bluebird bio soars on 1st-qtr update
US biotech bluebird bio (Nasdaq: BLUE) saw its shares close up almost 15% at $1.12 yesterday, after it reported first quarter 2024 results and business highlights, including recent commercial and operational progress.
Total revenue, net was $18.6 million for the three months, compared to $2.4 million for the like 2023 period. The company’s cash, cash equivalents and restricted cash balance was around $264 million, including restricted cash of about $52 million, as of March 31, 2024
“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 of 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,” he noted.
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