Blueprint Medicines Corporation

Good morning. My name is Elliot and I'll be your conference operator today. At this time, I would like to welcome everyone to the Blueprint Medicine's third quarter 2023 financial results conference call. All lines are being placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star two. Please plan to limit yourself to one question. I'll now turn it over to Jenna Cohen, Vice President of Investor Relations.

Thank you, Elliot, and good morning, everyone. Welcome to Blueprint Medicine's third quarter 2023 financial and operating results conference call. This morning, we issued a press release which outlines the topics we plan to discuss today. You can access the press release as well as the slides that we'll be reviewing today by going to the investor section of our website at www.blueprintmedicines.com. Joining me are Kate Haviland, Chief Executive Officer, Alina Lee, Chief Commercial Officer, Christy Rossi, Chief Operating Officer, and Mike Lansdell, Chief Financial Officer. Suadna Muniz, President of Research and Development, and Becker Hughes, Chief Medical Officer, will also be available for Q&A. Before we begin, I'd like to remind you that some of the statements made during the call today are forward-looking statements as outlined on slide three and are subject to a number of risks and uncertainties. These may cause our actual results to differ materially, including those described in our reports filed with the SEC. Your caution not to place any undue reliance on these forward-looking statements, and Blueprint disclaims any obligation to update such statements. I'll now hand the call over to Kate. Thank you, Jenna, and good morning, everyone.

A little over two years ago, we first launched Avakit and advanced systemic mastocytosis. And five months ago, we launched Avakit for indolent systemic mastocytosis. It is clear from both our clinical data and real-world experience now that we're getting with Avakit that Avakit makes a profound difference for patients, allowing them to reclaim control of their lives. Everything we are learning today reinforces our belief that Avakit and Blueprint are positioned to achieve long-term leadership with a blockbuster franchise in SM. Our third quarter results are impressive, characterized by 90% growth in revenues compared to last year, and a strong and steady increase in the number of patients treated with Avakit, now at approximately 800 patients at the end of the quarter. We are also widening and deepening our prescriber base with strength in both new and repeat prescribers and achieving continued strong support from Avakit from payers. While we remain early in the growth curve of this launch, the strong positive receptivity we are seeing broadly from the marketplace including from physicians, patients, and payers, coupled with our early view on good durability for what we expect to be a chronic treatment for patients with ISM, reinforces our confidence that Avakit is a blockbuster opportunity in the U.S. alone. Felina will provide more color on the launch shortly. Avakit is more than just a transformational medicine in ISM. It is the cornerstone of our foundational infrastructure and relationships in the allergy and inflammation therapeutic areas, paving the way for the broader leadership we are building in mast cell diseases. We have additional assets in development that could meaningfully diversify and solidify our portfolio in this area, including L-inacinib and Blue 808. On today's call, Christy will discuss our plan for building a durable SM leadership as the foundation for our larger mast cell disease franchise. Turning now to our pipeline. Over the course of 2023, we have made significant progress resulting in multiple data readouts from our early stage clinical programs focused in breast cancer and lung cancer. As our phase one development programs near completion of their dose escalation phases, we will be making data and opportunity driven decisions on which molecules to prioritize for development going forward. Our bar to take compounds forward through mid and late stage development is very high. A recent positive example of this prioritization is our Blue 222 program, where the combined strength of the underlying science on the role of CDK2 in breast cancer, the medical need, and the emerging and compelling best-in-class clinical profile Blue 222 gives us confidence that this program has significant potential to be an important medicine for patients with breast cancer and other solid tumors, and therefore drives substantial value for Blueprints. Holding a high bar to drive the prioritization of our pipeline programs also enables our expense discipline. Blueprint has been uniquely productive in bringing novel molecules into development, more than we can develop on our own. We will continue to leverage strategic business development to ensure the full promise of our programs are realized while allowing Blueprint to achieve sustainable growth. As we sit here today, we see a clear path to financial sustainability through the combination of a strong revenue ramp and lower operating expenses, resulting in a significant decrease in cash burn in 2024. This path will enable us to drive sustainable growth while enhancing long-term shareholder value through our focused investment in the most compelling product opportunities. We look forward to talking more about our portfolio priorities in early 2024. And Mike will share more details on our financial results and expectations at the end of the call. With our ongoing launch success and commitment to financial discipline, Blueprint has never been in a stronger position than we are today. Now, let me turn it over to Felina to discuss Avakit performance in the quarter.