Summary by Moomoo AI
bluebird bio, a biotechnology company specializing in gene therapies, reported a net loss of $211.9 million for the year ended December 31, 2023, with an accumulated deficit of $4.3 billion. Despite this, the company saw an increase in product revenue, netting $29.1 million, primarily from U.S. sales of ZYNTEGLO and SKYSONA, and the recent FDA approval of LYFGENIA in December 2023. The cost of product revenue rose to $33.5 million, attributed to increased product sales. Selling, general and administrative expenses also increased by $25.2 million due to higher IT, facility-related costs, and commercial activities for their gene therapies. Research and development expenses decreased by $32.8 million, reflecting a shift of certain expenses to inventory and cost of product revenue following commercialization. The company sold two Priority Review...Show More
