The following is a summary of the 2seventy Bio, Inc. (TSVT) Q2 2024 Earnings Call Transcript:
Financial Performance:
ABECMA US revenues reported by Bristol-Myers Squibb were $54 million, consistent with expectations.
Q2 brought $43 million from sales of oncology R&D to Regeneron and hemophilia A program to Novo Nordisk.
Achieved $24.9 million in GAAP net income for the quarter from strategic sales and efficiency gains.
Business Progress:
Focused exclusively on ABECMA post-strategic sales including oncology R&D and hemophilia A program.
Commenced third-line launch of ABECMA, showing double-digit growth in apheresis as a precursor to revenue growth.
Streamlined operations resulted in significant decrease in operating expenses, anticipating continuous decline into 2025.
Opportunities:
Anticipate ABECMA's return to growth in upcoming months bolstered by broad data and expanded FDA approval.
Following strategic divestitures, positioned to prioritize efficiency and drive towards cash flow breakeven and profitability in 2025.
Risks:
ABECMA faces gradual growth challenges in scaling, depending on the uptake and continued competitive efficacy in its new broader usage realms.
More details: 2seventy bio IR
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