Earnings ·
Reports Q3 net income of $51.7M, collaboration revenue rises to $353.2M
LEGNLegend Biotech Corp
Legend Biotech reported a third-quarter net income of $51.7 million, reversing a $39.6 million loss in the prior-year period. Total revenue increased 32% year-over-year to $359.5 million, driven by a $91.4 million rise in collaboration revenue to $353.2 million as CARVYKTI net trade sales grew 36% to approximately $710 million. Operating income turned positive at $46.8 million compared to an operating loss of $43.3 million previously, aided by lower research and administrative expenses. The company also announced the appointment of Ingrid Zhang as Chief Executive Officer and received FDA IND clearance for its investigational LB2501 therapy. Legend Biotech is a global leader in cell therapy that develops and commercializes CAR-T treatments for oncology.