Blueprint Medicines Corporation (NASDAQ:BPMC) Q3 2023 Earnings Call Transcript

Kate Haviland: Philina will you give the color on the patient and we’ll come back I mean to your question on elenestinib after.

Lena Lee: Yes. To your question on where the patients are, one, construct that we’ve used over the past year or so is this notion of the top 350 providers who see the highest volume of SM patients and beyond that it tails off. And so that is a classic kind of rare disease distribution. And if anything that distribution and the results that we’ve shown this past quarter are a very strong and healthy mix for not only this quarter but continued growth. And so our penetration in terms of early adoption includes many of those top 350 providers. And then importantly, we also see that the overall opportunity tends to be more concentrated among the allergist immunologist. We’re really pleased to see the step up there as well.

Kate Haviland: And your question about elenestinib and what to expect to ASH, I mean we will be selective about the data that we disclosed just given the competitive environment. And as Christie was mentioning we have numerous insights based on our proprietary data that will allow us to drive innovation for the future state of ISM not where ISM stands today. And so we certainly don’t want to provide too much of that information out into the marketplace given the competitive environment. So we will be sure to show the data that shows elenestinib as a very compelling safety and activity profile.

Operator: Our next question comes from Mike Ulz with Morgan Stanley. Your line is open.

Mike Ulz: Good morning and thanks for taking the question, and congrats on the strong quarter as well. Maybe just a follow-up on AYVAKIT. Given the strong trends you’re seeing in ISM, I’m just curious what you’re seeing in terms of disease severity and if you’re starting to capture some of those mild patients already early in the launch year? Thanks.

Kate Haviland: Thank you Michael for a question. Philina, do you want to talk about that?

Lena Lee: Yeah. Thanks Mike for the question. So the first patients that were seeing the early adoption in for AYVAKIT, not surprisingly are those patients who tend towards the more moderate to severe part of the ISM spectrum who are not well-controlled. And we’re really encouraged to see in some of our prescribers who have had their first very positive experience in those patients, they are already starting to broaden into additional patient types who might just have one prevalent ISM symptom, which is having impact on their quality of life. So all of these signs make us very confident that we’re going to see continued growth both in terms of the moderate to severe patients, as well as broadening into those milder patients as well.

Operator: Let me now turn to Joel Beatty with Baird. Your line is open.

Unidentified Analyst: Hi. This is Ben [ph] on for Joel. Thank you so much for taking the question. I guess, maybe building on the previous question. Are there any particular aspects of the symptom scale that are driving growth?

Lena Lee: Yes. Thanks for the question, Ben. I think what we’re really seeing in the real-world experience it’s not so literal like that, right? Providers aren’t necessarily thinking about the TSS that was an important contract for approval. But the reality in clinical practice is it’s this concept of a patient who is not well-controlled patients who have been on symptom directed medications and that’s failed to control the symptoms. And so it’s — it can be any breadth of symptomology across the spectrum of ISM. But very practically the resounding theme I’ve heard from just engaging literally hundreds of customers at this point is as patients who are still symptomatic.

Kate Haviland: I think Ben that’s where AYVA’s ability to broadly impact symptoms across all different symptom stats. It enables physicians to consider this medicine for any patient who presents in front of them, right? This is a very heterogeneic disease. You have patients who may be bothered by — all symptoms to certain degrees or patients who may have one symptom that’s really limiting their ability to kind of operate in their life. And what we see with AYVAKIT both from the PIONEER study results but now in the real world setting is that broad symptomatic impact with such a well-tolerated safety profile is very compelling. And I think it’s certainly what is helping drive the usage of AYVAKIT broadly.

Operator: Our next question comes from Peter Lawson with Barclays. Your line is open.

Peter Lawson: Thanks so much for taking my questions. The additional 215 or so patients were those exclusively by ISM patients? And if there’s anything you can say about the underlying ASM and just revenues and patient growth in the quarter that would be great. And then anything you can say around how the pace of growth changed over the quarter for patients and how that looks in October? Thank you.

Kate Haviland: Thanks Peter for your question. I think that we won’t be commenting on kind of forward-looking months or quarters. But Philina will you certainly be pleased to talk about just that how we think about those two to 15 patients and where you saw how you think about that mix between ASM and ISM?

Lena Lee: Right. And so the inflection that we saw in this quarter was primarily driven by ISM. And we expect that to be the primary value driver going forward for AYVAKIT to achieve that over blockbuster opportunity. Within advanced ISM, we certainly continue to have headroom to grow there as well. And we’ve talked about the sort of growth at a more moderate pace but that vast degree of headroom is among ISM. Just we’ve talked about that remains a steady contributor to our AYVAKIT mix. But again it’s ISM that’s our primary focus to reach that full potential of AYVAKIT.

Operator: We now turn to David Lebowitz with Citi. Your line is open.

David Lebowitz: Thank you very much for taking my question. When you look at the new patient scripts across the doses, could you give us a baseline of comparison of what that particular chart would have looked like before the ISM launch?

Kate Haviland: Christy, do you want to take that?

Christy Rossi: Sure. Thanks, David. So we’ve been clear that prior to ISM approval, the business in SM was coming predominantly from advanced SM. We were aware of what we thought was a low volume of potential off-label use in ISM that remained quite frankly very consistent all the way up until approval. So the vast majority of advanced ISM patients as I said started at 200 milligrams. We certainly see dose modification as needed. I think the important point here is that the range of doses that we have for AYVAKIT is an incredible strength. We know that symptom control is the goal for ISM. 25 milligrams is an incredible dose strength that delivers that symptom control with an incredibly positive benefit risk profile. So we’re seeing the vast majority of ISM patients at that dose.