Legend Biotech Corporation Reports Third Quarter 2024 Financial Results

authorIntellectia.AI2024-11-12
3
LEGN.O
Illustration by Intellectia.AI

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%.

Share