2seventy bio falls after co says it does not expect to meet annual sales target

2Seventy Bio

14/11/2023 19:55

** Shares of cell and gene therapy company 2seventy bio
 TSVT.O  fall as much as 16.4% to $1.9, before paring some of
their losses
    ** Stock last down 5.5% at $2.14
    ** TSVT says it does not expect to achieve its original 2023
revenue forecast of $470 mln to $570 mln
    ** Sales of its blood cancer cell therapy Abecma are under
pressure due to competition from rival treatments like Legend
Biotech  LEGN.O  and Johnson & Johnson's  JNJ.N  Carvykti, other
JNJ therapies Tecvayli and Talvey and Pfizer's  PFE.N  Elrexfio
    ** TSVT's Q3 revenue of $12 mln misses Wall Street estimate
of $31.2 mln - LSEG data
    ** Sales of Abecma in the quarter also hit due to a planned
manufacturing maintenance in June
    ** TSVT expects competitive dynamics for Abecma to continue
to impact sales in Q4
    ** Cash, cash equivalents of $284.3 mln at the end of Q3
    ** Company says it has sufficient cash to fund current
planned operations for at least 12 months, but did not provide
specific cash runway forecast
    ** Including session's loss, stock down 77% YTD vs a 9.9%
decline in Nasdaq Biotechnology  .NBI  index

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))