2Seventy Bio Stock Price, News & Analysis

Bristol Myers Squibb (BMY) reported first quarter revenues of $11.3 billion, a decline of 3% year-over-year, impacted by generic erosion of Revlimid. Adjusted for foreign exchange, the revenue decrease was 1%. The company posted a GAAP earnings per share (EPS) of $1.07, an 81% increase from $0.59 in the prior year, while non-GAAP EPS was $2.05, a 5% rise from $1.96. Revenue from in-line and new products grew 8% to $9.3 billion, or 10% when excluding foreign exchange impacts. The U.S. revenues improved 4% to $8.0 billion. Bristol Myers also adjusted its GAAP EPS guidance for 2023 while affirming its non-GAAP guidance, indicating resilience in its operational strategy despite external pressures.

The U.S. FDA has accepted the supplemental Biologics License Application (sBLA) for Bristol Myers Squibb (NYSE:BMY) and 2seventy bio's Abecma (idecabtagene vicleucel), with a target action date set for December 16, 2023. This application is based on promising interim results from the Phase 3 KarMMa-3 study, which demonstrated a significant reduction in disease progression or death for patients with relapsed and refractory multiple myeloma compared to standard treatments. Additionally, the European Medicines Agency validated a Type II variation application for Abecma, and Japan's Ministry of Health accepted the supplemental New Drug Application. These developments highlight the commitment to enhance treatment options for multiple myeloma patients.

2seventy bio, Inc. (TSVT) reported its financial results for Q4 2022, with U.S. revenue from Abecma reaching $94M for the quarter and $297M for the full year. The company forecasts U.S. revenue of $470-$570M in 2023, supported by positive Phase 3 KarMMa-3 study results. As of December 31, 2022, 2seventy bio held $267.7M in cash and equivalents, with a projected net cash spend of $180-$220M for 2023. Following a $117M equity offering in early 2023, the company expects a cash runway into 2026, allowing further advancement of its pipeline, including potential FDA submissions and collaborations with Regeneron.

2seventy bio, Inc. (NASDAQ: TSVT) has announced the immediate appointment of Dr. Wei Lin to its Board of Directors. Dr. Lin brings extensive experience in clinical development, particularly in cancer immunotherapy, which is essential for the company during its growth phase. His previous roles include Chief Medical Officer at Erasca and Head of Development at Nektar Therapeutics. Dr. Lin’s expertise is expected to enhance 2seventy's strategies in developing novel treatments, aligning with the company's mission to innovate therapies for cancer patients.