Q2 2024 Legend Biotech Corp Earnings Call Transcript
Key Points
- Legend Biotech Corp (LEGN) reported an 18.5% sequential growth in capacity sales for the second quarter of 2024.
- The company received label expansion approvals from both the FDA and EMA, enhancing its market potential.
- Legend Biotech Corp (LEGN) demonstrated a significant survival benefit in the CARTITUDE-4 study, showing improvement in overall survival compared to standard therapies.
- The company achieved net trade sales of $186 million for the second quarter, marking a 50% increase year over year and an 18.5% increase quarter-over-quarter.
- Legend Biotech Corp (LEGN) has a strong cash balance of $1.3 billion, providing financial runway into 2026 and supporting ongoing production and expansion efforts.
- The company reported a net loss of $18 million for the quarter ended June 30, 2024, although this was an improvement from the $199 million loss in the same period last year.
- Research and development expenses increased to $113 million for the second quarter, up from $96 million in the same period last year.
- Administrative expenses rose to $35 million for the three months ended June 30, 2024, compared to $28 million for the same period last year.
- Selling and distribution expenses increased to $30 million for the three months ended June 30, 2024, up from $21 million in the same period last year.
- There are ongoing concerns about potential political risks and biosecurity impacts, which could affect the company's operations and stock performance.
Ladies and gentlemen, thank you for standing by. Welcome to Legend Biotech second-quarter 2024 earnings conference call. (Operator instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to Jessie Yeung, Vice President of Investor Relations and Finance. Please go ahead.
Good morning. This is Jessie Yeung, VP of Investor Relations and Finance at Legend Biotech. Thank you for joining our conference call today to review our second quarter of 2024 performance. The second quarter has been an eventful one. We are pleased to report 18.5% sequential growth in capacity sales.
More important to me, we received label expansion approvals from both FDA and EMA. Lastly, we are most excited about the survival benefit demonstrated by complexity in a secondary analysis of positive four, nothing gives us more choice than helping patients with multiple myeloma live longer.
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