LEGN · Legend Biotech Corporation

Legend Biotech's Q1 2026 results demonstrated robust growth in its flagship product CARVYKTI, with net trade sales surging 62% year-over-year to approximately $597 million, driven by 36% U.S. growth and 222% ex-U.S. expansion following launches in Italy, Poland, the Czech Republic, and Australia. This performance boosted collaboration revenue by $112.8 million to $298.4 million under the Janssen Agreement, though cost of collaboration revenue rose sharply by $105.9 million to $175.4 million due to higher cost of sales, capacity expansion, and depreciation. Operating loss narrowed slightly to $49.8 million from $51.7 million, reflecting improved gross profit from CARVYKTI. Net loss improved significantly to $54.3 million from $101.0 million, aided by lower unrealized foreign currency exchange losses and better operating performance. Adjusted net loss further narrowed to $10.5 million, underscoring operating leverage as manufacturing success reached 99% and over 95% on-time deliveries. CEO Ying Huang highlighted CARVYKTI's adoption reinforcing BCMA CAR-T leadership and path to sustainable profitability in 2026, supported by $834.6 million in cash providing runway beyond that year. R&D expenses declined 16% to $85.7 million as cilta-cel trials concluded dosing, while SG&A rose on commercial expansion. The company advanced its early-stage cell therapy pipeline, with multiple 2026 conference presentations and $55 million Janssen milestones achieved in April.