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Mar 31, 2025
Legend Biotech Q1 2025 Earnings Report
Legend Biotech reported a significant increase in collaboration revenue during Q1 2025, driven by CARVYKTI sales, despite a wider net loss.
Key Takeaways
Legend Biotech saw revenue more than double year-over-year in Q1 2025 due to strong CARVYKTI-related collaboration revenue. However, operating expenses and foreign exchange losses led to a larger net loss. The company remains confident in achieving profitability by 2026.
Total revenue rose to $195.05M, up from $93.99M in Q1 2024.
Collaboration revenue from CARVYKTI reached $185.6M.
Adjusted net loss narrowed to $27.0M, compared to $85.3M in Q1 2024.
Over 6,000 patients have been treated with CARVYKTI to date.
Revenue by Segment
Forward Guidance
Legend Biotech expects to achieve company-wide profitability by 2026, supported by continued CARVYKTI expansion and manufacturing scale-up.
Positive Outlook
- Positive CHMP opinion to expand CARVYKTI label.
- Australia’s TGA approved CARVYKTI in second-line+ multiple myeloma.
- Initiated clinical production at Tech Lane facility, with commercial output expected by year-end.
- Strong cash position of $1.0B provides runway into Q2 2026.
- Adjusted net loss improved significantly year-over-year.
Challenges Ahead
- Reported net loss widened to over $100M in Q1.
- High R&D expenses of $101.9M limit short-term profitability.
- Foreign exchange losses significantly impacted bottom line.
- Increased selling and distribution expenses due to expansion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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