The following is a summary of the Legend Biotech Corporation (LEGN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Legend Biotech reported Q3 2024 net sales for CARVYKTI were approximately $286 million, representing an 87.6% increase year-over-year.

• Total revenues for the quarter were $160 million.

• Net loss for Q3 2024 was $125 million or a loss of $0.34 per share.

• R&D expenditures remained consistent year-over-year at $96 million.

• Selling and distribution expenses for Q3 2024 were $44 million, significantly up from $21 million in the same period last year.

Business Progress:

• CARVYKTI achieved a significant overall survival benefit in second line plus patient population, marking a pivotal milestone in multiple myeloma treatment.

• CARVYKTI achieved FDA and European Commission approval for second-line study and received approval from China's National Medical Products Administration for fourth-line plus study.

• Expanded production capabilities with the approval of the Obelisc facility in Belgium for CARVYKTI production.

Opportunities:

• Continued global expansion, particularly with the recent approval for CARVYKTI in Switzerland and ongoing regulatory submissions.

• Anticipated growth from increased capacity and approval of new production facilities.

Risks:

• Dependence on success and expansion of CARVYKTI, especially in competitive multiple myeloma market.

• Regulatory and market risks related to international expansion and approval processes, including reliance on approvals for facility operations and product studies.

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