GENSCRIPT BIO(01548): The revenue from third quarter cooperation of Legend Biotech was $142.8 million, an increase of 88.14% year-on-year.

GENSCRIPT BIO (01548) announced the performance of Legend Biotech in the third quarter of 2024. CARVYKTI (ciltacel) reported a net trade sales of approximately $286 million, with a year-on-year growth of 87.6% and a quarter-on-quarter growth of 53.2%. Collaboration revenue was $1.428 billion, an 88.14% year-on-year increase, mainly due to the increase in CARVYKTI sales revenue related to the agreement with Johnson & Johnson. The net loss was $1.253 billion, compared to $622 million in the same period in 2023. As of September 30, 2024, cash and cash equivalents and term deposits reached $1.2 billion. Legend Biotech believes that these funds will provide financial reserves until 2026, with expectations of achieving operational profit by 2026. Dr. Ying Huang, CEO of Legend Biotech, said, "We are pleased with the strong sales growth achieved in the third quarter. During this period, we continued to improve our commercial capabilities and bring CARVYKTI to more multiple myeloma patients globally. Positive data from the CARTITUDE-4 study further solidifies our competitive position. Compared to standard therapies as early as second-line treatment, CARVYKTI is the first and only cell therapy that significantly extends overall survival in multiple myeloma patients. This highlights the transformative benefits of this therapy and our efforts to expand patient access, solidifying our leadership position in the field of cell therapy innovation."