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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