Legend Biotech (LEGN) Q1 2025 earnings summary

Executive summary

• CARVYKTI net trade sales reached $369M in Q1 2025, up 135% year-over-year, with over 6,000 patients treated globally and strong market penetration in multiple myeloma.

• Operational efficiency improved with a 97% manufacturing success rate and median turnaround time reduced to 30 days.

• Expanded global launches and manufacturing capacity, with approvals in the US, EU, and Australia for 2L+ relapsed and lenalidomide-refractory multiple myeloma.

• Initiated clinical production at Tech Lane, Belgium, and commercial production at Novartis facility; commercial production at Tech Lane expected by year-end.

• Cash and equivalents stood at $1B as of March 31, 2025, providing runway into Q2 2026.

Financial highlights

• Q1 2025 total revenue reached $195.1M, up from $93.99M in Q1 2024, driven by 137% year-over-year growth in collaboration revenue.

• Net loss was $100.9M; adjusted net loss improved to $27M from $85.3M year-over-year.

• Gross margin on net product sales improved to 63% from 59% in Q4.

• Adjusted diluted EPS was negative $0.07, improved from negative $0.23 year-over-year.

• Operating expenses increased 11% year-over-year, mainly due to higher selling and distribution costs linked to CARVYKTI commercialization.

Outlook and guidance

• Company-wide profitability targeted in 2026, excluding unrealized FX gains/losses; operational break-even for CARVYKTI expected by end of 2025.

• Cash position of $1B expected to fund operations through Q2 2026; no immediate need for additional capital.

• Plans to double commercial supply to 10,000 annualized doses by end of 2025 and reach 20,000 by 2027.

• Continued global launches, label expansion, and anticipated outpatient program growth.