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Dec 31, 2025
Legend Biotech Q4 2025 Earnings Report
Legend Biotech Q4 2025 Earnings Report was released, highlighting significant revenue growth and the achievement of CARVYKTI franchise profitability.
Key Takeaways
Legend Biotech reported a strong fourth quarter for 2025, driven by a 64% year-over-year increase in total revenue primarily from CARVYKTI collaboration sales. While the company reported a GAAP net loss due to unrealized foreign exchange impacts, it achieved a positive non-GAAP adjusted net income and reached a milestone of 10,000 patients treated with its lead therapy.
CARVYKTI net trade sales reached approximately $555 million in Q4 2025 and $1.9 billion for the full year.
Achieved CARVYKTI franchise profitability for the full year 2025.
Surpassed the milestone of 10,000 patients treated with CARVYKTI to date.
Expanded manufacturing capacity at the Raritan facility to support up to 10,000 patients annually.
Revenue by Segment
Forward Guidance
Legend Biotech expects its current cash position to fund operations beyond 2026, at which point it anticipates achieving company-wide operating profit.
Positive Outlook
- Financial runway expected to extend beyond 2026.
- Anticipated company-wide operating profit in 2026.
- Expanded manufacturing capacity to support 10,000 patients annually.
- Continued expansion into U.S. community and outpatient settings.
- Advancing in vivo and allogeneic CAR-T pipeline candidates.
Challenges Ahead
- Ongoing GAAP operating losses as of Q4 2025.
- Exposure to significant unrealized foreign currency exchange losses.
- Increasing selling and distribution expenses due to commercial expansion.
- High dependence on the Janssen collaboration for revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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