Q3 2024 Legend Biotech Corp Earnings Call Transcript
Key Points
- CARVYKTI achieved significant growth with a 53% increase quarter-over-quarter and 87% year-over-year.
- CARVYKTI demonstrated a 45% reduction in the risk of death compared to standard therapies in multiple myeloma patients.
- Legend Biotech Corp (LEGN) received approval for CARVYKTI production in Belgium, expanding its manufacturing capacity in Europe.
- The company reported strong financial performance with net trade sales of CARVYKTI reaching approximately USD 286 million in Q3 2024.
- Legend Biotech Corp (LEGN) has expanded its outpatient treatment options, with outpatient administration now comprising up to 48% of CARVYKTI's volume.
- The 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.
- Unrealized foreign exchange losses amounted to $63 million, primarily due to intercompany transactions.
- Research and development expenses remained high at $96 million, similar to the previous year.
- Selling and distribution expenses increased significantly to $44 million, up from $21 million in the same period last year.
- The company faces supply constraints and prioritizes markets like the U.S. and Europe over China due to limited availability of lentiviral vectors.
Ladies and gentlemen, thank you for standing by. Welcome to Legend Biotech reports third quarter 2024 financial results. (Operator Instructions)
Please be advised that today's conference is being recorded. I would like now 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. Thank you for joining our call today to review our third-quarter 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 Q&A. We have our Chief Medical Officer, Mythili Koneru; and our SVP of Commercial Development, Steve Gavel, 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 cause our actual
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