Legend Biotech Corporation reported substantial growth in its fourth quarter and full year 2024 results. The company, a major player in cell therapy, specializes in CARVYKTI, an innovative treatment for multiple myeloma. The latest report highlights that the company is on a trajectory of significant growth.

For the fourth quarter of 2024, Legend Biotech generated approximately $334 million in net trade sales from CARVYKTI, representing a 110% increase year-over-year and a 17% increase from the third quarter. Total revenues for the quarter were reported at $187 million, consisting of $168 million from collaboration revenue related to CARVYKTI and $18 million from license revenue attributable to a Novartis agreement.

The net profit for the quarter stood at $26 million, equating to $0.07 per share, in stark contrast to a net loss of $145 million, or $0.40 per share, recorded for the same quarter in 2023. This profit is heavily influenced by an unrealized foreign exchange gain of $110 million due to fluctuations in currency exchange rates, compared to a loss of $38 million during the previous year.

Operating expenses increased significantly, with collaboration costs totaling $69 million, compared to $32 million in the previous year, primarily driven by the partnership with Janssen. Research and development expenses remained stable at approximately $104 million, and administrative expenses were reported at $34 million—up from $29 million year-over-year.

In terms of adjusted metrics, the adjusted net loss for the quarter was $59 million, or $0.16 per share, an improvement from an adjusted net loss of $89 million, or $0.24 per share, in the prior year’s fourth quarter. The company ended 2024 with cash and equivalents amounting to $1.1 billion, anticipated to sustain operations into the second quarter of 2026.

For full year 2024, Legend Biotech reported total revenue of $627 million, a notable increase from $285 million in 2023. The full year net loss decreased to $177 million, or $0.48 per share, down from a loss of $518 million, or $1.47 per share, in the previous year.

Legend Biotech’s growth trajectory is underpinned by a strong demand for CARVYKTI, which is now available at over 104 certified treatment centers across the U.S. The firm also expanded its manufacturing capabilities, commencing commercial production at a newly FDA-approved Novartis facility in New Jersey. The company’s focus on increasing CARVYKTI’s accessibility aligns with its significant achievements in treating over 5,000 patients to date.