China-based Legend Biotech Corporation (NASDAQ: LEGN) has announced its financial results for the third quarter of 2024, reporting a significant increase in revenue. The company generated USD 160 million in revenue for the three months ended September 30, 2024, marking a 67% year-on-year (YOY) increase.
Revenue Breakdown and Key Drivers
Collaboration revenue accounted for USD 142.8 million of the total, primarily driven by sales of Carvykti under the Janssen Agreement. License revenue reached USD 17.1 million, entirely contributed by the Novartis deal. Other income and gains totaled USD 16.8 million.
Carvykti Performance and Milestones
Carvykti (ciltacabtagene autoleucel; cilta-cel), a chimeric antigen receptor (CAR)-T therapy co-developed by Janssen Biotech, Inc., a Johnson & Johnson company, achieved USD 286 million in net trade sales during the period. This represents an operational growth of 87.6% YOY and 53.2% quarter-over-quarter. The therapy, which is the first and only cell therapy clinically shown to significantly extend overall survival versus standard therapies in multiple myeloma patients as early as the second line, saw the presentation of CARTITUDE-4 three-year follow-up data at the International Myeloma Society Annual Meeting.
Commercial Production and Regulatory Approvals
Legend Biotech initiated commercial production at the Obelisc facility in Ghent, Belgium, for Carvykti, which was launched in Switzerland during the third quarter. The drug recently received label expansion into third-line plus settings for multiple myeloma patients and obtained approval from China’s NMPA for the treatment of fourth-line plus multiple myeloma.
Financial Position and Future Outlook
As of September 30, 2024, Legend Biotech held cash and cash equivalents, and time deposits of USD 1.2 billion, providing a financial runway into 2026. The company anticipates achieving an operating profit by this time, reflecting its strong financial position and growth prospects.-Fineline Info & Tech
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