$BPMC
Blueprint Medicines Corp

2023 Q4 Form 10-Q Financial Statement

#000155837023016845 Filed on October 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $71.96M $56.57M
YoY Change 85.55% -14.26%
Cost Of Revenue $260.0K $2.782M
YoY Change -94.64% -7.27%
Gross Profit $71.70M $53.78M
YoY Change 111.29% -14.6%
Gross Profit Margin 99.64% 95.08%
Selling, General & Admin $79.32M $70.74M
YoY Change 23.89% 22.8%
% of Gross Profit 110.63% 131.53%
Research & Development $97.54M $110.3M
YoY Change -17.23% -13.85%
% of Gross Profit 136.04% 204.99%
Depreciation & Amortization $1.565M $2.800M
YoY Change -77.69% 72.73%
% of Gross Profit 2.18% 5.21%
Operating Expenses $176.8M $181.0M
YoY Change -3.77% -2.48%
Operating Profit -$105.1M -$127.2M
YoY Change -29.83% 3.75%
Interest Expense -$5.169M -$3.800M
YoY Change -44.06% -54.74%
% of Operating Profit
Other Income/Expense, Net -$577.0K -$4.536M
YoY Change -140.38% -43.3%
Pretax Income -$110.9M -$133.5M
YoY Change -29.66% 0.94%
Income Tax $61.00K $200.0K
% Of Pretax Income
Net Earnings -$110.9M -$133.7M
YoY Change -30.09% 0.41%
Net Earnings / Revenue -154.14% -236.38%
Basic Earnings Per Share -$2.20
Diluted Earnings Per Share -$1.82 -$2.20
COMMON SHARES
Basic Shares Outstanding 60.79M 60.66M
Diluted Shares Outstanding 60.69M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $710.6M $713.0M
YoY Change -24.8% -37.29%
Cash & Equivalents $71.29M $55.97M
Short-Term Investments $639.4M $657.0M
Other Short-Term Assets $33.35M $37.50M
YoY Change -4.78% 11.83%
Inventory $21.22M $16.46M
Prepaid Expenses
Receivables $42.83M $40.86M
Other Receivables $0.00 $0.00
Total Short-Term Assets $808.4M $808.2M
YoY Change -22.76% -34.17%
LONG-TERM ASSETS
Property, Plant & Equipment $41.96M $40.62M
YoY Change 25.84% 21.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $56.53M $114.2M
YoY Change -57.65% 105.12%
Other Assets $30.65M $29.56M
YoY Change 41.97% 19.68%
Total Long-Term Assets $240.9M $297.1M
YoY Change -20.58% 28.78%
TOTAL ASSETS
Total Short-Term Assets $808.4M $808.2M
Total Long-Term Assets $240.9M $297.1M
Total Assets $1.049B $1.105B
YoY Change -22.27% -24.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.710M $6.963M
YoY Change 72.59% 64.49%
Accrued Expenses $128.0M $110.4M
YoY Change -2.39% -8.55%
Deferred Revenue $812.0K $3.010M
YoY Change -82.6% -34.98%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $30.28M $30.20M
YoY Change 79.68% 97.51%
Total Short-Term Liabilities $214.9M $197.4M
YoY Change 17.29% 12.46%
LONG-TERM LIABILITIES
Long-Term Debt $208.5M $208.2M
YoY Change 70.61% 69.19%
Other Long-Term Liabilities $6.213M $3.101M
YoY Change -39.69% -64.96%
Total Long-Term Liabilities $6.213M $3.101M
YoY Change -39.69% -64.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $214.9M $197.4M
Total Long-Term Liabilities $6.213M $3.101M
Total Liabilities $918.6M $902.7M
YoY Change 9.99% 10.34%
SHAREHOLDERS EQUITY
Retained Earnings -$2.340B -$2.229B
YoY Change 27.66% 33.13%
Common Stock $61.00K $61.00K
YoY Change 1.67% 1.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $130.6M $202.6M
YoY Change
Total Liabilities & Shareholders Equity $1.049B $1.105B
YoY Change -22.27% -24.21%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$110.9M -$133.7M
YoY Change -30.09% 0.41%
Depreciation, Depletion And Amortization $1.565M $2.800M
YoY Change -77.69% 72.73%
Cash From Operating Activities -$78.95M -$104.5M
YoY Change -34.97% -19.55%
INVESTING ACTIVITIES
Capital Expenditures $4.662M $6.300M
YoY Change 214.79% -268.95%
Acquisitions
YoY Change
Other Investing Activities $83.40M -$3.300M
YoY Change -261.0% -97.43%
Cash From Investing Activities $78.74M -$9.600M
YoY Change -247.78% -92.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.52M 98.40M
YoY Change 523.24% -74.14%
NET CHANGE
Cash From Operating Activities -78.95M -104.5M
Cash From Investing Activities 78.74M -9.600M
Cash From Financing Activities 15.52M 98.40M
Net Change In Cash 15.32M -15.70M
YoY Change -108.9% -113.26%
FREE CASH FLOW
Cash From Operating Activities -$78.95M -$104.5M
Capital Expenditures $4.662M $6.300M
Free Cash Flow -$83.61M -$110.8M
YoY Change -31.96% -12.18%

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 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 brought its approved medicines, AYVAKIT®/AYVAKYT® (avapritinib) and GAVRETO® (pralsetinib), to patients in the U.S. and Europe, and the Company is globally advancing multiple programs for mast cell disorders, including SM and chronic urticaria, breast cancer and other cancers vulnerable to CDK2 inhibition, as well as EGFR-mutant lung cancer. 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, 2023, the Company had cash, cash equivalents and marketable securities of $827.2 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. </p>
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CY2023Q3 bpmc Debt Securities Available For Sale Credit Related Impairments Charges
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bpmc Debt Securities Available For Sale Credit Related Impairments Charges
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bpmc Debt Securities Available For Sale Credit Related Impairments Charges
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CY2023Q3 us-gaap Accrued Liabilities Current
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110436000
CY2022Q4 us-gaap Accrued Liabilities Current
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131123000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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6233451
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
69.14
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1182245
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
45.31
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
154433
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
22.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period
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277649
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Other Share Increase Decrease In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOtherShareIncreaseDecreaseInPeriodWeightedAverageExercisePrice
70.90
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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6983614
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
66.08
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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4756302
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
68.88
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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69200000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M9D
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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AllocatedShareBasedCompensationExpense
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CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24100000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
72900000
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
23212000
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
24268000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
70497000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
73402000
CY2023Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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141000
CY2022Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
159000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
410000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
547000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23071000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24109000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
70087000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
72855000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23071000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24109000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
70087000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
72855000
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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9177000
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8200000
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
900000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4200000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
900000
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
200000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
5758000
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
5322000
us-gaap Operating Lease Cost
OperatingLeaseCost
17301000
us-gaap Operating Lease Cost
OperatingLeaseCost
16233000
CY2022Q3 us-gaap Sublease Income
SubleaseIncome
600000
us-gaap Sublease Income
SubleaseIncome
2132000
CY2023Q3 us-gaap Lease Cost
LeaseCost
5758000
CY2022Q3 us-gaap Lease Cost
LeaseCost
4722000
us-gaap Lease Cost
LeaseCost
17301000
us-gaap Lease Cost
LeaseCost
14101000
us-gaap Operating Lease Payments
OperatingLeasePayments
13249000
us-gaap Operating Lease Payments
OperatingLeasePayments
11668000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
109000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M6D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.074

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