Legend Biotech’s Q4 2024 Earnings Call: Key Insights
On March 11, 2025, Legend Biotech Corporation (NASDAQ: LEGN) held its Q4 2024 earnings conference call. The call was led by Caroline Paul, Associate Director of Investor Relations, and featured CEO Ying Huang, Interim CFO Jessie Yeung, Chief Medical Officer Mythili Koneru, President of R&D Guowei Fang, and President of CARVYKTI Alan Bash. Participants included analysts from Evercore, Barclays, TD Cowen, JPMorgan, Goldman Sachs, RBC Capital Markets, Morgan Stanley, BMO Capital, H.C. Wainright, DB, BTIG, UBS, Scotiabank, Raymond James, and Cantor Fitzgerald.
Financial Performance
The call began with a review of Legend Biotech’s financial performance for the quarter and full year. The company reported a net loss of $123.3 million for Q4 2024, compared to a net loss of $104.5 million in the same period the previous year. For the full year 2024, Legend Biotech reported a net loss of $438.8 million, an improvement from the net loss of $503.2 million in 2023. The company’s revenue for the year was $22.3 million, up from $13.5 million in 2023.
Clinical Updates
Mythili Koneru, the Chief Medical Officer, provided updates on the company’s clinical programs. She announced that the company’s lead product, LB1111, had completed enrollment in its Phase 3 clinical trial for relapsed or refractory B-cell malignancies. The trial is expected to read out in the second half of 2025. Koneru also provided updates on the company’s other clinical programs, including LB1812 for solid tumors and LB1902 for autoimmune diseases.
Collaborations and Partnerships
Guowei Fang, the President of R&D, discussed the company’s collaborations and partnerships. He announced that Legend Biotech had entered into a strategic collaboration with Merck KGaA to develop and commercialize LB1111 in Europe and other regions outside of the United States. Fang also mentioned that the company had initiated a collaboration with the University of California, San Francisco (UCSF) to develop novel CAR-T therapies for solid tumors.
Impact on Individual Investors
The earnings call provided investors with valuable insights into Legend Biotech’s financial performance and clinical progress. The company’s net loss for the year decreased compared to the previous year, indicating that the company is making progress towards profitability. The successful completion of enrollment in the Phase 3 clinical trial for LB1111 is a significant milestone that could potentially lead to regulatory approval and commercialization of the product. The strategic collaboration with Merck KGaA and the collaboration with UCSF could also lead to new revenue streams for the company.
Impact on the World
The development of CAR-T therapies like LB1111 has the potential to revolutionize cancer treatment. These therapies, which use a patient’s own immune system to fight cancer, have shown promising results in clinical trials. If approved, LB1111 could provide a new treatment option for patients with relapsed or refractory B-cell malignancies. The collaboration with UCSF could lead to the development of CAR-T therapies for solid tumors, which currently have limited treatment options.
Conclusion
Legend Biotech’s Q4 2024 earnings call provided investors with updates on the company’s financial performance and clinical progress. The successful completion of enrollment in the Phase 3 clinical trial for LB1111 and the strategic collaboration with Merck KGaA are significant milestones that could lead to regulatory approval and commercialization of the product. The collaboration with UCSF could also lead to the development of CAR-T therapies for solid tumors. The potential impact of these developments on individual investors and the world is significant, as CAR-T therapies have the potential to revolutionize cancer treatment.
- Legend Biotech reported a net loss of $123.3 million for Q4 2024 and a net loss of $438.8 million for the full year 2024.
- The company’s lead product, LB1111, has completed enrollment in its Phase 3 clinical trial for relapsed or refractory B-cell malignancies.
- Legend Biotech has entered into a strategic collaboration with Merck KGaA to develop and commercialize LB1111 in Europe and other regions outside of the United States.
- The company has initiated a collaboration with UCSF to develop novel CAR-T therapies for solid tumors.
- The potential impact of these developments on individual investors and the world is significant, as CAR-T therapies have the potential to revolutionize cancer treatment.
