Legend Biotech (LEGN) Trims Losses, Shares Climb Double-Digits

Legend Biotech Corp. (NASDAQ:LEGN) is one of the 10 Stocks With Stunning Gains.

Legend Biotech rebounded by 10.48 percent on Tuesday to finish at $28.26 apiece, as investors cheered its strong performance in the first quarter of the year, having slashed its net losses and propelled its revenues, thanks to strong sales from its cancer treatment, Carvykti.

In an updated report, Legend Biotech Corp. (NASDAQ:LEGN) said that it narrowed its net loss by 46 percent to $54.3 million from $101 million in the same period last year.

Photo by Pietro Jeng on Pexels

Total revenues increased by 56 percent to $305.1 million from $195 million year-on-year, thanks to a 62 percent jump in net trade sales from Carvykti.

“We believe Carvykti’s continued adoption and strong year‑over‑year growth reinforce our leadership in BCMA CAR‑T and the strength of our underlying operating model,” Legend Biotech Corp. (NASDAQ:LEGN) CEO Ying Huang said

“As scale continues to build, we are seeing operating leverage translate into improving margins, supporting our path toward sustainable profitability. This continued progress is enabling us to advance our broad pipeline of cell therapy programs and extend the impact of our platform to address unmet needs for patients across multiple indications.”

Carvykti is now available in 18 countries, having been launched recently in Italy, Poland, Czech Republic, and Australia.

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