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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