Legend Biotech Corp (NASDAQ:LEGN), a global leader in cell therapy, stock fell 0.54% (As on May 10, 11:25:06 AM UTC-4, Source: Google Finance) after the company posted mixed result for the first quarter of FY 24. The company made great progress in the first quarter as it earned a milestone payment of $45 million in connection with FDA’s approval of CARVYKTI’s label expansion to treat 2L+ MM, in accordance with the Janssen Agreement. Further, the company received label expansions for CARVYKTI in the Europe and Brazil apart from U.S. that have changed the treatment paradigm for multiple myeloma and will enable more patients to receive the transformative therapy earlier in the course of their disease. Legend and Johnson & Johnson entered into a Master Manufacturing and Supply Services Agreement with Novartis Pharmaceuticals Corporation to supplement the existing manufacturing capabilities and increase commercial supply of CARVYKTI. Cash and cash equivalents, deposits, and short-term investments of $1.3 billion, as of March 31, 2024, which Legend believes will provide financial runway into 2026, when Legend Biotech anticipates achieving an operating profit.

Moreover, license revenue was $12.2 million for the first quarter of 2024 and consisted of the recognition of deferred revenue in connection with the global license agreement with Novartis Pharma AG to develop, manufacture, and commercialize LB2102 and other potential CAR-T therapies selectively targeting DLL3. Legend did not recognize any license revenue for the first quarter of 2023. Collaboration Revenue: Collaboration revenue was $78.5 million for the first quarter of 2024 compared to $36.3 million for the first quarter of 2023. The increase was primarily due to an increase in revenue generated from sales of CARVYKTI ® in connection with the Janssen Agreement. Collaboration cost of revenue was $49.1 million for the first quarter of 2024 compared to $35.6 million for the first quarter of 2023. The increase was primarily due to Legend Biotech’s share of the cost of sales in connection with CARVYKTI sales under the Janssen Agreement.

LEGN in the first quarter of FY 24 has reported the adjusted loss per share of 16 cents, beating the analysts’ estimates for the adjusted loss per share of 19 cents. The company had reported the adjusted revenue of $93.99 million in the first quarter of FY 24, missing the analysts’ estimates for revenue of $143.81 million. Net loss was $59.8 million for the first quarter of 2024, compared to a net loss of $112.1 million for the first quarter of 2023.