Legend Biotech Beats on Revenue as CARVYKTI Sales Soar 136%

Legend Biotech Corp. reported second-quarter revenue of $255.1 million, exceeding analysts’ estimates by roughly $26 million, as demand for its multiple-myeloma therapy CARVYKTI drove a sharp top-line gain. The company posted a GAAP loss of $0.34 a share, wider than expected, resulting in a net loss of $125.4 million. Excluding items such as unrealised foreign-exchange movements, adjusted net income reached $10.1 million—Legend’s first quarterly profit. CARVYKTI generated record quarterly sales of $439 million, a 136 percent increase from a year earlier, with the therapy now administered to more than 7,500 patients worldwide. Long-term trial data released alongside the results showed one-third of treated patients remaining progression-free for at least five years, underscoring the drug’s durability. Management said the performance keeps the company on track to achieve overall profitability in 2026. Legend ended the quarter with $1 billion in cash and time deposits, which it says will fund operations through the planned move into the black. The U.S. Food and Drug Administration’s decision to lift Risk Evaluation and Mitigation Strategies for CAR-T products, including CARVYKTI, is expected to simplify post-infusion monitoring and support further uptake. Shares rose about 2 percent in early U.S. trading following the release.