2seventy bio reports $242 million in 2024 Abecma sales

CAMBRIDGE, Mass. - 2seventy bio, Inc. (NASDAQ:TSVT), currently trading at $2.74 and showing significant volatility according to InvestingPro data, in partnership with Bristol Myers Squibb (BMS), announced its full-year sales results for Abecma® (idecabtagene vicleucel; ide-cel) for 2024, confirming U.S. revenue of $242 million. This figure aligns with the company’s previous guidance of $240 to $250 million. The fourth quarter saw a shift of some revenue into 2025 due to deferrals of infusions.

Chip Baird, CEO of 2seventy bio, expressed optimism about the continued growth of CAR-T therapy in the treatment of multiple myeloma, despite high competition. He noted that the company’s focus on Abecma has positioned them to potentially reach quarterly breakeven by the end of 2025.

The company’s financial position includes approximately $184 million in cash, cash equivalents, and marketable securities as of December 31, 2024, with a net cash burn of $9 million in the fourth quarter of 2024. While InvestingPro analysis shows the company maintains a strong current ratio of 4.95, indicating solid short-term liquidity, the data also reveals concerning cash burn rates that investors should monitor.

2seventy bio and BMS equally share profits and losses related to the development, manufacturing, and commercialization of Abecma in the U.S. The complete and audited financial results for the fourth quarter and full year of 2024 will be detailed in the company’s upcoming earnings call and its Form 10-K, expected to be filed with the SEC by March 17, 2025.

Abecma is a BCMA-directed genetically modified autologous T cell immunotherapy approved for adult patients with relapsed or refractory multiple myeloma after at least two prior lines of therapy. It is available only through a restricted program under a Risk Evaluation and Mitigation Strategy (REMS) due to potential for severe side effects, including cytokine release syndrome and neurologic toxicities.

The announcement is based on a press release statement and the final financial results may vary from these preliminary estimates upon completion of the audit. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with the share price down over 50% in the past year. Subscribers can access 8 additional ProTips and comprehensive financial metrics through InvestingPro’s detailed research reports, helping investors make more informed decisions about this volatile biotech stock.

In other recent news, 2seventy bio has reported substantial growth in its third quarter of 2024, with U.S. revenues for its CAR-T therapy Abecma increasing by 42% to reach $77 million. This growth has been attributed to the expansion in the third-line treatment setting and FDA approval. The company has also announced a significant reduction in operating expenses and a streamlined focus on Abecma, following the sale of other R&D pipelines.

In addition, 2seventy bio recently appointed Jessica Snow as its new Chief Operating Officer. Snow, who has been with the company since 2021, was promoted from her previous position as Senior Vice President of Quality & Head of Operations. The company’s leadership change is part of an ongoing optimization of its leadership structure.

These developments are part of recent news from the company, which is also working closely with Bristol-Myers Squibb (NYSE:BMY) to optimize Abecma’s cost structure and improve operating margin cash flow. The company anticipates further reduction in operating expenses and a cash runway extending beyond 2027. However, it is expected to face challenges in the fourth quarter due to increased competition and reduced CAR-T infusion schedules during the U.S. holiday season.

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