Drug developer Legend Biotech Corp. (LEGN.US) on Tuesday reported its revenue rose 56% year-on-year to $305.1 million in the first quarter, as it reaped the benefit of strong sales for Carvykti, its cancer treatment that it is commercializing with Johnson & Johnson’s (JNJ.US) Janssen unit.
The vast majority of Legend’s revenue for the quarter, about $298 million, came from its Janssen collaboration, which currently sells Carvykti in 18 global markets, including recent launches in Poland, the Czech Republic and Australia. Total Carvykti sales during the quarter grew 62% year-on-year to $597 million.
Legend recorded a net loss of $54.3 million in the latest quarter, narrowing by nearly half from a $101 million loss a year earlier. Its adjusted loss for the quarter narrowed by more than half to $10.5 million from $27 million a year earlier.
Legend Biotech’s New York-listed stock rose 10.5% on Tuesday after the results were published. The stock is up 31% year-to-date.
By Doug Young
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