Bluebird Bio reports Q1 revenue$ 18.6M vs. $2.4M last year

Total revenue, net was $18.6M for the three months ended March 31 , compared to $2.4M for the three months ended March 31, 2023. The increase of $16.2M was due to increased ZYNTEGLO product revenue. The Company’s cash, cash equivalents and restricted cash balance was approximately $264 million, including restricted cash of approximately $52 million, as of March 31, 2024 Based on current business plans, which assumes the Company’s ability to achieve certain commercial revenue targets, bluebird expects its cash and cash equivalents, excluding restricted cash and assuming the remaining two tranches totaling $50 million in proceeds from its term loan facility with Hercules Capital are executed, will be sufficient to meet bluebird’s planned operating expenses and capital expenditure requirements through Q1 2026. “bluebird has built a solid commercial gene therapy foundation, with an unparalleled network of qualified treatment centers QTCs , proven access and reimbursement for patients, and demonstrated demand from both patients and providers,” said Andrew Obenshain, chief executive officer, bluebird bio. “Following the completion of the first LYFGENIA patient start earlier this month, and with the continued momentum behind our ongoing launches, we believe we are poised for accelerated growth through the remainder of 2024.”