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.