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2seventy Bio reports Q4 EPS (37c) vs ($1.11) last year
Reports Q4 revenue $2.9M, consensus $13.03M. "2024 was a pivotal year for 2seventy as we made significant changes to our business to streamline cost structure and focus solely on Abecma," said Chip Baird, chief executive officer, 2seventy bio. "This week marks four years since Abecma received FDA approval as the first anti-BCMA CAR T cell therapy approved for relapsed or refractory multiple myeloma. Together with BMS, we remain committed to expanding the reach of this important therapy. We launched 2seventy with the goal of providing more time to patients, and we believe with BMS' experience and resources, we can continue to improve outcomes for people living with multiple myeloma."
Regeneron pays $1M milestone payment to Medigene
Medigene announced a $1M milestone payment from Regeneron was triggered. Regeneron purchased the MAGE-A4-TCR program as part of its acquisition of 2seventy Bio's pre-clinical and clinical oncology and autoimmune cell therapy pipeline, which closed in April. The payment was triggered by a development milestone for a trial in China led by JW Therapeutics of Regeneron's MAGE-A4 cell therapy, which contains a Medigene generated T cell receptor targeting MAGE-A4e
2seventy Bio reports Q3 EPS (19c), consensus (24c)
Reports Q3 revenue $13.5M, consensus $15.04M .Ended quarter with approximately $192 million in cash, cash equivalents, and marketable securities; expected cash runway beyond 2027 "We are very pleased to report 42% sequential growth in quarterly Abecma sales, which was part of a continued expansion of the CAR-T class into earlier lines for multiple myeloma. When combined with the significant progress our team has made in streamlining our cost structure, 2seventy continues to make meaningful progress on our goal of achieving breakeven operations," said Chip Baird, chief executive officer, 2seventy bio. "Abecma has a differentiated safety profile, as further supported by recent real-world evidence. Physicians familiar with Abecma understand that with effective use of bridging, they can achieve deep and durable responses. With more than 16,000 patients diagnosed annually in the U.S., we believe Abecma will continue to hold a meaningful place
2seventy Bio sees Q3 Abecma U.S. revenue growth ~ 30% vs. Q2
2seventy (TSVT) is pleased to report continued positive momentum in Abecma's expected return to growth in the earlier line setting following the FDA's approval in April 2024. The company expects third quarter Abecma U.S. revenue growth of approximately 30% from second quarter revenue of $54M. Demand, as measured by new patients undergoing apheresis in the third quarter, is also expected to reflect double-digit growth when compared to the second quarter of 2024. The company remains committed to driving the continued success of Abecma in 2024 and beyond. 2seventy bio and Bristol Myers (BMY) share equally in all profits and losses related to development, manufacturing, and commercialization of Abecma in the U.S.
2seventy Bio to discontinue enrollment in Phase 3 KarMMa-9 study of Abecma
2seventy bio (TSVT) announced that the company, in partnership with study sponsor Bristol Myers Squibb (BMY), will discontinue enrollment in its ongoing Phase 3 KarMMa-9 study evaluating Abecma with lenalidomide maintenance versus lenalidomide maintenance alone in patients with newly diagnosed multiple myeloma who have suboptimal response to autologous stem cell transplant. "With a greatly improved NDMM treatment landscape and following our rigorous review of the business case for the KarMMa-9 study, we have decided to discontinue enrollment in this Phase 3 study," said Chip Baird, chief executive officer, 2seventy bio. "Abecma continues to show encouraging signs of growth with an expanded label in the third line and a differentiated safety profile. Consistent with our focus on capital allocation and creating value for all stakeholders, we anticipate this decision will conserve over $80 million in near-term expenditures and accelerate our path to breakeven in 2025. We will continue to look for ways to optimize our business for growth while remaining true to our mission of delivering more time for patients."
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