mohd izzuan Despite reporting better-than-expected Q2 204 revenue, bluebird Bio ( NASDAQ: BLUE ) shares tumbled in the morning hours on Wednesday after the gene therapy developer lowered expectations for its full-year outlook. The maker of Lyfgenia and other gene therapies exceeded analysts' estimates by $2.7M and generated $16.
1M in net revenue for the quarter, which, however, indicated a decline of ~13% from the preceding quarter. Having completed the first patient start in May, the company has added four patient starts for Lyfgenia, which was approved in December for sickle cell disease. bluebird Bio's ( BLUE ) overall patient starts have approached 27 this year, including 19 and four patient starts for its two other gene therapies, Zynteglo and Skysona, respectively.
However, assuming Lyfgenia patient starts to accelerate in H2, the company said it expects 85 patient starts (cell collections) across its portfolio in 2024. With its Q1 financials in May, BLUE projected 85 to 105 patient starts. Additionally, bluebird bio ( BLUE ) announced ~$193M in cash, cash equivalents, and restricted cash and indicated a cash runway through Q2 2025 compared to Q1 2026 projected with its previous outlook.
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