Summary by Futu AI
Legendary Biotechnology announced its first quarter 2024 unaudited financial results on May 13, 2024, showing license revenue of $1,220 million, cooperative revenue of $7,850 million, and cooperative cost revenue of $4.9 million. R&D expenses were US$1,010 million, administrative expenses were US$3,190 million, and sales and distribution expenses were US$2,420 million. Net loss was $5,980 million. As of March 31, 2024, cash and cash equivalents, term deposits and short-term investments totaled US$13 billion. THE COMPANY ACHIEVED PROGRESS DURING THE REPORTING PERIOD, INCLUDING THE EXPANSION OF CARVYKTI® PRESCRIPTIONS IN THE UNITED STATES, EUROPE AND BRAZIL, AND THE SIGNING OF A MASTER PRODUCTION AND SUPPLY SERVICE AGREEMENT WITH NOVARA PHARMACEUTICALS. Legendary Bio expects to achieve an operating profit in 2026.