Analyst Sees Deteriorated Treatment Effect Of Blueprint's Much Awaited Mastocytosis Data

Analyst Sees Deteriorated Treatment Effect Of Blueprint's Much Awaited Mastocytosis Data
  • Earlier today, Blueprint Medicines Corporation BPMC released the long-awaited pivotal PIONEER dataset in Indolent Systemic Mastocytosis (ISM). 
  • The topline data indicates that the trial met all primary and key secondary endpoints with statistical significance and that there were no intracranial bleeds. 
  • SVB Leerink thinks that though these data are approvable, they represent a deterioration in the absolute improvement in the symptom score (TSS), which was 15.6 points in this trial versus 19.7 in Phase 1. 
  • Conversely, the control arm of best supportive care (BSC) showed a larger reduction in TSS from a baseline of 9.2 points versus 3.2 in Phase 1. 
  • This represents a meaningful deterioration in the treatment effect for Ayvakit over BSC, now 6.4 from 16.5, a key metric that clinicians and payors are likely to weigh, given the anticipated cost. 
  • The analyst believes that the data will further magnify the commercial debate, as investors question the size of the addressable ISM population for a chronically used therapy with a limited treatment effect that could cost over $350,000 per year. 
  • Price Action: BPMC shares are down 7.19% at $63.67 on the last check Wednesday.

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