Shares in bluebird bio fell as much as 3.4% after William Blair analyst Raju Prasad suggested that sales of the beta thalassaemia treatment Zynteglo will grow slowly, Investor's Business Daily reported Monday.
"Notably, based on the reimbursement model (costs amortized over five years), we believe that the Zynteglo launch is likely to be a slow mover," Prasad stated.
The analyst expects sales of $8.7 million for the drug in 2020, growing to $32.8 million in 2021 and $79.6 million in 2022.
Prasad additionally cited potential competition for bluebird's investigational cancer drugs bb2121 and bb21217, which are being developed with Celgene, while he plans to take a "wait-and-see" approach regarding the company's earlier-stage pipeline.
The news comes as the FDA has questioned whether Novartis's AveXis unit manipulated data for a recently approved gene therapy.
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