Legend Biotech Corp (LEGN) Q3 2024 Earnings Call Highlights: CARVYKTI's Impressive Growth Amid ...

GuruFocus.com11-13

Net Trade Sales of CARVYKTI: Approximately $286 million, an 87.6% increase year-over-year and a 53.2% increase quarter-over-quarter. Total Revenues: $160 million, consisting of $143 million in ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLegend Biotech Corp (LEGN) Q3 2024 Earnings Call Highlights: CARVYKTI's Impressive Growth Amid ...\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-13 15:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/legend-biotech-corp-legn-q3-070730075.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Net Trade Sales of CARVYKTI: Approximately $286 million, an 87.6% increase year-over-year and a 53.2% increase quarter-over-quarter.\nTotal Revenues: $160 million, consisting of $143 million in ...</p>\n\n<a href=\"https://finance.yahoo.com/news/legend-biotech-corp-legn-q3-070730075.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LEGN","symbol_name":"传奇生物","start_time":0,"source_url":"https://finance.yahoo.com/news/legend-biotech-corp-legn-q3-070730075.html","article_id":"2483108023","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/fAlruZGXK9zU9mdhD5fhww--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/us.finance.gurufocus/912a96313fe5b4e5ac5a21f745ecc365"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483108023","pubTimestamp":1731481650,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Net Trade Sales of CARVYKTI: Approximately $286 million, an 87.6% increase year-over-year and a 53.2% increase quarter-over-quarter.Total Revenues: $160 million, consisting of $143 million in collaboration revenue and $17 million in license revenue.Net Loss: $125 million or a loss of $0.34 per share, compared to a net loss of $62 million or a loss of $0.17 per share for the same period last year.Research and Development Expenses: $96 million, similar to the same period last year.Administrative Expenses: $35 million, an increase of $7 million year-over-year.Selling and Distribution Expenses: $44 million, an increase of $23 million year-over-year.Other Expenses: $62 million, primarily driven by unrealized foreign exchange losses.Cash and Equivalents: $1.2 billion as of September 30, 2024.GuruFocus has detected 3 Warning Signs with LEGN.For the complete transcript of the earnings call, please refer to the full earnings call transcript.Legend Biotech Corp  received approval for CARVYKTI pr","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"LEGN":"传奇生物"},"translate_title":"传奇生物科技公司(LEGN)2024年第三季度收益看涨期权亮点：CARVYKTI在……中取得了令人印象深刻的增长。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LEGN":1},"content_text":"Net Trade Sales of CARVYKTI: Approximately $286 million, an 87.6% increase year-over-year and a 53.2% increase quarter-over-quarter.\nTotal Revenues: $160 million, consisting of $143 million in collaboration revenue and $17 million in license revenue.\nNet Loss: $125 million or a loss of $0.34 per share, compared to a net loss of $62 million or a loss of $0.17 per share for the same period last year.\nResearch and Development Expenses: $96 million, similar to the same period last year.\nAdministrative Expenses: $35 million, an increase of $7 million year-over-year.\nSelling and Distribution Expenses: $44 million, an increase of $23 million year-over-year.\nOther Expenses: $62 million, primarily driven by unrealized foreign exchange losses.\nCash and Equivalents: $1.2 billion as of September 30, 2024.\n\n\nWarning! GuruFocus has detected 3 Warning Signs with LEGN.\n\nRelease Date: November 12, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nCARVYKTI achieved significant growth with a 53% increase quarter-over-quarter and 87% year-over-year.\nCARVYKTI demonstrated a 45% reduction in the risk of death compared to standard therapies in multiple myeloma patients.\nLegend Biotech Corp (NASDAQ:LEGN) received approval for CARVYKTI production in Belgium, expanding its manufacturing capacity in Europe.\nThe company reported strong financial performance with net trade sales of CARVYKTI reaching approximately USD 286 million in Q3 2024.\nLegend Biotech Corp (NASDAQ:LEGN) has expanded its outpatient treatment options, with outpatient administration now comprising up to 48% of CARVYKTI's volume.\n\n Negative Points \n\nThe company reported a net loss of $125 million for Q3 2024, compared to a net loss of $62 million in the same period last year.\nUnrealized foreign exchange losses amounted to $63 million, primarily due to intercompany transactions.\nResearch and development expenses remained high at $96 million, similar to the previous year.\nSelling and distribution expenses increased significantly to $44 million, up from $21 million in the same period last year.\nThe company faces supply constraints and prioritizes markets like the U.S. and Europe over China due to limited availability of lentiviral vectors.\n\n Q & A Highlights \nQ: What are the key data points investors should focus on regarding the upcoming data update for CARTITUDE-1 and IMAgINE-1 trials? A: Ying Huang, CEO, explained that the IMAgINE-1 trial involves a less sick patient population compared to CARTITUDE-1. Key metrics include the number of prior lines of therapy and refractory patient populations. Efficacy is measured by ORR and CR rates, with CARTITUDE-1 showing a 97% ORR and 67% CR rate. Durability and PFS are crucial, with nearly three years' PFS in CARTITUDE-1. Safety management strategies are also discussed, including patient selection and proactive management.\nQ: How should we think about quarter-over-quarter growth going into Q4, and is there an FDA cap on CAR-T production? A: Ying Huang, CEO, confirmed expectations for sequential growth in Q4, although no quantitative guidance was provided. Regarding FDA regulation, both CARVYKTI and Abecma have experienced capacity regulation by the FDA, which applies to all CAR-T manufacturing facilities. Legend Biotech has been able to supply the market effectively, achieving the highest revenue and slots among commercial CAR-T brands.\nQ: Can you elaborate on the ramp-up cadence for the second-line launch and the expected shift in CARVYKTI use from late to early lines? A: Steve Gavel, SVP of Commercial Development, stated that the majority of patients treated will be in the CARTITUDE-4 population, with a two-thirds to one-third ratio expected by next year. The early line adoption is ahead of expectations, driven by recent overall survival data, and this trend is expected to continue.\nQ: How is the evolution of inpatient versus outpatient use of CARVYKTI progressing, and what drives this shift? A: Steve Gavel, SVP of Commercial Development, explained that the shift to outpatient use is driven by the need to manage increased patient volumes in the second line plus setting. Major academic sites are leading this adoption, with outpatient use reaching up to 50% in some locations. The delayed CRS onset of CARVYKTI facilitates outpatient administration, allowing for remote monitoring and later hospital admission if needed.\nQ: What are the expectations for Europe now that commercial capacity is up and running, and how do European physicians select CAR-T over other options? A: Steve Gavel, SVP of Commercial Development, noted that the European market differs from the U.S., with slower CAR-T adoption due to pricing agreements. Germany is the key driver for CARVYKTI in Europe. Ying Huang, CEO, added that survival data is crucial for European single-payer systems, and CARVYKTI's demonstrated survival benefit is a significant advantage in discussions with European agencies.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483108023"}