Quarterly ResultMay 12, 2026, 07:12 AM
Legend Biotech Q1 CARVYKTI Sales Up 62% to $597M; Net Loss Narrows
AI Summary
Legend Biotech reported strong first quarter 2026 results, driven by a 62% increase in CARVYKTI net trade sales to $597 million. The company expanded CARVYKTI's global availability to 18 markets with recent launches in Italy, Poland, the Czech Republic, and Australia. Legend Biotech significantly narrowed its net loss to $54.3 million and adjusted net loss to $10.5 million, reflecting improved operating performance and progress towards sustainable profitability beyond 2026.
Key Highlights
- CARVYKTI net trade sales increased 62% year-over-year to $597 million in Q1 2026.
- Collaboration revenue rose 61% to $298.4 million for the first quarter of 2026.
- Net loss improved to $54.3 million in Q1 2026, from $101.0 million in Q1 2025.
- Adjusted net loss narrowed to $10.5 million, compared to $27.0 million in the prior year.
- Cash and cash equivalents, and time deposits totaled $834.6 million as of March 31, 2026.
- CARVYKTI launched in Italy, Poland, Czech Republic, and Australia, expanding to 18 global markets.
- Achieved $55 million in milestones related to the Janssen Agreement in April 2026.