2seventy Bio reports Q1 EPS ($1.01), consensus( 81c)

Reports Q1 revenue $12.4M , consensus $14.08M .”In the first quarter of 2024, we have successfully completed a strategic re-alignment to focus exclusively on Abecma, seeking to impact many more patients in earlier lines and return to commercial growth. In turn, we are focused on reaching financial sustainability and creating value for shareholders,” said Chip Baird, CEO, 2seventy bio. “We have executed against the plan we described in January, completing the sale of our R&D business to Regeneron and obtaining FDA approval for Abecma in the earlier line setting. Going forward, we will have a streamlined cost structure that gives us time to return Abecma to growth with our partner, Bristol Myers Squibb. The recent FDA approval greatly expands the number of eligible patients for Abecma, and we believe that the KarMMa-3 data set demonstrates a competitive efficacy and safety profile in triple class exposed patients, a population for which there remains a high unmet need.”