Legend Biotech (LEGN) Company Report

Analyst Coverage

Research analysts who have asked questions during Legend Biotech earnings calls.

James Shin

Analyst

6 questions for LEGN

Also covers: ABBV, AMGN, AUTL +7 more

Ashwani Verma

UBS Group AG

5 questions for LEGN

Also covers: ACAD, ALKS, ALVO +12 more

Jonathan Miller

Evercore ISI

5 questions for LEGN

Also covers: APLS, ARVN, ATRA +8 more

Justin Zelin

BTIG, LLC

5 questions for LEGN

Also covers: BCAB, CASI, GLMD +9 more

Mitchell Kapoor

H.C. Wainwright & Co.

5 questions for LEGN

Also covers: CTMX, HALO, INM +7 more

Sean McCutcheon

Raymond James

5 questions for LEGN

Also covers: BMY, CMPX, CRIS +6 more

Yaron Werber

TD Cowen

5 questions for LEGN

Also covers: ALEC, AMGN, ARGX +14 more

Gena Wang

Barclays

4 questions for LEGN

Also covers: ALNY, BCRX, BLUE +12 more

Jessica Fye

JPMorgan Chase & Co.

4 questions for LEGN

Also covers: ALKS, ALNY, AMRN +23 more

Leonid Timashev

RBC Capital Markets

4 questions for LEGN

Also covers: ADCT, ALKS, AXSM +8 more

George Farmer

Scotiabank

3 questions for LEGN

Also covers: ABSI, ADAP, INMB +7 more

Kelly Shi

Jefferies

3 questions for LEGN

Also covers: ADCT, AGEN, ALDX +17 more

Terence Flynn

Morgan Stanley

3 questions for LEGN

Also covers: ABBV, AMGN, ARVN +17 more

Vikram Purohit

Morgan Stanley

3 questions for LEGN

Also covers: ABSI, ARGX, ARQT +11 more

Eric Schmidt

Cantor Fitzgerald & Co.

2 questions for LEGN

Also covers: ADCT, AGIO, BIIB +9 more

Huidong Wang

Barclays

2 questions for LEGN

Also covers: ALNY, BCRX, BEAM +15 more

Konstantinos Biliouris

BMO Capital Markets

2 questions for LEGN

Also covers: ALNY, BEAM, BMRN +3 more

Kostas Biliouris

BMO Capital Markets

2 questions for LEGN

Also covers: ALNY, BMRN, NTLA +2 more

Rick Bienkowski

Cantor Fitzgerald

2 questions for LEGN

Also covers: BEAM, NTLA

Clara Dong

Jefferies

1 question for LEGN

Also covers: AUTL, HRTX, INSM +1 more

Dingding Shi

Jefferies

1 question for LEGN

Also covers: ADCT, ASND, AUTL +6 more

Jana

TD Cowen

1 question for LEGN

Jeet Mukherjee

Leerink Partners

1 question for LEGN

Also covers: ARVN, BCAB, KURA +4 more

Katie

KeyBanc Capital Markets

1 question for LEGN

Also covers: MSM

Prem Lachman

MAXIMUS Capital

1 question for LEGN

Tanmay

JPMorgan Chase & Co.

1 question for LEGN

Umer Raffat

Evercore ISI

1 question for LEGN

Also covers: ALKS, AMGN, BHC +15 more

Ziyi Chen

Goldman Sachs & Co.

1 question for LEGN

Also covers: BGNE, ONC, ZLAB

Latest news

Recent press releases and 8-K filings for LEGN.

Legend Biotech Updates Corporate Presentation, Targets Operating Profit in 2026

LEGN

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Legend Biotech anticipates achieving company-wide operating profit in 2026.
The company reported $1.7 billion in Last Twelve Months (LTM) CARVYKTI® Net Trade Sales (Q4 2024 through Q3 2025) and held $1 billion in Cash, Cash Equivalents and Time Deposits as of September 30, 2025.
CARVYKTI® has treated over 10,000 patients worldwide as of December 21, 2025, and is supported by an annualized dose capacity of 10,000 in 2026.
CARVYKTI® is noted as the first and only CAR-T with demonstrated Overall Survival benefit and meaningful progression-free outcomes of ≥5 years in late-line Multiple Myeloma.

5 days ago

6-K

Legend Biotech Highlights CARVYKTI's Market Leadership and Path to Profitability

LEGN

Earnings

Guidance Update

Revenue Acceleration/Inflection

Legend Biotech reported $1.7 billion in LTM CARVYKTI Net Trade Sales (Q4 2024 through Q3 2025) and anticipates achieving company-wide operating profit in 2026. The company also held $1 billion in Cash, Cash Equivalents and Time Deposits as of September 30, 2025.
CARVYKTI, partnered with Johnson & Johnson, has treated over 10,000 patients worldwide as of December 21, 2025, and is the top-selling CAR-T in a single quarter with >$5 billion peak annual sales potential. Manufacturing capacity is projected to reach 10,000 annualized doses in 2026 with a 97% success rate.
CARVYKTI demonstrates long-term remission and survival with a 60.7 months median overall survival at 61.3-month median follow-up, and is designated NCCN Category 1 for Multiple Myeloma after 1 prior therapy. The company is actively expanding its use into earlier lines of treatment and community settings.

5 days ago

Presentation

Legend Biotech Provides Update on Carvykti Performance and 2026 Outlook

LEGN

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Legend Biotech's Carvykti generated $1.7 billion in net trade sales in the last 12 months through the third quarter of 2025, having treated over 10,000 patients.
The company expects to achieve company-wide profitability in 2026 and maintains a strong cash position of nearly $1 billion.
Carvykti is projected to reach more than $5 billion in annual peak sales, with the early line revenue mix currently at 60% and a target of 75% by the end of 2026.
Legend Biotech is advancing its pipeline, including 10 programs with a focus on in vivo CAR-T, and plans to file one to two U.S. INDs by the end of 2026.
Manufacturing capacity is set to increase from 10,000 to 20,000 in the next three years, and key trials like CARTITUDE-5 and CARTITUDE-6 have completed enrollment, with readouts expected in 2026-2027 and later, respectively.

5 days ago

Transcript

Legend Biotech Provides Business Update at J.P. Morgan Healthcare Conference

LEGN

Revenue Acceleration/Inflection

Guidance Update

New Projects/Investments

Legend Biotech's CARVYKTI generated approximately $1.7 billion in net trade sales in the last 12 months through Q3 2025 and has treated over 10,000 patients. The company anticipates CARVYKTI will ultimately generate more than $5 billion in annual peak sales.
The company expects to achieve company-wide profitability in 2026, having already generated positive operating profit for CARVYKTI in Q3. Legend Biotech also holds nearly $1 billion in cash and liquidity.
CARVYKTI's early line revenue mix is currently 60% and is targeted to reach 75% by the end of 2026. The overall BCMA targeted therapy market penetration in second to fourth line is currently about 5%, with a reasonable ambition for early line penetration of 20%.
Legend Biotech plans to increase CARVYKTI manufacturing supply from 10,000 to 20,000 doses in the next three years and has 10 pipeline programs under development, including allogeneic and in vivo therapies.

5 days ago

Transcript

Legend Biotech Provides Update on Carvykti Performance and 2026 Profitability Outlook

LEGN

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Legend Biotech's Carvykti, a one-time treatment for multiple myeloma, has generated approximately $1.7 billion in net trade sales in the last 12 months through Q3 2025 and is anticipated to achieve over $5 billion in annual peak sales.
The company expects to become a profitable, fully scaled CAR T leader in 2026, with a strong balance sheet including nearly $1 billion in cash and liquidity.
Carvykti has treated more than 10,000 patients and boasts a 97% manufacturing success rate, with plans to increase annual supply capacity from 10,000 to 20,000 patients within the next three years.
Legend Biotech is advancing 10 pipeline programs, focusing on next-generation cell therapies including in vivo CAR-T, allogeneic therapies, solid tumors, and autoimmune diseases.

5 days ago

Transcript

Legend Biotech Highlights Business Updates and 2026 Strategic Priorities

LEGN

Guidance Update

New Projects/Investments

Legend Biotech has exceeded 10,000 patients treated with CARVYKTI® to date and completed the physical expansion of its Raritan facility, which is now the largest cell therapy manufacturing facility in the U.S., providing installed capacity to support treatment of up to 10,000 patients annually.
The company anticipates CARVYKTI® franchise profitability for FY 2025 and expects company-wide operating profit in 2026, driven by continued CARVYKTI® revenue growth and operating margin expansion.
As of September 30, 2025, Legend Biotech reported approximately $1.0 billion in cash and cash equivalents, which is expected to provide a financial runway beyond 2026.
The company has treated the first patient with an in vivo pipeline candidate and expects first-in-human data for its in vivo platform technology starting in the second half of 2026, with multiple investigational new drug (IND) filings for oncology and autoimmune indications targeted from the same period.

8 days ago

6-K

Legend Biotech Announces New CARVYKTI Data and Promising LUCAR-G39D Results

LEGN

New Projects/Investments

Legend Biotech announced new long-term clinical data for CARVYKTI® (ciltacabtagene autoleucel), showing a median progression-free survival (mPFS) of 50.4 months in triple-class-exposed relapsed/refractory multiple myeloma patients who had received three prior lines of therapy.
Translational analyses indicated that patients treated earlier with CARVYKTI® exhibited stronger immune fitness and a more immunocompetent tumor microenvironment, which is associated with longer progression-free survival.
In the CARTITUDE-4 study, 80.5% of as-treated patients with standard-risk cytogenetics remained progression-free and off treatment at 30 months after a single infusion of CARVYKTI®.
The company also presented promising first-in-human results for its allogeneic CAR-T candidate, LUCAR-G39D, in B-cell non-Hodgkin lymphoma, demonstrating an overall response rate of 75% and a complete response rate of 37.5%.

Dec 8, 2025, 12:30 PM

6-K

Legend Biotech Reports Strong Q3 2025 Results and Reiterates Profitability Targets

LEGN

Earnings

Guidance Update

Management Change

Legend Biotech reported Q3 2025 total revenues of $272 million, an 84% year-over-year increase, driven by strong CARVYKTI net trade sales of $524 million.
The company achieved an operating loss of $43 million, a 38% reduction from the prior year, and a net loss of $40 million. Adjusted diluted earnings per share was negative $0.05.
Legend Biotech anticipates achieving profitability for CARVYKTI by the end of 2025 and company-wide profitability in 2026, excluding unrealized foreign exchange gains or losses.
CARVYKTI supply now fully meets demand, with manufacturing network growth including the TechLane facility initiating commercial production, aiming to treat over 10,000 patients annually.
Carlos Santos joined Legend Biotech as the new Chief Financial Officer in August.

Nov 12, 2025, 1:00 PM

Transcript

Legend Biotech Announces Q3 2025 Financial Results and Operational Highlights

LEGN

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

CARVYKTI® Net Trade Sales reached $524 million in Q3 2025, demonstrating an 84% year-over-year growth.
IFRS Total Revenue for Q3 2025 was $272 million, with an IFRS Net Loss of $40 million and an Adjusted Net Loss of $19 million.
As of September 30, 2025, Legend Biotech reported a cash position of approximately $1 billion.
The FDA approved a CARVYKTI® label update to include Overall Survival analysis from the Phase 3 CARTITUDE-4 study, and commercial production was initiated at the Tech Lane facility.

Nov 12, 2025, 1:00 PM

Presentation

Legend Biotech Reports Strong Q3 2025 CARVYKTI Sales and Progress Towards Profitability

LEGN

Earnings

Guidance Update

Revenue Acceleration/Inflection

Legend Biotech reported Q3 2025 CARVYKTI net trade sales of $524 million, marking an 84% increase year over year, with U.S. sales at $396 million and international sales at $128 million.
Total revenues for Q3 2025 were $272 million, driven by 84% year over year collaboration revenue growth, resulting in a net loss of $40 million and an operating loss of $43 million, which represents a 38% reduction from the prior year's operating loss.
The company anticipates CARVYKTI to achieve profitability in 2025 and company-wide profitability in 2026.
Manufacturing capacity for CARVYKTI is now able to fully supply demand, with the TechLane facility initiating commercial production, and the company aims to reach 10,000 annualized doses and eventually 20,000 doses annualized.
The FDA recently approved an update to CARVYKTI's label to include its overall survival benefit based on the phase three CARTITUDE-4 study.