Legend Biotech Reports First Quarter 2025 Results and Recent Highlights

Core Insights - Legend Biotech Corporation reported strong commercial performance of CARVYKTI, aiming for company-wide profitability by next year through capacity expansion and global approvals [2][6][10] Regulatory Updates - The European Medicines Agency's CHMP provided a positive opinion for CARVYKTI, highlighting significant improvement in overall survival from the CARTITUDE-4 study [7] - Australia's TGA approved CARVYKTI for second-line treatment in multiple myeloma patients [7] Key Business Developments - Over 6,000 patients have been treated with CARVYKTI to date [6] - Clinical production of CARVYKTI was initiated at the Tech Lane facility in Belgium, with commercial production expected by the end of 2025 [6][7] - The company published its second annual ESG report, aligning with various sustainability standards [7] First Quarter 2025 Financial Results - CARVYKTI net trade sales reached approximately $369 million [6] - Total revenue for Q1 2025 was $195.1 million, up from $94.0 million in Q1 2024 [14] - Collaboration revenue increased to $185.6 million from $78.5 million year-over-year [12] - License revenue decreased to $9.3 million from $12.2 million year-over-year [12] - Net loss for Q1 2025 was $100.9 million, compared to a net loss of $59.8 million in Q1 2024 [12][15] - Cash and cash equivalents stood at $1.0 billion as of March 31, 2025, providing a financial runway into Q2 2026 [6][12]