Cell therapy company Legend Biotech Corp. (LEGN) on Tuesday reported a profit in its fourth quarter, compared to prior year's loss, with significantly higher revenues.
In pre-market activity on the Nasdaq, Legend Biotech shares were gaining around 1.4 percent to trade at $34.51.
Net income attributable to ordinary equity holders of the parent was $26.28 million or $0.07 per share, compared to prior year's loss of $144.82 million or $0.40 per share.
The increase of $171.1 million was primarily attributable to unrealized foreign currency exchange gains due to changes in the intercompany loan balances and cash balances as a result of exchange rate changes between USD and Euro.
Adjusted net loss for the period was $59.08 million or $0.15 per share, compared to an adjusted net loss of $88.55 million or $0.24 per share a year ago.
Total revenue for the quarter surged to $186.52 million from last year's $79.46 million.
The Wall Street analysts on average expected the company to report a loss of $0.38 per share on revenues of $179 million. Analysts' estimates typically exclude special items.
There was $18.3million license revenue, while no license revenue was recorded last year.
Collaboration revenue for the three months was $168.0 million, compared to $79.4 million a year ago.
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