Legend Biotech Reports Fourth Quarter and Full Year 2024 Results and Recent Highlights

Core Insights - Legend Biotech Corporation reported strong financial results for 2024, with total revenue nearing blockbuster status, driven by the success of CARVYKTI in treating multiple myeloma patients [2][6][22] Financial Performance - As of December 31, 2024, Legend Biotech had approximately $1.1 billion in cash and cash equivalents and time deposits, providing a financial runway into the second quarter of fiscal year 2026 [4][6] - Total revenue for the fourth quarter of 2024 was $186.5 million, compared to $79.5 million for the same period in 2023, marking a significant increase [5][9] - License revenue for the year ended December 31, 2024, was $138.4 million, a substantial increase from $35.2 million in 2023, primarily due to the Novartis License Agreement [5][8] - Collaboration revenue for the year was $482.6 million, up from $249.8 million in 2023, reflecting increased sales of CARVYKTI [9] Operational Highlights - CARVYKTI net trade sales reached approximately $334 million in the fourth quarter and $963 million for the full year 2024, with over 5,000 patients treated to date [6][7] - Spain's national health system approved reimbursement for CARVYKTI in second-line plus settings for multiple myeloma patients, expanding its market access [6][7] Expenses and Losses - Research and development expenses for the year were $413.5 million, compared to $382.2 million in 2023, driven by activities related to cilta-cel and solid tumor programs [13] - Administrative expenses increased to $136.8 million for the year, reflecting the expansion of administrative functions and headcount [14] - Selling and distribution expenses rose to $147.5 million, primarily due to costs associated with commercial activities for cilta-cel [15] Net Income and Adjusted Loss - For the fourth quarter of 2024, net income was $26.3 million, or $0.07 per share, a significant improvement from a net loss of $144.8 million, or $0.40 per share, in the same quarter of 2023 [19] - The adjusted net loss for the fourth quarter was $59.1 million, or an adjusted net loss of $0.16 per share, compared to an adjusted net loss of $88.5 million, or $0.24 per share, in the prior year [20][35]