By Dean Seal

Legend Biotech narrowed its loss in the first quarter as revenue climbed on higher sales of its multiple myeloma treatment Carvykti.

The cell therapy company posted a loss of $59.8 million, or 16 cents a share, compared with a loss of $112.1 million, or 34 cents a share, in the same quarter a year ago.

Analysts surveyed by FactSet had been expecting 19 cents a share.

Revenue climbed to $94 million from $36.3 million in the year-ago quarter. Analysts had been expecting $143.2 million, according to FactSet.

License revenue of $12.2 million came in from deferred revenue connected to a license agreement with Novartis Pharma for the development of certain therapies.

Collaboration revenue jumped to $78.5 million from $36.3 million, due to higher sales of Carvykti, a treatment for multiple myeloma, in connection with its collaboration and license agreement with Janssen Biotech, a Johnson & Johnson subsidiary.

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(END) Dow Jones Newswires

05-13-24 0736ET