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Benchmark profile after the patch:
 5930670 function calls (5930288 primitive calls) in 3.748 seconds
 Ordered by: internal time
 ncalls tottime percall cumtime percall filename:lineno(function)
 519632 0.828 0.000 0.828 0.000 fractions.py:17(gcd)
 519644 0.806 0.000 1.700 0.000 fractions.py:73(__new__)
 319744 0.630 0.000 1.983 0.000 fractions.py:408(_add)
 4 0.393 0.098 3.735 0.934 bm_telco_fractions.py:38(run)
 519616 0.277 0.000 3.316 0.000 fractions.py:381(forward)
 199872 0.275 0.000 0.901 0.000 fractions.py:424(_mul)
 1598720 0.161 0.000 0.161 0.000 fractions.py:285(denominator)
 520257 0.155 0.000 0.155 0.000 {built-in method isinstance}
 959232 0.118 0.000 0.118 0.000 fractions.py:281(numerator)
 519657 0.066 0.000 0.066 0.000 {built-in method __new__ of type object at 0x9d1c40}
Note that the gcd() call inside of __new__() now takes about as much time as the rest of the __new__() itself. It's clearly still worth optimising that.