Legend Biotech (LEGN) Q4 2024 earnings summary

Executive summary

• CARVYKTI net trade sales reached $334 million in Q4 2024, up 110% year-over-year and 17% sequentially, with over 5,000 patients treated globally and strong demand driving blockbuster potential.

• CARVYKTI is the first and only CAR-T in multiple myeloma to show a survival benefit versus standard of care, with 89% MRD negativity at three years in CARTITUDE-4.

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

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

• 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, up from $80 million in Q4 2023; FY 2024 revenue was $627 million, up from $285 million in FY 2023.

• Q4 2024 net profit was $26 million ($0.07/share), compared to a net loss of $145 million ($0.40/share) in Q4 2023; FY 2024 net loss narrowed to $177 million ($0.48/share) from $518 million ($1.47/share) in FY 2023.

• Adjusted net loss for Q4 2024 was $59 million ($0.16/share), improved from $89 million ($0.24/share) in Q4 2023; FY 2024 adjusted net loss was $189 million ($0.52/share), improved from $336 million ($0.95/share) in FY 2023.

• Ended 2024 with $1.1 billion in cash, equivalents, and time deposits, supporting operations through anticipated profitability into Q2 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

• Confident in doubling CARVYKTI supply in 2025, with sequential revenue growth expected each quarter and stronger growth in Q2 and H2 as new capacity comes online.

• Plans to reach 10,000 annualized doses by end of 2025 and 20,000 by end of 2027.

• Expects majority of revenue to shift to second to fourth line indications, with two-thirds to three-quarters of revenue from these lines by end of 2025.

• Anticipates company-wide profitability in 2026, excluding unrealized FX gains/losses.

• Ongoing investments in pipeline and manufacturing, including phase two expansion of Tech Lane facility in Belgium by 2028.