Legend Biotech Reports First Quarter 2024 Results

Legend Biotech Corporation ( LEGN ), a global leader in cell therapy, reported its first quarter 2024 unaudited financial results and key corporate highlights. The company made significant progress in the first quarter, with label expansions for CARVYKTI in the U.S., Europe, and Brazil, which have changed the treatment paradigm for multiple myeloma and enabled more patients to receive the transformative therapy earlier in the course of their disease. With more patients needing access to CARVYKTI, Legend has increased its manufacturing capacity and scaled up operations to reach its goal of 10,000 annual doses by the end of 2025.

Regulatory updates for CARVYKTI include approval by the U.S. Food and Drug Administration (FDA) for the treatment of adult patients with relapsed or refractory multiple myeloma who have received at least one prior line of therapy including a proteasome inhibitor (PI) and an immunomodulatory agent (IMiD) and are refractory to lenalidomide. The European Commission (EC) granted approval for the label expansion of CARVYKTI® for the treatment of adult patients with relapsed and refractory multiple myeloma who have received at least one prior therapy, including an immunomodulatory agent and a proteasome inhibitor, have demonstrated disease progression on the last therapy, and are refractory to lenalidomide.

Legend and Johnson & Johnson entered into a Master Manufacturing and Supply Services Agreement with Novartis Pharmaceuticals Corporation to supplement their existing manufacturing capabilities and increase commercial supply of CARVYKTI®. The company also published its inaugural Environmental, Social & Governance (ESG) report, which aligns with the Sustainable Accounting Standards Board (SASB) Biotechnology and Pharmaceutical sector standards, shares ESG data collection and disclosure roadmap, and future growth strategy for good corporate citizenship.

In December 2017, Legend Biotech entered into an exclusive worldwide collaboration and license agreement with Janssen Biotech, Inc., a Johnson & Johnson company, to develop and commercialize cilta-cel (the Janssen Agreement).

First Quarter 2024 financial results showed that license revenue was $12.2 million, collaboration revenue was $78.5 million, and the cost of license and other revenue for the three months ended March 31, 2024 was $5.6 million. Research and development expenses were $101.0 million for the first quarter of 2024, compared to $84.9 million for the same period in 2023. Administrative expenses were $31.9 million for the first quarter of 2024, primarily due to the expansion of administrative functions and infrastructure to increase manufacturing capacity. Selling and distribution expenses were $24.2 million for the first quarter of 2024, compared to $18.0 million for the same period in 2023.

Net loss for the first quarter of 2024 was $59.8 million, compared to a net loss of $112.1 million for the same period in 2023. Cash position as of March 31, 2024, was $1.3 billion.