Legend Biotech (LEGN) Q4 2024 earnings summary

Executive summary

• CARVYKTI net trade sales reached $334 million in Q4 2024 and $963 million for the full year, up 110% year-over-year, with over 5,000 patients treated globally and strong commercial execution driving rapid uptake.

• Achieved FDA and EMA approvals for CARVYKTI in 2L+ relapsed and lenalidomide-refractory multiple myeloma, expanding global market reach and blockbuster potential.

• Expanded manufacturing with FDA approval of Novartis facility in New Jersey, commercial production at Ghent, and upcoming Tech Lane facility in Belgium to meet global demand.

• Over half of CARVYKTI treatments are now administered outpatient, reflecting label expansion and market penetration.

• Company expects operational break-even for CARVYKTI by end of 2025 and company-wide profitability in 2026, excluding unrealized FX gains/losses.

Financial highlights

• Q4 2024 total revenues were $187 million, including $168 million collaboration revenue and $18 million license revenue; full year revenue was $627 million, up from $285 million in 2023.

• Net profit for Q4 was $26 million ($0.07/share), compared to a net loss of $145 million ($0.40/share) in Q4 2023; full year net loss narrowed to $177 million ($0.48/share) from $518 million ($1.47/share) in 2023.

• Adjusted net loss (non-IFRS) for Q4 was $59 million ($0.16/share), improved from $89 million ($0.24/share) year-over-year; full year adjusted net loss was $189 million ($0.52/share), improved from $336 million ($0.95/share) in 2023.

• Ended 2024 with $1.1 billion in cash, equivalents, and time deposits, supporting operations through anticipated profitability in 2026.

• Operating expenses for FY 2024 were $697.7 million, up from $583.1 million in FY 2023, reflecting increased R&D and SG&A investments.

Outlook and guidance

• Expect to double CARVYKTI supply in 2025, targeting 10,000 annualized doses by year-end, with growth driven by capacity expansion in Belgium and New Jersey.

• Sequential revenue growth anticipated in each quarter of 2025, with stronger growth in Q2 and the second half due to Novartis facility ramp-up.

• Confident in achieving consensus revenue estimates for 2025 and maintaining strong market share despite potential new competition in 2026.

• Profitability guidance excludes unrealized FX gains/losses; financial runway expected into Q2 2026.

• Continued global launches and label expansion for CARVYKTI, with outpatient program and OS label update anticipated.