Legend Biotech (LEGN.US) Q3 revenue grew 66.9% YoY, net loss of $125M

On November 12, Legend Biotech (LEGN.US) reported its 2024 Q3 earnings before the market opened. The results showed that Legend Biotech's Q3 revenue was $160.21 million, up 66.9% YoY; its net loss was $125 million, compared to $62.2 million in the same period last year; and its loss per share was $0.34, compared to $0.17 in the same period last year.

Legend Biotech's license revenue in Q3 was $17.1 million, compared to $20.1 million in the same period last year; its collaboration revenue was $142.8 million, compared to $75.9 million in the same period last year.

Legend Biotech's R&D expenses in the three months ended September 30, 2024 were $95.5 million, compared to $95.9 million in the three months ended September 30, 2023. These expenses were mainly due to the development activities of cilta-cel, including the start-up costs of clinical production in Belgium, and the Company's continued investment in solid tumor projects.

As of September 30, 2024, the Company had $1.2 billion in cash and cash equivalents and term deposits, which Legend Biotech believes will provide financial support until 2026, when the Company is expected to achieve operating profit.