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Jun 30, 2025
Legend Biotech Q2 2025 Earnings Report
Reported record CARVYKTI®–driven revenue of $255.1M but posted a GAAP net loss in Q2 2025 amid higher commercial and operating expenses.
Key Takeaways
Legend Biotech delivered strong top-line growth on CARVYKTI® sales, with collaboration revenue more than doubling year over year. Despite this, operating loss and net loss widened due to other expenses and continued investment in commercialization and pipeline.
Total revenue was $255.1M, up from $186.5M a year ago.
Collaboration revenue reached $219.7M on stronger CARVYKTI® sales.
GAAP EPS was -$0.34 with net loss of $125.4M; non-GAAP adjusted EPS was $0.03.
Cash and time deposits totaled about $967.6M in cash/bank plus $701.0M in time deposits; cash and cash equivalents were $266.6M at quarter end.
Revenue by Segment
Forward Guidance
No quantitative guidance was provided; management highlighted continued commercial expansion of CARVYKTI®, pipeline progress, and a goal of achieving operating profitability in 2026.
Positive Outlook
- Record quarterly commercial performance driven by CARVYKTI®.
- Collaboration revenue strength supports continued scale-up.
- Regulatory changes (REMS removal and monitoring reductions) may ease access and adoption.
- Robust liquidity with significant cash and time deposits.
- Advancing pipeline with additional solid tumor and hematology programs.
Challenges Ahead
- GAAP net loss persisted despite revenue growth.
- Higher selling and distribution expenses with commercial expansion.
- Other expense impacted results this quarter.
- License revenue declined versus prior year due to milestone timing.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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