Legend Biotech Corporation Reports Third Quarter 2024 Financial Results
Legend Biotech Corporation (NASDAQ: LEGN), a leader in cell therapy, has released its unaudited financial results for the third quarter of 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $159.9 million | $96 million | Up 66.6% | $143.87 million |
| Net Loss | $125.3 million | $62.2 million | Larger Loss | N/A |
Interpretation : Legend Biotech's revenue has shown considerable growth of 66.6% year-over-year, surpassing analysts' expectations. However, the company also reported an increase in net loss compared to the same period last year.
Revenue Performance by Segment
| Segment | Q3 2024 Revenue | Comments on Performance |
|---|---|---|
| License Revenue | $17.1 million | Decrease due to lack of milestone achievements |
| Collaboration Revenue | $142.8 million | Increase driven by CARVYKTI® sales under Janssen Agreement |
Interpretation : The surge in collaboration revenue highlights the success of CARVYKTI® sales, while license revenue slightly decreased, reflecting the variability of milestone achievements.
Key Developments and Operational Highlights
- Net trade sales of CARVYKTI® reached approximately $286 million, with notable operational growth.
- Initiated commercial production at the Obelisc facility in Ghent, Belgium.
- Launched CARVYKTI® in Switzerland; received regulatory approvals in China and Switzerland.
- Established a new R&D facility in Philadelphia, anticipated to enhance cell therapy innovation.
Management Commentary
Ying Huang, Ph.D., Chief Executive Officer of Legend Biotech, emphasized the significant growth driven by CARVYKTI® and ongoing efforts to expand production capabilities to meet global demand. The positive results from the CARTITUDE-4 study were highlighted as strengthening the company’s competitive position in the field of multiple myeloma treatment.
Forward Guidance
Legend Biotech did not provide any forward-looking financial guidance. However, they anticipate reaching an operating profit by 2026 based on current cash reserves and strategic investments.
Stock Price Movement
Following the earnings release, Legend Biotech’s stock experienced a slight increase of approximately 0.025%.
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