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Legend Biotech Vaults on Quarterlies

Legend Biotech (NASDAQ:LEGN) shares picked up steam Monday, on the release of first-quarter figures.

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. Cash and cash equivalents, time deposits, and short-term investments were $1.3 billion as of March 31, 2024.

Other highlights: Legend and Johnson & Johnson (NYSE:JNJ) entered into a Master Manufacturing and Supply Services Agreement with Novartis Pharmaceuticals Corporation to supplement our existing manufacturing capabilities and increase commercial supply of CARVYKTI ®

The company also published inaugural Environmental, Social & Governance (ESG) report which aligns with the Sustainable Accounting Standards Board (SASB) Biotechnology and Pharmaceutical sector standards, shares ESG data collection and disclosure roadmap, and future growth strategy for good corporate citizenship

In December 2017, Legend Biotech entered into an exclusive worldwide collaboration and license agreement with Janssen Biotech, Inc., a Johnson & Johnson company, to develop and commercialize cilta-cel (the Janssen Agreement).

“Legend made great progress in the first quarter, culminating in our exciting announcements in recent weeks. We received label expansions for CARVYKTI in the U.S., Europe, and Brazil that have changed the treatment paradigm for multiple myeloma and will enable more patients to receive our transformative therapy earlier in the course of their disease,” said CEO Ying Huang.

LEGN shares began Monday up 46 cents, or 1.1%, to $43.70.