0001801198-26-000008
SEC filingLegend Biotech Corporation reported total revenue of $1.03 billion for fiscal year 2025, driven primarily by collaboration revenue of $944.8 million and license and other revenue of $84.1 million. The company recorded an operating loss of $136.5 million and a net loss of $296.8 million, resulting in a total comprehensive loss of $106.4 million. Basic and diluted loss per share were both -$1. The company maintained a strong liquidity position with cash and cash equivalents of $901.9 million and total assets of $1.73 billion. Net cash used in operating activities was $100.2 million, while investing activities generated $709.6 million primarily from time deposit movements. The company's equity stood at $1.00 billion with total liabilities of $731.6 million.
Legend Biotech Corporation reported total revenue of $1.03 billion for fiscal year 2025, consisting of $944.8 million in collaboration revenue and $84.1 million in license and other revenue. The company incurred significant expenses including cost of collaboration revenue ($397.1 million), research and development expenses ($414.7 million), selling and distribution expenses ($205.8 million), and administrative expenses ($135.8 million). This resulted in an operating loss of $136.5 million. After accounting for finance costs ($21.4 million), finance income ($40.1 million), other expense net ($164.8 million), and income tax benefit ($14.2 million), the company reported a net loss of $296.8 million. Other comprehensive income of $190.4 million, primarily from exchange differences on translation of foreign operations, reduced the total comprehensive loss to $106.4 million.
The company's revenue is derived from two main sources: collaboration revenue and license and other revenue. Collaboration revenue of $944.8 million represents the majority (approximately 91.7%) of total revenue, while license and other revenue contributed $84.1 million (approximately 8.3%). The cost structure shows cost of collaboration revenue at $397.1 million and cost of license and other revenue at $11.0 million. No further segment breakdown, geographic mix, or specific growth drivers beyond these revenue categories are disclosed in the provided data.
The company's cost structure resulted in significant operating losses. With total revenue of $1.03 billion and total operating expenses (including cost of revenue, R&D, selling, administrative, and other operating expenses) totaling $1.17 billion, the operating margin was negative. The net loss margin was approximately 28.8% of total revenue. Research and development expenses of $414.7 million represented the largest operating expense category after cost of collaboration revenue, indicating continued investment in product development.
Net cash used in operating activities was $100.2 million, primarily driven by the net loss of $282.6 million before tax, adjusted for non-cash items including equity-settled share-based compensation ($64.6 million) and foreign currency exchange loss ($168.8 million). Investing activities generated $709.6 million in net cash, largely from movements in time deposits ($4.54 billion in additions and $5.32 billion in decreases). The balance sheet shows strong liquidity with cash and cash equivalents of $901.9 million, total current assets of $1.25 billion, and total assets of $1.73 billion. Total liabilities were $731.6 million, with current liabilities of $636.4 million including collaboration interest-bearing advanced funding of $319.1 million. Equity stood at $1.00 billion.
No specific management guidance, strategic priorities, or risk factors are disclosed in the provided financial data. The filing presents historical financial results without forward-looking statements or outlook commentary. Investors should refer to the complete 20-F filing for comprehensive risk factor disclosures and management discussion and analysis of financial condition and results of operations.