Legend Biotech announced its financial results for the fourth quarter and full year 2025 and summarized recent corporate, commercial, and clinical developments.

Legend Biotech Corporation (NASDAQ: LEGN) (Legend Biotech), a global leader in cell therapy, today reported financial results for the fourth quarter and year ended December 31, 2025, and key corporate highlights.

"CARVYKTI® continued to build on its leadership in multiple myeloma CAR-T in 2025, as we reached more than 10,000 patients treated and achieved franchise profitability," said Ying Huang, Ph.D., Chief Executive Officer of Legend Biotech. "With expanding capacity and ongoing efforts to broaden adoption, including in the community setting, we are focused on executing against the opportunities ahead while extending our innovation leadership across in vivo and allogeneic programs."

Key Business Developments

Achieved CARVYKTI® franchise profitability for the full year 2025.

Treated more than 10,000 clinical and commercial patients to date with CARVYKTI®.

Strengthened manufacturing and supply capabilities, completing the newly expanded portion of the Raritan facility, making it the largest cell therapy manufacturing site in the United States supporting treatment of up to 10,000 patients annually.

Expanded global commercial footprint, with CARVYKTI® now available in 14 markets across 294 sites worldwide alongside continued growth in United States community and outpatient settings.

Presented new clinical and translational data from CARTITUDE-1 and CARTITUDE-4 at the 67th American Society of Hematology (ASH) Annual Meeting and presented data at the 2026 Tandem Meetings of ASTCT® and CIBMTR®, reinforcing durable outcomes associated with earlier use of CARVYKTI®.

Advanced pipeline and development platform, opening a 31,000-square-foot R&D facility in Philadelphia, Pennsylvania and presenting encouraging first-in-human results for LUCAR-G39D, an allogeneic CAR-T candidate in B-cell non-Hodgkin lymphoma.

Dosed the first patient for its in vivo pipeline candidates

Maintained a strong balance sheet, with cash and cash equivalents, and time deposits of approximately $949 million, as of December 31, 2025, supporting financial runway beyond 2026 when Legend Biotech believes it will achieve a company-wide operating profit.

 

Financial Results for Quarter Ended December 31, 2025

Cash and Cash Equivalents, and Time Deposits

As of December 31, 2025, Legend Biotech had approximately $949 million of cash and cash equivalents and time deposits.

Revenue

Collaboration Revenue

Collaboration revenue for the three months ended December 31, 2025 was $277.6 million, compared to $168.0 million for the three months ended December 31, 2024. The increase of $109.6 million was due to an increase in revenue generated from sales of CARVYKTI® in connection with the Janssen collaboration and license agreement (the "Janssen Agreement").

License and Other Revenue

License and other revenue was $28.7 million for the three months ended December 31, 2025, compared to $18.5 million license and other revenue for the three months ended December 31, 2024. This increase of $10.2 million was primarily driven by a milestone of $4.9 million achieved under the Janssen Agreement for the three months ended December 31, 2025, compared to no milestones achieved under the Janssen Agreement for the three months ended December 31, 2024. Additionally, for the three months ended December 31, 2025, Legend Biotech recognized approximately $6.4 million in license revenue under a licensing agreement with a related party. No license revenue was recognized under this agreement during the three months ended December 31, 2024.

Cost of Collaboration Revenue 

Cost of collaboration revenue for the three months ended December 31, 2025 was $119.5 million, compared to $69.4 million for the three months ended December 31, 2024. The increase of $50.1 million was due to Legend Biotech's share of the cost of sales in connection with CARVYKTI® sales under the Janssen Agreement.

Research and Development Expenses 

Research and development expenses for the three months ended December 31, 2025 were $101.3 million, compared to $104.4 million for the three months ended December 31, 2024. The decrease is driven by lower expenditures in BCMA clinical programs, offset by higher pipeline related research and development activities.

Administrative Expenses

Administrative expenses for the three months ended December 31, 2025 were $37.0 million, compared to $34.2 million for the three months ended December 31, 2024, The increase was driven by higher professional fees and increased headcount-driven expenses.

Selling and Distribution Expenses

Selling and distribution expenses for the three months ended December 31, 2025 were $64.2 million, compared to $48.9 million for the three months ended December 31, 2024. The increase of $15.3 million was primarily due to higher commercial costs, including sales force expansion and Janssen-related marketing and market access activities, which rose with collaboration revenue.

Operating loss

Operating loss for the three months ended December 31, 2025 was $19.7 million compared to $79.3 million for the three months ended December 31, 2024. The year over year improvement of $59.6 million was primarily due to higher gross profit from CARVYKTI®.

Net (Loss)/Income 

For the three months ended December 31, 2025, net loss was $30.9 million, or $0.08 per share, compared to a net income of $26.4 million, or $0.07 per share, for the three months ended December 31, 2024. The year over year change of $57.3 million was primarily due to unrealized foreign currency exchange losses resulting from changes in the intercompany loan balances and cash balances as a result of exchange rate changes between U.S. dollars and Euro. This loss was partially offset by higher gross profit from CARVYKTI®.

Adjusted Net Income/(Loss)

Adjusted net income for the three months ended December 31, 2025 was $2.5 million, or an adjusted net income of $0.01 per share, compared to an adjusted net loss of $59.0 million, or an adjusted net loss of $0.16 per share, for the three months ended December 31, 2024. The year over year improvement of $61.5 million was primarily driven by improved operating performance, reflecting higher gross profit from CARVYKTI®.

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