M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $722.6M $822.2M $945.0M
YoY Change -15.29% 40.1% 98.06%
Cash & Equivalents $75.53M $169.7M $119.7M
Short-Term Investments $647.1M $652.4M $825.3M
Other Short-Term Assets $33.42M $29.36M $35.02M
YoY Change -2.3% -22.07% 93.89%
Inventory $17.02M $17.52M $29.70M
Prepaid Expenses
Receivables $38.27M $30.01M $23.53M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $811.3M $900.3M $1.047B
YoY Change -14.79% 31.01% 88.92%
LONG-TERM ASSETS
Property, Plant & Equipment $114.5M $33.74M $33.34M
YoY Change 247.06% 8.46% 8.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $113.9M $139.2M $133.5M
YoY Change 21.14% -54.6% -76.06%
Other Assets $66.69M $34.47M $21.59M
YoY Change 202.76% 37.13% 47.49%
Total Long-Term Assets $295.1M $320.0M $303.3M
YoY Change 22.83% -29.83% -56.57%
TOTAL ASSETS
Total Short-Term Assets $811.3M $900.3M $1.047B
Total Long-Term Assets $295.1M $320.0M $303.3M
Total Assets $1.106B $1.220B $1.350B
YoY Change -7.21% 6.74% 7.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.979M $10.56M $2.729M
YoY Change -53.64% -41.19% -67.25%
Accrued Expenses $112.5M $108.7M $131.1M
YoY Change -5.72% 7.98% 7.63%
Deferred Revenue $3.328M $3.740M $4.667M
YoY Change -64.89% -61.06% -59.45%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.86M $17.38M $16.85M
YoY Change 223.97%
Total Short-Term Liabilities $169.0M $172.7M $183.2M
YoY Change 6.47% 26.02% 22.35%
LONG-TERM LIABILITIES
Long-Term Debt $122.1M $122.1M $122.2M
YoY Change -26.3%
Other Long-Term Liabilities $504.1M $3.102M $10.30M
YoY Change 5278.65% -69.39% 208.04%
Total Long-Term Liabilities $626.3M $3.102M $10.30M
YoY Change 257.64% -69.39% 208.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $169.0M $172.7M $183.2M
Total Long-Term Liabilities $626.3M $3.102M $10.30M
Total Liabilities $795.3M $806.1M $835.2M
YoY Change 78.84% 208.08% 196.72%
SHAREHOLDERS EQUITY
Retained Earnings -$2.095B -$1.963B -$1.833B
YoY Change 35.96% 42.06% 43.71%
Common Stock $61.00K $60.00K $60.00K
YoY Change 1.67% 0.0% 1.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $311.1M $414.3M $514.7M
YoY Change
Total Liabilities & Shareholders Equity $1.106B $1.220B $1.350B
YoY Change -7.21% 6.74% 7.8%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$132.8M -$129.6M -$158.6M
YoY Change -16.85% 22.23% -50.22%
Depreciation, Depletion And Amortization $3.578M $3.684M $7.016M
YoY Change 143.4% 126.29% 321.89%
Cash From Operating Activities -$130.5M -$123.0M -$121.4M
YoY Change 10.33% -7.36% 760.17%
INVESTING ACTIVITIES
Capital Expenditures $2.554M $2.584M $1.481M
YoY Change -199.92% 124.11% -217.73%
Acquisitions
YoY Change
Other Investing Activities $34.62M $175.4M -$51.80M
YoY Change -56.52% -539.13% -85.02%
Cash From Investing Activities $32.07M $172.8M -$53.28M
YoY Change -58.39% -520.52% -84.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.298M 0.000 2.491M
YoY Change -97.02% -100.0% -86.11%
NET CHANGE
Cash From Operating Activities -130.5M -123.0M -121.4M
Cash From Investing Activities 32.07M 172.8M -53.28M
Cash From Financing Activities 5.298M 0.000 2.491M
Net Change In Cash -93.11M 49.83M -172.2M
YoY Change -168.31% -128.88% -49.82%
FREE CASH FLOW
Cash From Operating Activities -$130.5M -$123.0M -$121.4M
Capital Expenditures $2.554M $2.584M $1.481M
Free Cash Flow -$133.0M -$125.5M -$122.9M
YoY Change 14.98% -6.23% 855.86%

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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 and blood disorders. The Company’s approach is to leverage its novel research engine to systematically and reproducibly identify drivers of diseases in genomically defined patient populations, and to craft highly selective and potent drug candidates that are intended to provide significant and durable clinical responses to patients. </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 Company has two approved precision therapies and is globally advancing multiple programs for systemic mastocytosis (SM), lung cancer, breast cancer and other genomically defined cancers, and cancer immunotherapy. 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 March 31, 2023, the Company had cash, cash equivalents and marketable securities of $961.3 million. Based on the Company’s current operating plans, the Company anticipates that its existing cash, cash equivalents and marketable securities will <span style="color:#212529;background:#ffffff;">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:1.19;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, inventory, operating lease right-of-use assets, operating lease liabilities, stock-based compensation expense, accrued expenses, liabilities related to the sale of future royalties and future revenues, equity investment, and income taxes. Actual results may differ from these estimates. The Russian invasion of Ukraine has not had a material impact on the Company’s business, results of operations and financial condition. </p>
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