Legend Biotech (LEGN) Q1 2026 earnings summary

Executive summary

• CARVYKTIⓇ net trade sales rose 62% year-over-year to $597 million in Q1 2026, with 36% growth in the U.S. and 222% growth ex-U.S., expanding into 18 global markets and over 300 treatment sites.

• CARVYKTIⓇ became profitable in 2025, with company-wide profitability expected in 2026.

• Advanced cell therapy pipeline with multiple in vivo CAR-T programs entering phase I and several early-stage data presentations expected in 2026.

• Engaged new scientific advisors to strengthen R&D and pipeline strategy.

• Over 10,000 patients have been treated with CARVYKTIⓇ, now the top-selling CAR-T in a single quarter.

Financial highlights

• Total Q1 2026 revenue was $305.1 million, up 56% year-over-year, including $298.4 million collaboration revenue and $6.7 million license/other revenue.

• Gross margin on net product sales was 41%, down from 57–63% in prior quarters due to one-time manufacturing ramp-up costs.

• R&D expenses decreased to $85.7 million, while SG&A expenses increased to $90 million.

• Adjusted net loss improved to $10.5 million ($0.03 per share), compared to $27 million ($0.07 per share) in Q1 2025.

• Cash and cash equivalents, including time deposits, totaled $835 million at quarter-end, with no long-term debt.

Outlook and guidance

• Company-wide profitability on an adjusted basis is expected in 2026, with gross margin projected to recover above 50% in Q2 as manufacturing scales.

• Continued sequential growth in CARVYKTIⓇ sales anticipated for the remainder of 2026, both in the U.S. and internationally.

• Plan to file 1–2 U.S. INDs for in vivo CAR-T programs in 2026 and present multiple early-stage cell therapy data at medical conferences.

• Modest capital expenditures planned for manufacturing capacity expansion.