Legend Biotech Reports Q1: EPS Beat, Miss on Revenue with $93.99 M
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Legend Biotech Reports Q1: EPS Beat, Miss on Revenue with $93.99 M

Legend Biotech Corporation has reported impressive financial outcomes for Q1, with CARVYKTI net trade sales reaching approximately $157 million.
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Legend Biotech Corporation (NASDAQ: LEGN) has unveiled its financial outcomes and corporate milestones for the first quarter of 2024, showcasing significant advancements and strategic achievements.

The company’s performance this quarter underscores its leadership in developing innovative treatments for life-threatening diseases, mainly through its flagship product, CARVYKTI, which has seen remarkable net trade sales.

In the first quarter of 2024, Legend Biotech reported impressive CARVYKTI net trade sales amounting to approximately $157 million. This achievement is further accentuated by the regulatory nods received from the EC and US FDA for CARVYKTI label expansion, enabling its use in earlier lines of treatment for adult patients with relapsed and lenalidomide-refractory multiple myeloma.

Additionally, the company’s strategic collaboration with Johnson & Johnson, culminating in a Master Manufacturing and Supply Services Agreement with Novartis Pharmaceuticals Corporation, indicates a robust commitment to enhancing CARVYKTI’s manufacturing and supply chain capabilities. With a cash reserve of $1.3 billion as of March 31, 2024, Legend Biotech is well-positioned for sustained growth and innovation.

Legend Biotech Posts Narrower Loss than Expected, Falls Short on Revenue for Q1

Comparing the first quarter’s performance against expectations, Legend Biotech has underperformed in the first quarter. Analysts had projected an EPS of -$0.19 and revenue of $143.81 million for the quarter. While the firm’s revenue growth was impressive, it still fell short of expectations, with a reported loss of $0.16 per share and revenues of $93.99 million for the quarter.

LEGN Plans to Reach a Goal of 10,000 Annual Doses of CARVYKTI By End of 2025

Looking ahead, Legend Biotech has provided optimistic guidance for the upcoming periods. The company’s financial runway, bolstered by a strong cash position, is expected to support its operations well into 2026, at which point Legend Biotech anticipates achieving an operating profit.

The planned increase in manufacturing capacity to reach a goal of 10,000 annual doses of CARVYKTI by the end of 2025 demonstrates the company’s commitment to meeting the growing demand for its therapies. Moreover, the recent regulatory approvals and label expansions for CARVYKTI in various global markets set the stage for increased adoption and broader patient access to this transformative therapy.

Disclaimer: The author does not hold or have a position in any securities discussed in the article.