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SOMERSET, N.J. - Legend Biotech Corporation (NASDAQ:LEGN) reported fourth quarter 2024 financial results that exceeded analyst expectations, driven by strong sales of its multiple myeloma treatment CARVYKTI.
The cell therapy company posted adjusted earnings per share of -$0.16, beating the consensus estimate of -$0.25. Revenue came in at $186.52 million, topping analyst projections of $173.99 million.
CARVYKTI net trade sales reached approximately $334 million in Q4 and $963 million for the full year 2024. The company noted it has now treated over 5,000 patients with the therapy to date.
"We are coming off a tremendously successful year. Our 2024 total revenue nearly achieved blockbuster status, and we are just now building out our many opportunities with CARVYKTI," said CEO Ying Huang.
Legend Biotech reported cash and cash equivalents of $1.1 billion as of December 31, 2024, which it believes provides runway into Q2 2026.
The company highlighted several key developments, including initiating commercial production at a Novartis (SIX:NOVN) facility and gaining reimbursement approval in Spain for CARVYKTI in earlier treatment lines.
Legend Biotech shares dipped 0.8% following the earnings release, suggesting a relatively muted market reaction to the results.
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