bluebird bio surges 14% on Q1 results, sickle cell candidate
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bluebird bio (NASDAQ:BLUE) is up 14% in Tuesday trading after releasing its Q1 2023 financial results that beat on the bottom line and making bullish comments about its sickle cell candidate lovo-cel.
bluebird (BLUE) expects the agency to accept its Biologics License Application this quarter, which was submitted last month. The company has requested priority review, which would cut the review time to six months.
The company reiterated it would launch lovo-cel (lovotibeglogene autotemcel) in early 2024 if approved. It estimates that 20K individuals (20% of the US population with sickle cell disease) could benefit from the gene therapy.
In its Q1 results, bluebird (BLUE) swung to net income of ~$21.2M from a net loss of ~$122.1M in the year ago period ($0.21 per share basic vs. -$1.66).
Product revenue surged 63% year over year to ~$2.3B.
bluebird noted that Q1 saw the first infusions of Zynteglo (betibeglogene autotemcel) and Skysona (elivaldogene autotemcel).
The biotech ended the quarter with cash, cash equivalents, and marketable securities of ~$318.3M, a ~75% increase from Dec. 31, 2022.
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