Legend Biotech Q2 2025 Earnings: CARVYKTI Sales Soar, Strategic Growth Continues

Legend Biotech reported Q2 2025 earnings with net sales of $439 million for CARVYKTI and adjusted net income of $10.1 million. The company achieved a positive shift from the previous year's adjusted net loss. Legend Biotech's strategic focus remains on advancing its CAR-T programs and achieving profitability by 2026, with a cash position of $1.0 billion supporting its growth and innovation objectives.

Legend Biotech Corporation (NASDAQ: LEGN) reported its second-quarter (Q2) 2025 earnings, showcasing significant growth and a notable improvement in financial performance. The company's CARVYKTI net trade sales reached $439 million, marking a 136% increase year over year (YoY) [1]. This impressive growth was driven by collaboration revenue, which grew by 136% YoY, contributing to the company's total revenues of $255 million [1].

Despite the robust sales, Legend Biotech reported a net loss of $125 million for the quarter, but this was accompanied by an adjusted net income of $10 million after excluding non-core items [1]. The operating loss was reduced to $22 million from $41 million in the same period last year, indicating a significant improvement in operational efficiency [1].

The company's gross margin on net product sales was 57%, while research and development (R&D) expenses accounted for 39% of revenue, amounting to $98 million [1]. The sales, general, and administrative (SG&A) expenses, which represent 32% of revenue, increased by 23% from the prior year, totaling $81 million [1].

Legend Biotech maintains a strong cash position, with approximately $1 billion in cash and equivalents and time deposits as of June 30, 2025 [1]. This substantial cash position supports the company's investment in cell therapy innovation and operational efficiency.

The company's strategic focus remains on advancing its CAR-T programs and achieving profitability by 2026. Despite strong sales, Legend Biotech is not yet profitable and anticipates achieving company-wide profitability in 2026 [1].

The earnings report highlighted several key milestones and achievements, including the treatment of over 7,500 patients with CARVYKTI, making it the strongest CAR-T launch to date [1]. The FDA updated CARVYKTI's label to reduce monitoring requirements, improving patient experience and access [1]. Legend Biotech also presented promising data from Phase 1 studies of LB1908 and LB2102, demonstrating encouraging results in various clinical settings [1].

The company faces risks and uncertainties related to forward-looking statements, which could impact actual results. Additionally, potential competition from J&J's bispecific efforts poses a challenge to CARVYKTI's market position. However, Legend Biotech is positioned to capitalize on the growing demand for CAR-T therapies, with both supply and demand growing simultaneously [1].

In conclusion, Legend Biotech's Q2 2025 earnings report demonstrates strong growth and a positive shift in financial performance, driven by the success of CARVYKTI. The company's strategic focus on advancing its CAR-T programs and achieving profitability by 2026, supported by a robust cash position, positions it well for continued growth and innovation in the cell therapy space.

References:
[1] https://finance.yahoo.com/news/legend-biotech-corp-legn-q2-070321561.html
[2] https://investors.legendbiotech.com/news-releases/news-release-details/legend-biotech-reports-second-quarter-2025-results-and-recent