Blueprint Medicines Corporation

Good morning, my name is Nadia and I'll be your conference operator today. At this time, I would like to welcome everyone to the Blueprint Medicine's third quarter 2024 financial results conference call. All lines will be placed on mute to prevent any background noise. After the speaker's remarks, there'll 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 keyboard. If you would like to withdraw your question, please press star followed by two. Please plan to limit yourself to one question. Thank you. Jenna Cohen, you may begin your conference.

Thank you, Nadia. Good morning, everyone, and welcome to Blueprint Medicine's third 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, Felina Lee, Chief Commercial Officer, Christy Rossi, Chief Operating Officer, and Mike Lansdell, Chief Financial Officer. Claude Namuni, President, Research and Development, is 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.

This morning, we reported another strong quarter of Avakit revenue growth, adding additional momentum to our impressive year-to-day results and providing a strong foundation for us to drive long-term shareholder value creation in 2025 and beyond. Avakit's sales trajectory has given us the confidence to raise our revenue expectations significantly over the course of this year. and we now estimate that we will end the year between $475 and $480 million in product revenue. We are on a half-billion-dollar run rate in our first full year of ISM launch, placing Avakit firmly on the path to realizing its more than $2 billion peak revenue opportunity and positioning Avakit's launch in ISM to be among the most successful rare disease launches to date. To build a blockbuster medicine, we must demonstrate a significantly meaningful and differentiated clinical impact that transforms treatment paradigms and diseases with high medical need. This is so simple to say and not easy to do. At Blueprint, we have demonstrated that Avakit drives clinically meaningful, deep, and sustained symptom impact for patients with ISM. Now, over several years in the Pioneer study, with a consistent and well-tolerated safety profile. Treatment with Avakit is allowing ISM patients to reclaim control of their lives and is transforming the treatment paradigm in ISM. With continued long-term data generation and strong commercial adoption, we believe Avakit is setting up to be the durable market leader across the spectrum of both advanced and indolent SM for years to come. Building a blockbuster brand has never been easy, and it has only become harder as therapeutic areas have become saturated, as legislative, regulatory, and market access headwinds have strengthened, all on the backdrop of what has been a challenging macro environment in recent years. At Blueprint, we have successfully managed through all of these challenges. Our commercial and medical teams have done a tremendous job navigating the range of short-term quarterly dynamics we face, including the industry-wide dynamics all medicines face, the dynamics that are intrinsic to rare disease markets and launches, as well as the dynamics that are unique and specific to the SM market. While managing all these short-term dynamics, we have always maintained conviction and advocates more than $2 billion peak revenue opportunity. And we continue to be focused on building a foundation for long-term growth and delivering compelling results year over year. Bolina will talk in more detail about our commercial results shortly. Leveraging our leadership in SM and our deep expertise in mast cell biology, we are working to broaden our impact by addressing the significant medical needs of thousands of patients with Blue808, our wild-type kit inhibitor. We designed Blue808 to raise the bar on what a treatment for chronic urticaria and other mast cell-mediated inflammatory diseases can offer. by taking into account the full patient experience, efficacy, tolerability, and the burden associated with administration. We see the opportunity for Blue 808 as twofold, to command a large share of significant established markets and to drive further growth by expanding the treated populations in those markets. Christy will provide an update on the progress we have made across our portfolio later on the call. As we report our Q3 results today, Avakit's strong revenue ramp coupled with our disciplined investment and our most compelling product opportunities places us in a position to realize a significant decline in cash burn this year, while maintaining our focus on long-term growth and value creation. We are building a solid financial foundation for Blueprint's future. Mike will talk more about our financial results later on the call, and we look forward to to reviewing our portfolio priorities in early 2025. I will now turn it over to Felina to discuss this quarter's commercial performance in more detail.