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Sep 30
Legend Biotech Q3 2025 Earnings Report
Legend Biotech reported a narrowed net loss and strong collaboration revenue growth in Q3 2025.
Key Takeaways
Legend Biotech delivered robust revenue growth driven by CARVYKTI® sales, significantly reducing its net loss compared to the prior year, and is on track toward profitability.
Total revenue reached $272.3 million, primarily from collaboration revenue.
Net loss narrowed to $39.7 million from $125.3 million in Q3 2024.
Adjusted net loss (non-GAAP) was $18.8 million.
Cash and equivalents stood at $992.6 million, providing runway beyond 2026.
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 reach CARVYKTI® profitability by year-end and company-wide profitability in 2026.
Positive Outlook
- Label update for CARVYKTI® includes overall survival benefit.
- Commercial production at the Tech Lane facility has started.
- CARVYKTI® is now approved in 14 global markets.
- Financial runway secured beyond 2026.
- Ongoing clinical trials expanding CARVYKTI® indications.
Challenges Ahead
- Still operating at a net loss.
- R&D costs increased due to pipeline expansion.
- Higher cost of collaboration revenue due to manufacturing scale-up.
- Selling and distribution expenses increased from commercial expansion.
- Adjusted net loss remains despite narrowing gap.