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Name | Symbol | Market | Type |
---|---|---|---|
Legend Biotech Corporation | NASDAQ:LEGN | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 43.52 | 42.81 | 44.50 | 0 | 09:01:59 |
Legend Biotech Corporation (NASDAQ: LEGN) (Legend Biotech), a global leader in cell therapy, today reported its first quarter 2024 unaudited financial results and key corporate highlights.
“Legend made great progress in the first quarter, culminating in our exciting announcements in recent weeks. We received label expansions for CARVYKTI in the U.S., Europe, and Brazil that have changed the treatment paradigm for multiple myeloma and will enable more patients to receive our transformative therapy earlier in the course of their disease,” said Ying Huang, Ph.D., Chief Executive Officer of Legend Biotech. “With more patients needing access to CARVYKTI, we have increased our manufacturing capacity and have scaled up our operations to reach our goal of 10,000 annual doses by the end of 2025. The expansion of our partnership with Novartis demonstrates our commitment to ensuring every patient who needs CARVYKTI can access it.”
Regulatory Updates
Key Business Developments
* In December 2017, Legend Biotech entered into an exclusive worldwide collaboration and license agreement with Janssen Biotech, Inc., a Johnson & Johnson company, to develop and commercialize cilta-cel (the Janssen Agreement).
First Quarter 2024 Financial Results
Webcast/Conference Call Details: Legend Biotech will host its quarterly earnings call and webcast today at 8:00 am ET. To access the webcast, please visit this weblink.
A replay of the webcast will be available on Legend Biotech’s website at https://investors.legendbiotech.com/events-and-presentations.
About Legend Biotech Legend Biotech is a global biotechnology company dedicated to treating, and one day curing, life-threatening diseases. Headquartered in Somerset, New Jersey, we are developing advanced cell therapies across a diverse array of technology platforms, including autologous and allogeneic chimeric antigen receptor T-cell, gamma-delta T cell and natural killer (NK) cell-based immunotherapy. From our three R&D sites around the world, we apply these innovative technologies to pursue the discovery of cutting-edge therapeutics for patients worldwide.
Learn more at https://legendbiotech.com and follow us on X (formerly Twitter) and LinkedIn.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to Legend Biotech’s strategies and objectives; statements relating to CARVYKTI®, including Legend Biotech’s expectations for CARVYKTI® and its therapeutic potential; statements relating to the potential approval of CARVYKTI® for earlier lines of therapy; statements related to Legend Biotech manufacturing expectations for CARVYKTI®; and the potential benefits of Legend Biotech’s product candidates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Legend Biotech’s expectations could be affected by, among other things, uncertainties involved in the development of new pharmaceutical products; unexpected clinical trial results, including as a result of additional analysis of existing clinical data or unexpected new clinical data; unexpected regulatory actions or delays, including requests for additional safety and/or efficacy data or analysis of data, or government regulation generally; unexpected delays as a result of actions undertaken, or failures to act, by our third party partners; uncertainties arising from challenges to Legend Biotech’s patent or other proprietary intellectual property protection, including the uncertainties involved in the U.S. litigation process; government, industry, and general product pricing and other political pressures; as well as the other factors discussed in the “Risk Factors” section of Legend Biotech’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 19, 2024. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed, estimated or expected. Any forward-looking statements contained in this press release speak only as of the date of this press release. Legend Biotech specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
LEGEND BIOTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
Three Months Ended March 31,
2024
2023
US$’000, except share and per share data
(Unaudited)
(Unaudited)
REVENUE
License revenue
12,181
—
Collaboration revenue
78,481
36,280
Other revenue
3,329
56
Total revenue
93,991
36,336
Collaboration cost of revenue
(49,101
)
(35,613
)
Cost of license and other revenue
(5,638
)
—
Other income and gains
64,091
8,199
Research and development expenses
(100,964
)
(84,889
)
Administrative expenses
(31,929
)
(22,205
)
Selling and distribution expenses
(24,223
)
(17,954
)
Other expenses
(540
)
(10,734
)
Fair value gain of warrant liability
—
20,000
Finance costs
(5,475
)
(5,113
)
LOSS BEFORE TAX
(59,788
)
(111,973
)
Income tax expense
(5
)
(128
)
LOSS FOR THE PERIOD
(59,793
)
(112,101
)
Attributable to:
Ordinary equity holders of the parent
(59,793
)
(112,101
)
LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
Basic
(0.16
)
(0.34
)
Diluted
(0.16
)
(0.34
)
ORDINARY SHARES USED IN LOSS PER SHARE COMPUTATION
Basic
364,010,429
330,497,072
Diluted
364,010,429
330,497,072
LEGEND BIOTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
March 31, 2024
December 31, 2023
US$’000
US$’000
(Unaudited)
(Audited)
NON-CURRENT ASSETS
Property, plant and equipment
105,278
108,725
Advance payments for property, plant and equipment
563
451
Right-of-use assets
80,179
80,502
Time deposits
4,387
4,362
Intangible assets
3,152
4,061
Collaboration prepaid leases
166,344
151,216
Other non-current assets
1,412
1,493
Total non-current assets
361,315
350,810
CURRENT ASSETS
Collaboration inventories
22,146
19,433
Trade receivables
3,307
100,041
Prepayments, other receivables and other assets
85,603
69,251
Financial assets at fair value through profit or loss
150,449
663
Pledged deposits
359
357
Time deposits
254,357
30,341
Cash and cash equivalents
897,571
1,277,713
Total current assets
1,413,792
1,497,799
Total assets
1,775,107
1,848,609
CURRENT LIABILITIES
Trade payables
39,485
20,160
Other payables and accruals
136,012
132,802
Government grants
538
68
Lease liabilities
3,116
3,175
Tax payable
7,273
7,203
Contract liabilities
63,251
53,010
Total current liabilities
249,675
216,418
NON-CURRENT LIABILITIES
Collaboration interest-bearing advanced funding
286,396
281,328
Lease liabilities long term
45,174
44,169
Government grants
6,664
7,305
Contract liabilities
23,109
47,962
Other non-current liabilities
30
56
Total non-current liabilities
361,373
380,820
Total liabilities
611,048
597,238
EQUITY
Share capital
36
36
Reserves
1,164,023
1,251,335
Total ordinary shareholders’ equity
1,164,059
1,251,371
Total equity
1,164,059
1,251,371
Total liabilities and equity
1,775,107
1,848,609
LEGEND BIOTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
Three Months Ended March 31,
US$’000
2024
2023
(Unaudited)
(Unaudited)
LOSS BEFORE TAX
(59,788
)
(111,973
)
CASH FLOWS FROM/ (USED IN) OPERATING ACTIVITIES
15,518
(139,215
)
CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITIES
(396,148
)
16,032
CASH FLOWS FROM/ (USED IN) FINANCING ACTIVITIES
831
(444
)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(379,799
)
(123,627
)
Effect of foreign exchange rate changes, net
(343
)
(2,354
)
Cash and cash equivalents at beginning of the period
1,277,713
786,031
CASH AND CASH EQUIVALENTS AT END OF THE YEAR
897,571
660,050
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS
Cash and bank balances
1,156,674
670,065
Less: Pledged deposits
359
1,283
Time deposits
258,744
8,732
Cash and cash equivalents as stated in the statement of financial position
897,571
660,050
Cash and cash equivalents as stated in the statement of cash flows
897,571
660,050
View source version on businesswire.com: https://www.businesswire.com/news/home/20240513104697/en/
INVESTORS: Jessie Yeung (732) 956-8271 jessie.yeung@legendbiotech.com
PRESS: MaryAnn Ondish (914) 552-4625 media@legendbiotech.com
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