Legend Biotech’s Q3 2024 Sees Strong Sales Growth

Legend Biotech Corporation ( (LEGN) ) has released its Q3 earnings. Here is a breakdown of the information Legend Biotech Corporation presented to its investors.

Legend Biotech Corporation is a global biotechnology company specializing in advanced cell therapies aimed at treating life-threatening diseases, with a focus on chimeric antigen receptor T-cell (CAR-T) therapies. The company is headquartered in Somerset, New Jersey, and is known for its innovative approach to developing therapies for multiple myeloma and other conditions.

Legend Biotech’s third-quarter report for 2024 highlights a significant operational growth with net trade sales reaching approximately $286 million, marking an 87.6% increase from the previous year. The company also initiated commercial production at its new facility in Ghent, Belgium, and expanded its market presence by launching CARVYKTI in Switzerland.

Financially, Legend Biotech saw a notable rise in collaboration revenue, reporting $142.8 million for the quarter, up from $75.9 million the previous year. However, the company also experienced an increase in net loss, reporting $125.3 million compared to $62.2 million in the same period last year. The rise in losses was attributed to expanded commercial activities and foreign exchange losses.

Strategically, Legend Biotech announced plans for a new R&D facility in Philadelphia and shared positive three-year follow-up data from the CARTITUDE-4 study, demonstrating CARVYKTI’s efficacy in extending overall survival for multiple myeloma patients.

Looking ahead, Legend Biotech’s management remains optimistic, with a solid cash position expected to support operations into 2026. The company plans to continue expanding its production capacity and advancing its research and development programs, strengthening its leadership in cell therapy innovation.