Blueprint Medicines Corporation

During this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw a question, press star followed by the number two. Please plan to limit yourself to one question. Thank you. Jenna Cohen, you may begin your conference.

Thanks, Faith. And good morning, everyone. Welcome to Blueprint Medicine's first quarter 2024 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 Investors section of our website at www.blueprintmedicines.com. Joining me today are Kate Haviland, Chief Executive Officer, Selena Lee, Chief Commercial Officer, Swadna Mooney, President, Research and Development, and Mike Lansdell, Chief Financial Officer. Christy Rossi, Chief Operating Officer, and Becker Hughes, Chief Medical Officer, are also on the line and available during 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. We delivered another very strong quarter in our launch of Avakit and indolent systemic mastocytosis, and we are entering 2024 in a position of strength. We have great momentum across all aspects of our business as we execute on our three priorities that we laid out in January. Our first priority is the launch of Avakit and indolent systemic mastocytosis. We have driven impressive revenue growth, and importantly, we are building the foundation for top-line revenue growth well into the next decade. We are also making significant progress in advancing our pipeline of innovative programs that are focused in our most compelling opportunities where we believe we have the greatest prospect of improving patient outcomes. And third, we are maintaining a strong and durable financial position in a self-sustainable financial profile. I'll briefly touch on each of these. Starting with the exceptionally strong commercial performance we delivered in Q1. We achieved $92.5 million in Avakit net product revenue for the quarter. This result surpassed external consensus as well as our own internal expectations. Felina will discuss in more detail the components of our continued commercial success, but I want to take a moment to say how incredibly proud I am of our hardworking and dedicated commercial and medical team members. Their commitment to delivering for patients with SM globally is resulting in this type of performance. These results also reflect the profound impact that Avakit is having on patients, as well as our strong and growing prescriber base. Today, we are also increasing our Avakit guidance for the year to 390 million to 410 million. Later on the call, Mike will share more of our thinking around today's Avakit guidance increase, which is setting us squarely on a revenue trajectory to peak sales of greater than 2 billion globally. This revenue trajectory makes Avakit one of the most exciting rare disease launches happening right now. and puts us on a similar path to other notable rare disease product launches of first-in-class medicines that built new multibillion-dollar markets. We are also strengthening our presence in allergy and inflammation with Blue 808, our wild-type kit inhibitor. The Blue 808 program builds on the significant insights we have gained in mast cell biology in targeting kits, the master control switch on mast cells. which we believe has the greatest prospect of improving outcomes for a large number of patients across allergic and inflammatory diseases. Our recent webinar titled The Powerful Mast Cell highlighted the scientific rationale for our aspiration to fundamentally shift the way many allergic inflammatory diseases are treated by targeting this primary effector cell, the mast cell, with both mono and combination therapeutic approaches. We are on track to file the IND for Blue 808 this quarter to enable initiation of a phase one study in healthy volunteers. We've established a successful track record with Avakit, and you can continue to expect Blueprint to discover and develop potent and highly selective molecules as we expand our mast cell franchise beyond systemic mastocytosis. Turning now to the oncology side of our portfolio, next month at ASCO, we will be presenting data demonstrating that Blue 222 is the first CDK2 inhibitor to be well tolerated in combination with an approved CDK4-6 inhibitor. With this data, we now have the clinical evidence that BLU222 is a differentiated, best-in-class CDK2 inhibitor. BLU222's ability to combine with approved CDK4-6 inhibitors also position it to move quickly, with the potential to also become the first-in-class CDK2 inhibitor approved for patients with hormone receptor-positive HER2-negative breast cancer. I remain confident that we will execute a strategic partnership in the second half of this year to rapidly move Blue222 forward into registration-directed trials. Importantly, we are executing across the business while maintaining financial discipline. Our total costs and operating expense continue to decline And with $735.6 million in cash on our balance sheet, we are in a strong and durable financial position. I am proud of the tremendous progress Blueprint has made in the first quarter of this year and continue to be impressed by the heads down executional focus I see across all of our teams to make sure we're achieving our goals quarter after quarter. Now, let me turn it over to Felina to discuss this quarter's commercial performance.