2seventy Bio Says Does Not Expect To Achieve Original Revenue Guidance Of $470M-570M For 2023, Company Anticipates Competitive Dynamics Will Continue To Impact Abecma Sales In Q4
Portfolio Pulse from Benzinga Newsdesk
2seventy Bio has announced that it will not meet its original revenue guidance of $470M-$570M for 2023. The company expects that competitive dynamics will continue to negatively affect Abecma sales in Q4.

November 14, 2023 | 12:10 pm
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2seventy Bio, trading as TSVT, has lowered its revenue forecast for 2023, indicating that it will not achieve the previously stated $470M-$570M. The company cites increased competition as a factor that will continue to affect its Abecma sales in the fourth quarter.
The announcement of not meeting revenue guidance is a negative signal to investors, often leading to a decrease in stock price. The specific mention of competitive pressures on Abecma sales suggests that the company is facing significant challenges in its market segment, which could lead to concerns about its future profitability and market share. Given this information, there is a high likelihood of a negative short-term impact on TSVT's stock price.
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