Legend Biotech (LEGN) Q4 2025 earnings summary

Executive summary

• Achieved CARVYKTI net trade sales of $555 million in Q4 2025 and $1.9 billion for full year 2025, with over 10,000 patients treated globally and launches in 14 markets.

• CARVYKTI franchise reached profitability in 2025, with company-wide profitability expected in 2026, driven by strong global sales and operational scale.

• Expanded manufacturing capacity to support 10,000 annual doses, with plans to double to 20,000 doses and 294 global treatment sites.

• Opened new R&D facilities in Philadelphia and expanded the Raritan manufacturing site, supporting innovation and pipeline growth.

• Advanced early-stage cell therapy pipeline, including in vivo CAR-T programs and positive first-in-human results for LUCAR-G39D.

Financial highlights

• Q4 2025 total revenue was $306.3 million, up 64% year-over-year; full year revenue reached $1,028.9 million.

• Gross margin on net product sales was 57% in Q4 2025, with gross margins stabilized above 55% over the past year.

• Operating loss narrowed to $19.7 million in Q4 2025 from $79.3 million a year ago; adjusted net income was $2.5 million (EPS: $0.01) versus a $59 million loss (EPS: -$0.16) last year.

• Ended 2025 with $949 million in cash, cash equivalents, and time deposits.

• Operating cash outflows reduced to $12 million in Q4 2025 from $82 million a year ago.

Outlook and guidance

• Expects company-wide operating profitability in 2026, with financial runway beyond 2026.

• Confident in delivering approximately 50% top-line growth for CARVYKTI in 2026, in line with consensus.

• Plans to file 1–2 U.S. INDs for new programs by year-end and present new clinical data.

• Focused on expanding CARVYKTI adoption, increasing manufacturing capacity, and advancing innovation in cell therapy.

• Significant growth opportunity in earlier line multiple myeloma settings, with scalable manufacturing capacity.