The following is a summary of the Legend Biotech Corporation (LEGN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Legend Biotech reported net trade sales of $157 million for the first quarter of 2024, marking a 100% year-on-year increase in sales from CARVYKTI.

• There was a slight decrease from $159 million in Q4 2023 due to order timing and manufacturing testing.

• Research and development expenses increased to $101 million in Q1 2024, up from $84.9 million in Q1 2023.

• As of March 2024, Legend Biotech had a cash balance of $1.3 billion.

• Company expects to attain operating profit by 2026 and may consider additional capital raises depending on business development.

Business Progress:

• CARVYKTI received approval from major health regulatory bodies, widening its potential patient base to 80,000 across significant markets.

• The company plans to double production capacity for CARVYKTI by the end of 2024 and reach 10,000 patient slots capacity by the end of 2025.

• The number of US hospitals certified to administer CARVYKTI has increased to 72, expanding its reach into the community.

• Trials for triple targeted CAR-T treatment are underway in China, with an expansion into autoimmune disease indications in the US planned.

• Legend Biotech plans to increase capital investment to support business expansion, indicating positive business progress.

More details: Legend Biotech IR

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