Blueprint Medicines Corporation BPMC incurred an adjusted loss of 99 cents per share (excluding a one-time payment of $260 million incurred for the acquisition of Lengo Therapeutics) for fourth-quarter 2021, wider than the Zacks Consensus Estimate of a loss of 71 cents. The company reported a loss of $1.53 per share in the year-ago quarter.

On a reported basis, the company incurred a loss of $5.40 per share in the fourth quarter of 2021.

However, quarterly revenues of $107 million beat the Zacks Consensus Estimate of $104 million. Sales were significantly up from the year-ago figure of $34.1 million.

Shares of Blueprint Medicines were down 10% on Wednesday following the mixed earnings announcement. The stock has declined 25.3% in the past year compared with the industry’s decrease of 39.1%.

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Full-Year Results

For 2021, Blueprint Medicines generated total revenues of $180.1 million compared with $793.7 million recorded in 2020.

For full-year 2021, the company reported a loss of $11.01 per share against its net income of $5.59 per share reported in 2020.

Quarter in Detail

Since the company has transferred the responsibilities of booking U.S. product sales of Gavreto (pralsetinib) to Roche RHHBY on Jul 1, 2021, Blueprint Medicines only records the share of profit and loss for the drug in its financial results.

Blueprint Medicines is co-developing Gavreto with Roche, which is approved for treating patients with various types of RET-altered thyroid cancers and other solid tumors.

The company’s total revenues of $107 million comprised net product revenues from Ayvakit (avapritinib) sales and collaboration revenues. It reported net product revenues of $20 million. Collaboration revenues were $87 million, primarily generated from the agreements with CStone Pharmaceutical and Roche.

The company reported a collaboration loss sharing of $4.5 million for Gavreto during the quarter.

Research and development expenses were $356.9 million, significantly up from the year-ago figure. Research and development expenses included $260 million, which were incurred to complete the acquisition of Lengo Therapeutics in December 2021. This was the primary reason for the year-over-year surge in expenses.

Selling, general and administrative expenses were $54.2 million, up 27.5% year over year on account of higher costs related to the commercialization of Ayvakit/Ayvakyt (brand name of Ayvakit in Europe).

Blueprint Medicines had cash, cash equivalents, and investments worth $1.03 billion as of Dec 31, 2021, lower than $1.29 billion on Sep 30, 2021.