Legend Biotech Q3 revenue rises slightly less than expected
LEGN•Legend Biotech reported third-quarter revenue of $359.5 million, slightly below the $361.62 million analyst estimate. Adjusted net income turned positive from a year-earlier loss, while CARVYKTI sales grew 36% year over year.
1. Quarterly results
Legend Biotech's third-quarter revenue rose year over year to $359.5 million, slightly missing the $361.62 million consensus estimate. The company reported earnings per share of $0.13, and adjusted net income turned positive from a loss a year earlier.
2. CARVYKTI growth
Global CARVYKTI sales increased 36% year over year, with the company citing strong growth outside the United States and increased sales under its Janssen agreement. Availability expanded to 373 sites in 20 markets.
3. Outlook and pipeline
Legend expects CARVYKTI could potentially gain market share in second- and third-line settings and aims to expand access globally. It plans to initiate a U.S. Phase I/II trial for LB2501 after FDA clearance of its investigational new drug application.
