Q1 2024 Legend Biotech Corp Earnings Call Transcript
Key Points
- CARVYKTI received FDA and European Commission approval for second-line relapsed or refractory multiple myeloma, significantly expanding its market potential.
- CARVYKTI net trade sales for the first quarter were $157 million, marking a 100% increase year-over-year.
- Legend Biotech Corp (LEGN) has a strong cash balance of $1.3 billion, providing financial stability and supporting ongoing production expansion and operational activities.
- The company is expanding production capacity, including doubling the processing capacity at the Raritan, New Jersey facility and progressing towards commercial production at the Obelisc facility in Ghent, Belgium.
- Legend Biotech Corp (LEGN) published its first ESG report, enhancing corporate transparency and showcasing its commitment as a responsible corporate citizen.
- Sequential CARVYKTI net sales decreased by $2 million from the fourth quarter of the previous year due to phasing and timing of orders.
- The company reported a net loss of $59.8 million for the quarter, although this was an improvement from the previous year's net loss of $112.1 million.
- Increased expenses in collaboration cost of revenue, research and development, and administrative expenses as the company expands its operations and production capabilities.
- The need for substantial ongoing investment in manufacturing capacity to meet growing demand for CARVYKTI, which could strain resources if not managed effectively.
- Regulatory and production scale-up challenges that could affect the timely availability of CARVYKTI to meet market demand.
Good day, ladies and gentlemen. Thank you for standing by. Welcome to Legend Biotech First Quarter 2024 Financial Results Conference Call.
(Operator Instructions)
Please note that today's conference may be recorded. I will now hand the conference over to your speaker host, Jessie Yeung, Head of Investor Relations and Public Relations. Please go ahead.
Good morning. This is Jessie Yeung, Head of Investor Relations and Public Relations at Legend Biotech. Thank you for joining our conference call today to review our first quarter 2024 performance. Joining me on today's call are Ying Huang, the company's Chief Executive Officer; and Lori Macomber, the company's Chief Financial Officer.
Following the prepared remarks, we will open up the call for a Q&A. We have Guowei Fang, Chief Scientific Officer; and Steve Gavel, Head of Commercial Development for the U.S. and Europe, joining the Q&A session.
During today's call, we will be making forward-looking statements, which are subject to risks and uncertainties that may
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