Q2 2024 2Seventy Bio Inc Earnings Call Transcript
Key Points
- 2seventy bio Inc (TSVT) has successfully focused its efforts on Abecma, leading to a streamlined cost structure and strengthened financial position.
- The company reported $43 million in proceeds from the sale of its oncology R&D business to Regeneron and its hemophilia A program to Novo Nordisk.
- Abecma's performance in the US has improved following FDA approval for earlier line patients, with double-digit growth in patients undergoing apheresis.
- The company achieved a $28 million or 43% reduction in GAAP operating expenses versus the first quarter of 2024.
- 2seventy bio Inc (TSVT) reported profitability for the quarter with $24.9 million of GAAP net income, aided by the Novo transaction.
- Revenue growth for Abecma was modest, reflecting a two-month lag between patient enrollment and revenue recognition.
- The company has not yet provided specific revenue guidance for Abecma sales, creating uncertainty for investors.
- The transition of oncology assets to Regeneron means 2seventy bio Inc (TSVT) no longer has direct control or visibility over these assets.
- The market for Abecma is described as fluid and dynamic, which could pose challenges in predicting future growth trajectories.
- Despite achieving quarterly profitability, the company acknowledges that this is currently a one-time event and not yet a consistent trend.
Good day and thank you for standing by. Welcome to the 2Seventy Bio second quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jenn Snyder with 2seventy Bio. Please go ahead.
Thank you, operator, and good morning, everyone. Thank you for joining us. This morning, we issued a press release on our second quarter 2024 financial results. The press release can be found in the Investors & Media section of the company's website at 2seventybio.com. As a reminder, today's discussion will include forward-looking statements related to 2seventy Bio's current plans and expectations, which are subject to certain risks and uncertainties.
These forward-looking statements include statements regarding our strategic plans, timelines and expectations with respect to sales, efficacy and perceived therapeutic benefits of Abecma, the timing and review of additional studies
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