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Mar 31
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.
Legend Biotech
Legend Biotech
Legend Biotech Revenue by Segment
Revenue by Segment
License Revenue
CapyFin.comCollaboration Revenue
CapyFin.comOther Revenue
CapyFin.com 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.
- License revenue declined YoY due to timing of activities in Novartis agreement.