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Legend Biotech Reports Fourth Quarter and Full Year 2024 Results and Recent Highlights
LEGNLegend Biotech(LEGN) GlobeNewswire·2025-03-11 11:00

Core Insights - Legend Biotech Corporation reported strong financial results for 2024, with total revenue nearing blockbuster status, driven by the success of CARVYKTI in treating multiple myeloma patients [2][6][22] Financial Performance - As of December 31, 2024, Legend Biotech had approximately 1.1billionincashandcashequivalentsandtimedeposits,providingafinancialrunwayintothesecondquarteroffiscalyear2026[4][6]−Totalrevenueforthefourthquarterof2024was1.1 billion in cash and cash equivalents and time deposits, providing a financial runway into the second quarter of fiscal year 2026 [4][6] - Total revenue for the fourth quarter of 2024 was 186.5 million, compared to 79.5millionforthesameperiodin2023,markingasignificantincrease[5][9]−LicenserevenuefortheyearendedDecember31,2024,was79.5 million for the same period in 2023, marking a significant increase [5][9] - License revenue for the year ended December 31, 2024, was 138.4 million, a substantial increase from 35.2millionin2023,primarilyduetotheNovartisLicenseAgreement[5][8]−Collaborationrevenuefortheyearwas35.2 million in 2023, primarily due to the Novartis License Agreement [5][8] - Collaboration revenue for the year was 482.6 million, up from 249.8millionin2023,reflectingincreasedsalesofCARVYKTI[9]OperationalHighlights−CARVYKTInettradesalesreachedapproximately249.8 million in 2023, reflecting increased sales of CARVYKTI [9] Operational Highlights - CARVYKTI net trade sales reached approximately 334 million in the fourth quarter and 963millionforthefullyear2024,withover5,000patientstreatedtodate[6][7]−Spain′snationalhealthsystemapprovedreimbursementforCARVYKTIinsecond−lineplussettingsformultiplemyelomapatients,expandingitsmarketaccess[6][7]ExpensesandLosses−Researchanddevelopmentexpensesfortheyearwere963 million for the full year 2024, with over 5,000 patients treated to date [6][7] - Spain's national health system approved reimbursement for CARVYKTI in second-line plus settings for multiple myeloma patients, expanding its market access [6][7] Expenses and Losses - Research and development expenses for the year were 413.5 million, compared to 382.2millionin2023,drivenbyactivitiesrelatedtocilta−celandsolidtumorprograms[13]−Administrativeexpensesincreasedto382.2 million in 2023, driven by activities related to cilta-cel and solid tumor programs [13] - Administrative expenses increased to 136.8 million for the year, reflecting the expansion of administrative functions and headcount [14] - Selling and distribution expenses rose to 147.5million,primarilyduetocostsassociatedwithcommercialactivitiesforcilta−cel[15]NetIncomeandAdjustedLoss−Forthefourthquarterof2024,netincomewas147.5 million, primarily due to costs associated with commercial activities for cilta-cel [15] Net Income and Adjusted Loss - For the fourth quarter of 2024, net income was 26.3 million, or 0.07pershare,asignificantimprovementfromanetlossof0.07 per share, a significant improvement from a net loss of 144.8 million, or 0.40pershare,inthesamequarterof2023[19]−Theadjustednetlossforthefourthquarterwas0.40 per share, in the same quarter of 2023 [19] - The adjusted net loss for the fourth quarter was 59.1 million, or an adjusted net loss of 0.16pershare,comparedtoanadjustednetlossof0.16 per share, compared to an adjusted net loss of 88.5 million, or $0.24 per share, in the prior year [20][35]