Summary by Futu AI
Legend Biotech announced its unaudited financial results for the second quarter of 2024 on August 9, 2024, showing a net trade sales of CARVYKTI® (cilta-cel) of approximately 0.186 billion US dollars. The United Kingdom's Medicines and Healthcare products Regulatory Agency (MHRA) and Health Canada have approved CARVYKTI® for early-line treatment of relapsed and refractory multiple myeloma in adult patients who have received at least one prior therapy. In addition, the company stated that as of June 30, 2024, cash and cash equivalents, deposits, and short-term investments amounted to 1.3 billion US dollars. These funds are expected to provide financial reserves until 2026, and the company expects to realize operating profits in 2026. Dr. Ying Huang, CEO of Legend Biotech, expressed optimism about the development of CARVYKTI® and looks forward to the commercial production at the Obelisc plant in Belgium to meet the increasing demand.