TSVT Reports Q1 ’24 Earnings

May 18, 2024

TSVT hosted an earnings call on May 8 and discussed the outlook for ABECMA. Management noted that a turnaround takes time, but that it expects meaningful growth in the second half of the year. I thought this response during the call was insightful: “Yeah. Okay. Yeah. So, in terms of the meaningful growth, we haven’t gotten specific on that. But from these levels, again, it doesn’t take a lot in what is a much larger market to be posting meaningful growth. As a reminder, we achieved over $100 million of revenue in the first quarter and second quarter of last year in a much smaller fifth-line plus market. So with the expanded label, we feel very excited about the market opportunity and about the dataset that stands behind that and our ability to engage with treating physicians and educate on product profile, which is different and improved and we can get into. But that’s what I would say in terms of the path to meaningful growth in the second half of the year.” I continue to believe that TSVT looks attractive on a risk-adjusted basis.