2seventy Bio reports Q EPS 45c, consensus (65c)

Reports Q revenue $9M, consensus $14.19M.”This year has been transformative for 2seventy, and we enter the second half in a strong financial and operational position, poised for commercial growth,” said Chip Baird, CEO. “We dramatically reduced our cost structure and strengthened our balance sheet with the completion of the sale of our oncology R&D business to Regeneron and the sale of our Hemophilia A program and gene editing technology to Novo Nordisk. These changes move us closer to achieving quarterly profitability by the end of 2025. We were pleased to see that Abecma turned a corner in the second quarter, recording modest growth in revenue in the U.S. Importantly, we saw a meaningful increase in patients undergoing apheresis, which we expect to translate to additional revenue growth in the third quarter. We look forward to the continued execution of our third line launch in the second half of 2024 and a continued return to growth for Abecma.”