The following is a summary of the 2seventy Bio, Inc. (TSVT) Q2 2024 Earnings Call Transcript:

Financial Performance:

• ABECMA US revenues reported by Bristol-Myers Squibb were $54 million, consistent with expectations.

• Q2 brought $43 million from sales of oncology R&D to Regeneron and hemophilia A program to Novo Nordisk.

• Achieved $24.9 million in GAAP net income for the quarter from strategic sales and efficiency gains.

Business Progress:

• Focused exclusively on ABECMA post-strategic sales including oncology R&D and hemophilia A program.

• Commenced third-line launch of ABECMA, showing double-digit growth in apheresis as a precursor to revenue growth.

• Streamlined operations resulted in significant decrease in operating expenses, anticipating continuous decline into 2025.

Opportunities:

• Anticipate ABECMA's return to growth in upcoming months bolstered by broad data and expanded FDA approval.

• Following strategic divestitures, positioned to prioritize efficiency and drive towards cash flow breakeven and profitability in 2025.

Risks:

• ABECMA faces gradual growth challenges in scaling, depending on the uptake and continued competitive efficacy in its new broader usage realms.

More details: 2seventy bio IR

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