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Sep 30, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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