Legend Biotech Reports Strong Q1 2024 Results and Advances in Cell Therapy

Legend Biotech reports strong Q1 2024 results, with CARVYKTI net trade sales reaching $157 million, a 100% year-over-year increase. The company expands production capacity, regulatory approvals, and treatment centers, solidifying its leadership in cell therapy.

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Bijay Laxmi
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Legend Biotech Reports Strong Q1 2024 Results and Advances in Cell Therapy

Legend Biotech Reports Strong Q1 2024 Results and Advances in Cell Therapy

Legend Biotech Corporation (NASDAQ: LEGN), a global leader in cell therapy, has reported impressive legend, results, earnings, call, presentation for the first quarter of 2024 and highlighted significant advancements in its cell therapy programs. The company's flagship product, CARVYKTI (ciltacabtagene autoleucel), has seen substantial growth and regulatory progress, positioning Legend Biotech for continued success in the dynamic field of cell therapy.

In the earnings call slide deck released on May 13, 2024, Legend Biotech CEO Ying Huang and CFO Lori Macomber presented key financial highlights and business updates. CARVYKTI net trade sales for Q1 2024 reached an impressive $157 million, representing a 100% increase year-over-year. While net sales decreased slightly by $2 million sequentially from Q4 2023 due to phasing and manufacturing testing, the company maintains a strong cash balance of $1.3 billion, providing ample resources for production expansion and a financial runway into 2026.

Why this matters: The advancements in cell therapy, as demonstrated by Legend Biotech's strong Q1 results, have the potential to revolutionize the treatment of diseases such as multiple myeloma, improving the lives of thousands of patients worldwide. As the company continues to expand its production capacity and regulatory approvals, it may pave the way for other biotech companies to follow suit, driving innovation and progress in the field of cell therapy.

Legend Biotech's focus on expanding production capacity has been a key driver of its success. The company has doubled cell processing capacity at its Raritan, New Jersey site since the beginning of 2023 and plans to complete the physical expansion of the facility by the end of 2024. This expansion is expected to double CARVYKTI capacity compared to the end of 2023. Additionally, the Obelisc facility in Ghent, Belgium, started clinical production in January, further augmenting the company's legend, earnings, call, transcript. Legend Biotech has also expanded its agreement with Novartis to perform commercial manufacturing for CARVYKTI through the end of 2029.

On the regulatory front, Legend Biotech has achieved significant milestones. The FDA and European Commission approved CARVYKTI for second-line relapsed or refractory multiple myeloma, while the Brazilian Health Regulatory Agency approved CARVYKTI for second-line multiple myeloma. These approvals have the potential to change the treatment paradigm for tens of thousands of patients worldwide. "2024 has been an eventful year for us... These approvals have the potential to change the treatment paradigm for tens of thousands of patients in the United States and Europe," legend, loss, beats, estimates said Ying Huang, CEO of Legend Biotech.

Legend Biotech's commitment to making CARVYKTI accessible to more patients is evident in its efforts to expand its network of authorized treatment centers. The company has certified 72 U.S. hospitals as authorized treatment centers for CARVYKTI, with outpatient treatment comprising approximately one-third of its volume. This remains an important differentiator for the company. Legend Biotech is also focused on reducing the vein-to-vein time and making more supply available to the market to meet the growing demand for its innovative cell therapy.

Looking ahead, Legend Biotech anticipates continued growth for CARVYKTI, particularly in the second half of 2024, as it continues to add more slots and expand its capacity. "We do anticipate continued growth for CARVYKTI particularly in the second half of the year as we continue to add more slots and expand our capacity," stated Ying Huang. With a strong financial position, expanding manufacturing capabilities, and ongoing regulatory successes, Legend Biotech is well-positioned to solidify its leadership in the cell therapy space and bring transformative treatments to patients in need.

Key Takeaways

  • Legend Biotech reports 100% YoY growth in CARVYKTI sales, reaching $157M in Q1 2024.
  • Company maintains strong cash balance of $1.3B, providing resources for production expansion.
  • Legend Biotech doubles cell processing capacity at Raritan, NJ site and starts clinical production at Obelisc facility in Belgium.
  • CARVYKTI receives regulatory approvals in US, Europe, and Brazil for second-line multiple myeloma treatment.
  • Company anticipates continued growth for CARVYKTI in H2 2024 with expanded capacity and slots.