Legend Biotech (LEGN) Q1 2026 earnings summary

Executive summary

• CARVYKTI net trade sales rose 62% year-over-year to $597 million in Q1 2026, with 36% growth in the U.S. and 222% ex-U.S., and is now available in 18 global markets with over 300 treatment sites.

• Achieved strong commercial momentum, with CARVYKTI becoming profitable in 2025 and company-wide profitability expected in 2026.

• Advanced pipeline with multiple in vivo CAR-T programs entering phase I, including BCMA for autoimmune diseases and GPRC5D for multiple myeloma.

• Engaged six new scientific advisors to strengthen R&D strategy and clinical decision-making.

• Cash and cash equivalents, including time deposits, totaled $835 million as of March 31, 2026.

Financial highlights

• Total Q1 2026 revenue was $305.1 million, up 56% year-over-year, with $298 million collaboration revenue and $7 million license/other revenue.

• Gross margin on net product sales was 41%, down from 57–63% in prior quarters due to one-time manufacturing ramp-up costs.

• Adjusted net loss narrowed to $10.5 million ($0.03 per diluted share), improved from $27 million ($0.07 per share) in Q1 2025.

• Operating loss was $49.8 million, net loss was $54.3 million, both improved year-over-year.

• Ended Q1 with $835 million in cash, cash equivalents, and time deposits, and no long-term debt.

Outlook and guidance

• Company-wide profitability on an adjusted basis is expected in 2026, with gross margin projected to recover above 50% in Q2 as manufacturing scales.

• Anticipate continued sequential growth in CARVYKTI sales for the remainder of 2026 in both U.S. and international markets.

• Plan to file 1–2 U.S. INDs for in vivo CAR-T programs in 2026 and continue pipeline investment.

• Cash position expected to provide financial runway beyond 2026.

• Multiple early-stage cell therapy data presentations anticipated at medical conferences in 2026.