\nLegend Biotech Corporation (NASDAQ: LEGN) (\u201cLegend Biotech\u201d or the \u201cCompany\u201d), a global clinical-stage biopharmaceutical company engaged in the discovery and development of novel cell therapies for oncology and other indications, today reported financial results for the quarter ended September 30, 2020.\n<\/p>\n
This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20201116005237\/en\/<\/a><\/p>\n Legend Biotech\u2019s Development Pipeline (Graphic: Business Wire)<\/p>\n<\/div>\n \n\u201cLegend Biotech continues to execute on our corporate strategy, advancing the development of our lead product candidate, ciltacabtagene autoleucel (cilta-cel), in collaboration with Janssen Biotech, Inc. as well as our other pipeline programs,\u201d said Dr. Ying Huang, Chief Executive Officer (\u201cCEO\u201d) and Chief Financial Officer (\u201cCFO\u201d) of Legend Biotech. \u201cWe look forward to initiation of the Biologics License Application (\u201cBLA\u201d) filing for cilta-cel by Janssen Biotech, Inc.\u201d\n<\/p>\n Third Quarter 2020 & Recent Highlights <\/b><\/p>\n Key Upcoming Milestones <\/b><\/p>\n Development Pipeline<\/b><\/p>\n \nThe extent to which the COVID-19 pandemic may impact our business and clinical trials is highly uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease, the duration of the outbreak and social distancing regulations, travel restrictions, business closures or business disruptions and the effectiveness of actions taken in the United States and other countries to contain and treat the disease.\n<\/p>\n Financial Results for the Three-month and Nine-month Periods Ended September 30, 2020<\/b><\/p>\n Cash and Cash Equivalents: <\/i><\/p>\n \nAs of September 30, 2020, Legend Biotech had approximately $449.4 million of cash and cash equivalents and approximately $125.6 million in time deposits.\n<\/p>\n Revenue <\/i><\/p>\n \nRevenue for the three months ended September 30, 2020 was $11.7 million compared to $17.7 million for the three months ended September 30, 2019. The decrease of $6.0 million was primarily due to milestone achieved in July 2019 under the agreement with Janssen Biotech, Inc., which resulted in additional consideration being allocated to the licensing of intellectual property and the steering committee service for the three months ended September 30, 2019, net-off by additional milestone that was achieved in December 2019, which resulted in additional consideration being allocated to the steering committee service for the three months ended September 30, 2020. Revenue for the nine months ended September 30, 2020 was $34.9 million compared to $37.8 million for the nine months ended September 30, 2019. Similarly, the decrease of the nine months period in 2020 was primarily driven by additional milestone payment received from Janssen Biotech, Inc. that was achieved in July 2019, net-off by additional milestone that was achieved in December 2019, which resulted in additional consideration being allocated to the steering committee service for the nine month ended September 30, 2020. Legend Biotech has not generated any revenue from product sales to date.\n<\/p>\n Research and Development Expenses <\/i><\/p>\n \nResearch and development expenses for the three months ended September 30, 2020 were $63.7 million compared to $41.9 million for the three months ended September 30, 2019. This increase of $21.8 million was primarily due to a higher number of clinical trials, a higher number of patients enrolled in those trials and a higher number of research and development product candidates in the three months ended September 30, 2020. Consistently, research and development expenses for the nine months ended September 30, 2020 was $165.2 million compared to $95.8 million for the nine months ended September 30, 2019 with a $69.4 million increase.\n<\/p>\n Administrative Expenses <\/i><\/p>\n \nAdministrative expenses for the three months ended September 30, 2020 were $6.0 million compared to $2.0 million for the three months ended September 30, 2019. The increase of $4.0 million was primarily due to Legend Biotech\u2019s expansion of supporting administrative functions to aid continued research and development activities. Due to the consistent business expansion, administrative expenses for the nine months ended September 30, 2020 increased by $9.3 million, which was $14.0 million compared to $4.7 million for the nine months ended September 30, 2019.\n<\/p>\n Selling and Distribution Expenses <\/i><\/p>\n \nSelling and distribution expenses for the three months ended September 30, 2020 were $9.3 million compared to $4.5 million for the three months ended September 30, 2019. This increase of $4.8 million was primarily due to increased costs associated with commercial preparation activities for cilta-cel. Driven by the same commercial preparation activities, selling and distribution expenses for the nine months ended September 30, 2020 was $25.4 million compared to $12.2 million for the nine months ended September 30, 2019.\n<\/p>\n Other Income and Gains <\/i><\/p>\n \nOther income and gains for the three months ended September 30, 2020 was $1.5 million compared to $3.0 million for the three months ended September 30, 2019. The decrease was primarily driven by net foreign exchange loss incurred, net of an increase in government grant received. Other income and gains for the nine months ended September 30, 2020 was $5.3 million compared to $6.6 million for the nine months ended September 30, 2019. The decrease of the nine months period was primarily driven by reduced average interest rate for holding of time deposits that generate interest income.\n<\/p>\n Other Expenses<\/i><\/p>\n \nOther expenses for the three months ended September 30, 2020 was $1.2 million compared to $0.002 million for the three months ended September 30, 2019. Other expenses for the nine months ended September 30, 2020 was $1.3 million compared to $0.2 million for the nine months ended September 30, 2019. The increase was primarily due to foreign exchange loss.\n<\/p>\n Loss for the Period <\/i><\/p>\n \nFor the three months ended September 30, 2020, net loss was $66.5 million, or $0.25 per share, compared to a net loss of $27.8 million, or $0.14 per share, for the three months ended September 30, 2019. Net loss was $245.7 million for the nine months ended September 30, 2020 compared to $69.0 million for the nine months ended September 30, 2019.\n<\/p>\n Grant of restricted share units and share options<\/i><\/p>\n \nOn September 1, 2020, we granted a total number of 777,382 restricted share units (each representing the right to receive one ordinary share) to grantees with a grant date fair market value of $16.335 per share. On September 1, 2020, we granted share options, representing the right to acquire a total number of 569,000 shares to grantees with an exercise price of $16.335 per share.\n<\/p>\n About Legend Biotech <\/b><\/p>\n \nLegend Biotech is a global clinical-stage biopharmaceutical company engaged in the discovery and development of novel cell therapies for oncology and other indications. Our team of over 800 employees across the United States, China and Europe, along with our differentiated technology, global development, and manufacturing strategies and expertise, provide us with the strong potential to discover, develop, and manufacture cutting edge cell therapies for patients in need.\n<\/p>\n \nWe are engaged in a strategic collaboration with Janssen Biotech, Inc. to develop and commercialize our lead product candidate, ciltacabtagene autoleucel, an investigational BCMA-targeted CAR-T cell therapy for patients living with multiple myeloma. This candidate is currently being studied in registrational clinical trials.\n<\/p>\n Cautionary Note Regarding Forward-Looking Statements <\/b><\/p>\n \nStatements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, constitute \u201cforward-looking statements\u201d within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to Legend Biotech\u2019s strategies and objectives; the anticipated timing of, and ability to progress, clinical trials; the ability to make, and the timing of, regulatory submissions globally, including the BLA for cilta-cel to the U.S. FDA, the marketing authorization application (MAA) for cilta-cel to the EMA, regulatory submission filing for CARTIFAN-1 in China and the Investigational New Drug Application (IND) of LB1901, a CAR T product under development for the treatment of relapsed or refractory T-cell lymphoma (TCL), to the U.S. FDA; the ability to generate, analyze and present data from clinical trials; patient enrollment; the potential benefits of our product candidates, the status and outcome of the Investigation and its impact on the Company\u2019s operations. The words \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cshould,\u201d \u201ctarget,\u201d \u201cwill,\u201d \u201cwould\u201d and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the factors discussed in the \u201cRisk Factors\u201d section of the prospectus filed with the Securities and Exchange Commission on June 8, 2020. Any forward-looking statements contained in this press release speak only as of the date hereof, and Legend Biotech specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.\n<\/p>\n LEGEND BIOTECH CORPORATION <\/b><\/p>\n UNAUDITED INTERIM CONDENSED <\/b><\/p>\n CONSOLIDATED STATEMENTS OF PROFIT OR LOSS <\/b><\/p>\n FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 <\/b><\/p>\n<\/td>\n<\/tr>\n Three months ended Nine months ended (in thousands, US$, except per share data)<\/b><\/p>\n<\/td>\n 2020 2019 2020 2019 \nREVENUE\n<\/p>\n<\/td>\n \n11,747\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,674\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n34,893\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n37,814\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nOther income and gains\n<\/p>\n<\/td>\n \n1,519\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,987\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,315\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,649\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nResearch and development expenses\n<\/p>\n<\/td>\n \n(63,656\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(41,917\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(165,226\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(95,846\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \nAdministrative expenses\n<\/p>\n<\/td>\n \n(6,038\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,992\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(13,976\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(4,704\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \nSelling and distribution expenses\n<\/p>\n<\/td>\n \n(9,287\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(4,460\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(25,389\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(12,246\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \nOther expenses\n<\/p>\n<\/td>\n \n(1,249\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(2\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,331\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(216\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \nFair value loss of convertible redeemable preferred shares\n<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(79,984\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \u2014<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nFinance costs\n<\/p>\n<\/td>\n \n(90\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(82\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(4,169\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(139\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nLOSS BEFORE TAX\n<\/p>\n<\/td>\n \n(67,054\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(27,792\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(249,867\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(68,688\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \nIncome taxes credits \/ (expenses)\n<\/p>\n<\/td>\n \n508\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n4,217\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(341\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \nLOSS FOR THE PERIOD\n<\/p>\n<\/td>\n \n(66,546\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(27,797\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(245,650\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(69,029\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \nAttributable to:\n<\/p>\n<\/td>\n \nEquity holders of the parent\n<\/p>\n<\/td>\n \n(66,546\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(27,797\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(245,650\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(69,029\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \nLOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT\n<\/p>\n<\/td>\n \nOrdinary shares\u2014basic\n<\/p>\n<\/td>\n \n(0.25\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(0.14\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1.08\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(0.35\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \nOrdinary shares\u2014diluted\n<\/p>\n<\/td>\n \n(0.25\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(0.14\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1.08\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(0.35\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \nORDINARY SHARES USED IN LOSS PER SHARE COMPUTATION\n<\/p>\n<\/td>\n \nOrdinary shares\u2014basic\n<\/p>\n<\/td>\n \n264,328,630\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n200,000,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n226,764,437\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n200,000,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nOrdinary shares\u2014diluted\n<\/p>\n<\/td>\n \n264,328,630\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n200,000,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n226,764,437\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n200,000,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n LEGEND BIOTECH CORPORATION <\/b><\/p>\n UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION <\/b><\/p>\n AS AT SEPTEMBER 30, 2020 AND DECEMBER 31, 2019 <\/b><\/p>\n<\/td>\n<\/tr>\n September 30, 2020 December 31, (in thousands, US$)<\/b><\/p>\n<\/td>\n \nNON-CURRENT ASSETS\n<\/p>\n<\/td>\n \nProperty, plant and equipment\n<\/p>\n<\/td>\n \n96,125\n<\/p>\n<\/td>\n \n70,079\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdvance payments for property, plant and equipment\n<\/p>\n<\/td>\n \n675\n<\/p>\n<\/td>\n \n665\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRight-of-use assets\n<\/p>\n<\/td>\n \n8,077\n<\/p>\n<\/td>\n \n9,348\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets\n<\/p>\n<\/td>\n \n1,042\n<\/p>\n<\/td>\n \n519\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal non-current assets\n<\/p>\n<\/td>\n 105,919<\/b><\/p>\n<\/td>\n 80,611<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCURRENT ASSETS\n<\/p>\n<\/td>\n \nInventories\n<\/p>\n<\/td>\n \n1,513\n<\/p>\n<\/td>\n \n1,157\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTrade receivables\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n29,991\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPrepayments, other receivables and other assets\n<\/p>\n<\/td>\n \n24,662\n<\/p>\n<\/td>\n \n16,777\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nFinancial assets at fair value through profit or loss\n<\/p>\n<\/td>\n \n1,175\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPledged short-term deposits\n<\/p>\n<\/td>\n \n430\n<\/p>\n<\/td>\n \n256\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTime deposits\n<\/p>\n<\/td>\n \n125,559\n<\/p>\n<\/td>\n \n75,559\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n449,381\n<\/p>\n<\/td>\n \n83,364\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets\n<\/p>\n<\/td>\n 602,720<\/b><\/p>\n<\/td>\n 207,104<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal assets\n<\/p>\n<\/td>\n 708,639<\/b><\/p>\n<\/td>\n 287,715<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCURRENT LIABILITIES\n<\/p>\n<\/td>\n \nTrade and notes payables\n<\/p>\n<\/td>\n \n7,399\n<\/p>\n<\/td>\n \n9,586\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther payables and accruals\n<\/p>\n<\/td>\n \n67,889\n<\/p>\n<\/td>\n \n70,854\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLease liabilities\n<\/p>\n<\/td>\n \n1,445\n<\/p>\n<\/td>\n \n1,027\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nContract liabilities\n<\/p>\n<\/td>\n \n46,789\n<\/p>\n<\/td>\n \n46,294\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities\n<\/p>\n<\/td>\n 123,522<\/b><\/p>\n<\/td>\n 127,761<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNON-CURRENT LIABILITIES\n<\/p>\n<\/td>\n \nContract liabilities\n<\/p>\n<\/td>\n \n245,641\n<\/p>\n<\/td>\n \n277,765\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLease liabilities\n<\/p>\n<\/td>\n \n2,543\n<\/p>\n<\/td>\n \n5,058\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGovernment grants\n<\/p>\n<\/td>\n \n2,033\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal non-current liabilities\n<\/p>\n<\/td>\n 250,217<\/b><\/p>\n<\/td>\n 282,823<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities\n<\/p>\n<\/td>\n 373,739<\/b><\/p>\n<\/td>\n 410,584<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nEQUITY\n<\/p>\n<\/td>\n \nShare capital\n<\/p>\n<\/td>\n \n26\n<\/p>\n<\/td>\n \n20\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nReserves \/ (deficits)\n<\/p>\n<\/td>\n \n334,874\n<\/p>\n<\/td>\n \n(122,889\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nTotal ordinary shareholders\u2019 equity \/ (deficit)\n<\/p>\n<\/td>\n 334,900<\/b><\/p>\n<\/td>\n (122,869<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \nTotal equity \/ (deficit)\n<\/p>\n<\/td>\n 334,900<\/b><\/p>\n<\/td>\n (122,869<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and equity\n<\/p>\n<\/td>\n 708,639<\/b><\/p>\n<\/td>\n 287,715<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n LEGEND BIOTECH CORPORATION <\/b><\/p>\n UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS <\/b><\/p>\n FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 <\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended Nine months ended (in thousands, US$)<\/b><\/p>\n<\/td>\n 2020 2019 2020 2019 \nLOSS BEFORE TAX\n<\/p>\n<\/td>\n \n(67,054\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(27,792\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(249,867\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(68,688\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nCASH FLOWS (USED IN)\/GENERATED FROM OPERATING ACTIVITIES\n<\/p>\n<\/td>\n \n(64,375\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n19,947\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(167,056\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(23,078\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nCASH FLOWS USED IN INVESTING ACTIVITIES\n<\/p>\n<\/td>\n \n(58,623\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(21,194\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(85,334\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(172,103\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nCASH FLOWS FROM\/(USED IN) FINANCING ACTIVITIES\n<\/p>\n<\/td>\n \n9,663\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(154\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n618,221\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21,346\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNET (DECREASE)\/INCREASE IN CASH AND CASH EQUIVALENTS\n<\/p>\n<\/td>\n \n(113,335\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,401\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n365,831\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(173,835\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nEffect of foreign exchange rate changes, net\n<\/p>\n<\/td>\n \n325\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(44\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n186\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(55\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents at beginning of the period\n<\/p>\n<\/td>\n \n562,391\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n37,721\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n83,364\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n210,166\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCASH AND CASH EQUIVALENTS AT END OF THE PERIOD\n<\/p>\n<\/td>\n \n449,381\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,276\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n449,381\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,276\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS\n<\/p>\n<\/td>\n \nCash and bank balances\n<\/p>\n<\/td>\n \n575,370\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n147,592\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n575,370\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n147,592\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLess: Pledged short-term deposits\n<\/p>\n<\/td>\n \n430\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n255\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n430\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n255\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTime deposits\n<\/p>\n<\/td>\n \n125,559\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n111,061\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n125,559\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n111,061\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents as stated in the statement of financial position\n<\/p>\n<\/td>\n \n449,381\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,276\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n449,381\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,276\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents as stated in the statement of cash flows\n<\/p>\n<\/td>\n \n449,381\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,276\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n449,381\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,276\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201116005237\/en\/<\/a><\/span><\/p>\n Media and Investor Relations: \nSurabhi Verma, Manager of Investor For Medical Affairs inquiries, please contact: KEYWORDS:<\/b> United States North America New Jersey<\/p>\n INDUSTRY KEYWORDS:<\/b> Biotechnology Pharmaceutical Health<\/p>\n![\"Legend](\"https:\/\/mms.businesswire.com\/media\/20201116005237\/en\/838921\/4\/Pipeline.jpg\")
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\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n
\n
September 30<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n
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September 30<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n
\n
(unaudited)<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n
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(unaudited)<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n
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(unaudited)<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n
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(unaudited)<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n<\/tr>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n
\n
(Unaudited)<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n
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2019<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n <\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n <\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n <\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n <\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n <\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n <\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n
\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n
\n
September 30<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n
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September 30<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \u00a0<\/td>\n \n
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(Unaudited)<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n
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(Unaudited)<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n
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(Unaudited)<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n
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(Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n <\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n <\/tr>\n<\/table>\n <\/p>\n
\n<\/b>
Jessie Yeung, Head of Corporate Finance and Investor
\n
Relations, Legend Biotech jessie.yeung@legendbiotech.com<\/a> or
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investor@legendbiotech.com<\/a><\/p>\n
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Relations and Corporate Communications, Legend Biotech surabhi.verma@legendbiotech.com<\/a> or
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media@legendbiotech.com<\/a><\/p>\n
\n<\/b>
Tonia Nesheiwat, Executive Director, Medical Affairs, Legend Biotech USA Inc.
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tonia.nesheiwat@legendbiotech.com<\/a> or medicalinformation@legendbiotech.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20201116005237\/en\/838920\/3\/Legendbiotechlogo.jpg\")
<\/td>\n<\/tr>\n![\"Photo\"](\"https:\/\/mms.businesswire.com\/media\/20201116005237\/en\/838921\/3\/Pipeline.jpg\")
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