Legend Biotech Earnings Call Transcripts
Fiscal Year 2026
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Achieved first quarter of company-wide profitability, driven by 50% year-over-year CARVYKTI sales growth and improved operating leverage. Strong cash position and a successful equity raise support continued pipeline advancement, with ongoing expansion into earlier lines and new markets.
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CARVYKTI demonstrates curative potential in multiple myeloma, with data supporting earlier use for improved survival and safety. Effective bridging strategies and evolving guidelines are reducing toxicity, while real-world evidence and practice patterns show a shift toward second-line use and broader patient access.
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Q1 2026 saw robust CARVYKTI sales growth, expanding into earlier therapy lines and global markets, with revenue up 62% year-over-year. Gross margin was temporarily impacted by one-time manufacturing costs, but profitability is expected in 2026 as margins recover.
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CARVYKTI achieved $1.7B in sales, treated over 10,000 patients, and is expanding globally with strong clinical data and manufacturing scale. Early-line use is rising, pipeline innovation is accelerating, and profitability is expected in 2026.
Fiscal Year 2025
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Q4 2025 saw 66% year-over-year CARVYKTI sales growth, driving profitability for the franchise and strong revenue gains. Manufacturing capacity expanded to 10,000 doses, with plans to double, and company-wide profitability is expected in 2026.
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Q3 2025 saw record CARVYKTI sales, strong global expansion, and improved operational efficiency, with profitability expected in 2025 for CARVYKTI and 2026 company-wide. Manufacturing capacity and treatment center networks are expanding to meet rising demand, especially in earlier lines and community settings.
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CARVYKTI is achieving strong sales growth and expanding into earlier-line and community settings, supported by robust clinical data and ongoing global trials. Outpatient administration and new production facilities are driving broader access, while the pipeline advances in solid tumors, allogeneic, and in vivo CAR-T therapies.
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Record CAR-T sales and strong revenue growth were driven by CARVYKTI's expanding adoption, especially in earlier lines of therapy and international markets. Operational efficiency improved, with profitability expected in 2026, and new label updates and clinical data further support long-term growth.
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Q1 2025 saw CARVYKTI sales surge 135% year-over-year to $369M, with strong operational improvements and global expansion. Gross margin rose to 63%, and the company remains on track for profitability in 2026, supported by a $1B cash position and ongoing manufacturing scale-up.
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A leading cell therapy company highlighted Carvykti's rapid growth, strong clinical data, and expanding manufacturing capacity, targeting 10,000 annual doses by 2025. The pipeline includes next-gen CAR-Ts and new indications, with significant revenue growth and global expansion planned.
Fiscal Year 2024
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Q4 2024 saw CARVYKTI sales surge 110% year-over-year, driven by strong demand, expanded capacity, and label expansion into earlier lines. The company achieved profitability in Q4, expects to double supply in 2025, and maintains a strong cash position to support growth and innovation.
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Cilta-cel continues to show robust survival and deep response benefits in multiple myeloma, with improved safety and increasing outpatient use. Real-world and clinical trial data align, supporting earlier use and highlighting evolving best practices for toxicity management.
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CARVYKTI sales soared 87.6% year-over-year in Q3, driven by strong demand, expanded approvals, and increased outpatient use. Net loss widened due to higher expenses and foreign exchange losses, but liquidity remains strong with $1.2 billion in cash. Sequential growth is expected in Q4.
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Productive legislative engagement has minimized regulatory risk, while Carvykti's strong efficacy and expanded manufacturing capacity are driving growth, with significant third-quarter gains expected from label expansion. The pipeline includes first-line studies, autoimmune programs, and solid tumor targets, with ongoing investment and openness to partnerships.
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Q2 2024 saw 18.5% sequential and 60% year-over-year CARVYKTI sales growth, driven by label expansions, strong demand, and manufacturing scale-up. Net loss narrowed sharply, and the company maintains a $1.3B cash position, supporting capacity expansion and pipeline progress.
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Legend Biotech highlighted CARVYKTI’s strong efficacy and expanding use in earlier myeloma lines, with plans to double supply in 2024 and 2025. Expansion into community centers and new manufacturing sites is underway, while safety and reimbursement remain well managed.