Legend Biotech (LEGN) Q4 2025 earnings summary

Executive summary

• Achieved CARVYKTI net trade sales of $555 million in Q4 2025 and $1.9 billion for the full year, with over 10,000 patients treated globally and launches in 14 markets.

• Expanded manufacturing capacity to support 10,000 annual doses, with plans to double to 20,000 for U.S. and Europe; 294 global treatment sites activated.

• Opened new R&D facilities in Philadelphia and expanded the Raritan manufacturing site, supporting innovation and pipeline growth.

• Significant clinical data presented at major hematology conferences reinforce CARVYKTI’s efficacy, especially in earlier treatment lines.

• Robust R&D pipeline with ongoing investment in in vivo CAR-T, blood cancer, solid tumor, and autoimmune programs; first patient dosed for in vivo candidates.

Financial highlights

• Q4 2025 total revenue was $306.3 million, up 64% year-over-year; full year revenue reached $1,028.9 million.

• Gross margin on net product sales was 57% in Q4 2025; gross margins stabilized at 55%+ over the past four quarters.

• Operating margin improved from -142% in Q2 2023 to -6% in Q4 2025; operating loss narrowed to $19.7 million from $79.3 million in Q4 2024.

• Adjusted net income for Q4 2025 was $2.5 million (adjusted EPS: $0.01), a turnaround from a $59 million loss a year ago.

• Ended 2025 with $949 million in cash and equivalents; operating cash outflows reduced to $12 million from $82 million year-over-year.

Outlook and guidance

• Confident in delivering approximately 50% top-line growth for CARVYKTI in 2026, in line with consensus.

• Expect sequential growth in all four quarters of 2026 and company-wide profitability by year-end, with financial runway beyond 2026.

• Plans to file 1–2 U.S. INDs for new programs by year-end and present first in vivo CAR-T clinical data mid-2026.

• Significant growth opportunity in earlier line multiple myeloma settings, with scalable manufacturing capacity.