BUZZ-Gene therapy makers set to end 2024 in the red

Reuters01-01
BUZZ-Gene therapy makers set to end 2024 in the red

** Shares of bluebird bio BLUE.O leads yearly declines for gene therapy makers, with Vertex Pharmaceuticals VRTX.O and BioMarin BMRN.O also set to end 2024 in the red

** VRTX falls 1.6% YTD, while BMRN is down 32% and BLUE down 71%

** One-time treatments Lyfgenia and Casgevy, by BLUE and VRTX, respectively, were approved in the U.S. last year to treat inherited blood disorder sickle cell disease

** However, uptake of these gene therapies has been slow, with early use seen mainly in patients with severe disease

** Centers for Medicare & Medicaid Services said this month it had entered into agreements with VRTX and BLUE to help increase patient access to their gene therapies

** BLUE's shares fell to record low of 32 cents in November after co missed third-quarter revenue estimates

** BMRN said in August it will refocus commercial operations for hemophilia gene therapy Roctavian on three key markets; said it will reduce its global workforce by about 225 employees

** YTD, VRTX down ~2% vs a 40% gain in 2023, BMRN set for its second straight year of decline and BLUE set for its fifth straight year of decline

(Reporting by Sneha S K)

((Sneha.SK@thomsonreuters.com;))

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