2seventy bets the house on an Abecma renaissance

It’s no secret that sales of BCMA Car-T products are stalling, but 2seventy bio is more exposed here than most. Yesterday during its first-quarter earnings call the group outlined its strategy, now squarely focused on getting the Bristol Myers Squibb-partnered Abecma “back on track commercially”. The company hopes that last month’s expanded FDA approval in third-line multiple myeloma, from previous fifth-line use, will provide a boost; however, given a lag in sales being recognised, 2seventy isn’t expecting to see meaningful growth until the second half. Longer term, the group thinks it could reach breakeven in 2025. However, Abecma is up against Johnson & Johnson/Legend’s similarly acting Carvykti, which is seen as more efficacious and got a much easier ride at a recent FDA adcom, as well as bagging expanded approval in the second-line setting. And, looking at sales trends, Abecma has clearly come off worse in this battle so far. The pressure is on 2seventy, which went all in on Abecma when it sold its oncology and autoimmune pipeline to Regeneron earlier this year. “We believe this is a profitable business,” insisted 2seventy’s new chief executive, Chip Baird. Investors appeared to disagree, sending the company’s stock down 10% yesterday.

Abecma vs Carvykti sales

Source: company financial releases.