NEWS BRIEF: Legend Biotech’s revenue doubles on big gains for CAR-T treatment

Cancer treatment maker Legend Biotech Corp. (LEGN.US) reported on Friday its revenue more than doubled to $187 million in the second quarter from $73 million a year earlier, while its loss also narrowed sharply to $18 million from $199 million. Most of its revenue came from sales of Carvykti, a chimeric antigen receptor T-cell (CAR-T) therapy to treat cancer.

“Momentum for Carvykti is growing,” said Legend CEO Huang Ying, commenting on the drug that has become Legend’s primary revenue source since its approval by the FDA in the U.S. in 2022. “We look forward to starting commercial production at our Obelisc facility in Belgium later this year in order to meet the growing demand, and we remain laser-focused on increasing our manufacturing capacity.”