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Legend Biotech(LEGN) - 2024 Q4 - Annual Report
LEGNLegend Biotech(LEGN)2025-03-11 11:00
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Financial Performance - Total revenue for 2024 reached approximately 1.297billion,withCARVYKTInettradesalesof1.297 billion, with CARVYKTI net trade sales of 963 million, marking a significant increase from the previous year[6]. - License revenue for the year ended December 31, 2024, was 138.4million,upfrom138.4 million, up from 35.2 million in 2023, reflecting a growth of 293%[8]. - Collaboration revenue for the year was 482.6million,comparedto482.6 million, compared to 249.8 million in 2023, representing an increase of 93%[9]. - Net income for the fourth quarter of 2024 was 26.3million,aturnaroundfromanetlossof26.3 million, a turnaround from a net loss of 144.8 million in the same quarter of 2023[18]. - Adjusted net loss for the year was 188.8million,areductionfrom188.8 million, a reduction from 335.7 million in 2023, indicating improved financial performance[19]. - Total revenue for Q4 2024 reached 186.5million,asignificantincreaseof134186.5 million, a significant increase of 134% compared to 79.5 million in Q4 2023[25]. - Basic net income per share for Q4 2024 was 0.07,comparedtoalossof0.07, compared to a loss of 0.40 per share in Q4 2023[26]. - Adjusted net loss for Q4 2024 was 59.1million,comparedtoanadjustednetlossof59.1 million, compared to an adjusted net loss of 88.5 million in Q4 2023[34]. Cash and Assets - As of December 31, 2024, the company had approximately 1.1billionincashandcashequivalents,providingafinancialrunwayintothesecondquarteroffiscalyear2026[5].−Cashandcashequivalentsattheendof2024were1.1 billion in cash and cash equivalents, providing a financial runway into the second quarter of fiscal year 2026[5]. - Cash and cash equivalents at the end of 2024 were 286.7 million, down from 1.28billionattheendof2023,representingadecreaseof781.28 billion at the end of 2023, representing a decrease of 78%[29]. - Total assets decreased to 1.67 billion in December 2024 from 1.85billioninDecember2023,adeclineof91.85 billion in December 2023, a decline of 9%[27]. - The company reported cash flows used in operating activities of 82.1 million for Q4 2024, an improvement from 95.6millioninQ42023[29].Expenses−Researchanddevelopmentexpensesfortheyearwere95.6 million in Q4 2023[29]. Expenses - Research and development expenses for the year were 413.5 million, an increase of 31.3millionfrom2023,primarilyduetocilta−celactivities[13].−Sellinganddistributionexpensesfortheyearwere31.3 million from 2023, primarily due to cilta-cel activities[13]. - Selling and distribution expenses for the year were 147.5 million, up from 94.2millionin2023,reflectingincreasedcommercialactivities[15].−Researchanddevelopmentexpensesfortheyear2024totaled94.2 million in 2023, reflecting increased commercial activities[15]. - Research and development expenses for the year 2024 totaled 413.5 million, an increase from $382.2 million in 2023[25]. Product Performance - Over 5,000 patients have been treated with CARVYKTI to date, demonstrating the product's market penetration[6]. - The Phase 3 CARTITUDE-4 study showed that 89% of evaluable patients achieved minimal residual disease negativity at the 10 threshold within two months[7].