Legend Biotech Corporation (NASDAQ: LEGN), a global pioneer in cell therapy, unveiled its unaudited financial performance for the first quarter of 2024 alongside notable corporate achievements.
Dr. Ying Huang, CEO of Legend Biotech, expressed satisfaction with the progress made during the quarter, particularly emphasizing recent milestones. Highlighting the label expansions for CARVYKTI across the U.S., Europe, and Brazil, Dr. Huang emphasized the transformative impact of these approvals on multiple myeloma treatment, facilitating earlier access to their groundbreaking therapy for patients.
The company’s commitment to meeting the escalating demand for CARVYKTI was underscored by significant expansions in manufacturing capacity, aiming to achieve an annual dose capacity of 10,000 by the end of 2025. Furthering their dedication to broadening patient access, Legend Biotech expanded its partnership with Novartis, reinforcing their resolve to ensure CARVYKTI reaches every eligible patient.
Regulatory Milestones:
- FDA approval for CARVYKTI® for relapsed or refractory multiple myeloma patients, refractory to lenalidomide, following a unanimous ODAC vote.
- EC approval for CARVYKTI® label expansion for relapsed and refractory multiple myeloma patients, refractory to lenalidomide.
- ANVISA approval for CARVYKTI® for multiple myeloma patients who previously received specific treatments.
Key Business Developments:
- Collaboration with Johnson & Johnson and Novartis to bolster manufacturing capabilities for CARVYKTI.
- Publication of Legend Biotech’s inaugural Environmental, Social & Governance (ESG) report, aligning with sector standards and outlining future growth strategies.
Financial Highlights for Q1 2024:
- License Revenue: $12.2 million, driven by the global license agreement with Novartis.
- Collaboration Revenue: $78.5 million, reflecting increased CARVYKTI sales.
- Collaboration Cost of Revenue: $49.1 million, attributed to CARVYKTI sales.
- Research and Development Expenses: $101.0 million, primarily allocated to cilta-cel research.
- Administrative Expenses: $31.9 million, driven by infrastructure expansion.
- Selling and Distribution Expenses: $24.2 million, associated with commercial activities.
- Net Loss: $59.8 million, indicating improved financial performance compared to Q1 2023.
- Cash Position: $1.3 billion in cash and equivalents as of March 31, 2024.
Webcast/Conference Call Details: Legend Biotech will conduct its quarterly earnings call and webcast at 8:00 am ET today.
