Legend Biotech Reports Second Quarter 2026 Financial Results and Recent Business Progress
Legend Biotech
Tumor Cell Immunotherapy Developer
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Legend Biotech
CARVYKTI®(Cilta-cel) achieved net sales of approximately $657 million, representing a 50% year-over-year increase compared to the second quarter of 2025.
With its listing in Ireland, CARVYKTI®Now launched in 348 centers across 19 markets globally
Investigational In Vivo CD19/CD20 Dual-Target CAR-T Therapy LB2501 Achieves First Clinical Proof-of-Concept, Demonstrating a 100% Objective Response Rate (ORR) and an 83.3% Complete Response (CR) Rate at the Higher Dose Level (DL2) in Patients with Relapsed or Refractory B-Cell Non-Hodgkin Lymphoma
The company strengthened its balance sheet by raising approximately $212 million in net proceeds from a successful public offering of 7,700,000 American Depositary Shares (ADS), after deducting underwriting discounts, commissions, and estimated offering expenses.
As of June 30, 2026, cash and cash equivalents and time deposits amounted to $965 million.
Bridgewater, New Jersey, USA—August 11, 2026—Legend Biotech (NASDAQ: LEGN), a global leader in cell therapy, today announced its unaudited financial results for the second quarter of 2026 and key corporate highlights.
Alan Bash
Interim CEO of Legend Biotech
The second-quarter performance demonstrated Legend Biotech’s robust strength driven by the dual engines of commercialization and innovation. As we continue to expand global patient access, including the recent successful launch in Ireland, our 19th market, CARVYKTI has continued to achieve growth. The strong commercial momentum of CARVYKTI has laid the foundation for advancing our diversified next-generation cell therapy portfolio, aiming to further broaden the reach and impact of CAR-T therapies. This quarter, we also achieved a significant innovation milestone by announcing the first-in-human data for LB2501, for our in vivo (in vivo) The CAR-T platform has provided clinical validation. These advancements not only reflect the breadth of our pipeline in hematologic malignancies and solid tumors, but also underscore our commitment to expanding transformative cell therapies beyond multiple myeloma. Our focus remains unchanged: ensuring business continuity, maintaining strong execution, and advancing strategic priorities that support Legend Biotech’s long-term growth. With robust commercial and clinical momentum, along with a strengthening balance sheet, we are confident in our ability to continue driving innovation and making steady progress toward achieving overall company profitability.
2026 EHA
LB2501
In Vivo CD19/CD20 Dual-Target CAR-T Cell Therapy
In patients with relapsed or refractory B-cell non-Hodgkin lymphoma, LB2501 achieved a 100% objective response rate (ORR, 6/6) and an 83.3% complete response rate (CR, 5/6) at the higher dose level (DL2) following a single infusion, marking the first clinical proof of concept; as of the data cutoff, all responses remained ongoing.
Dose-dependent expansion of CAR-T cells in vivo can be achieved without lymphodepletion.
No dose-limiting toxicities (DLTs), serious adverse events (SAEs), immune effector cell-associated neurotoxicity syndrome (ICANS), or deaths were reported; infusion-related reactions and cytokine release syndrome (CRS) were all Grade 1–2, and no glucocorticoid treatment was required for CRS.
2026 ASCO
LB2102
DLL3-Targeted CAR-T Cell Therapy
Announced the first-in-human (FIH) trial data for LB2102. LB2102 is an investigational DLL3-targeted CAR-T therapy for the treatment of relapsed or refractory small cell lung cancer (SCLC) and large cell neuroendocrine carcinoma (LCNEC). Legend Biotech and Novartis have entered into a licensing agreement for the development, manufacturing, and commercialization of LB2102 and other potential selectively DLL3-targeted CAR-T therapies.
At higher dose levels, LB2102 achieved an objective response rate (ORR) of 28.6% and a disease control rate (DCR) of 78.6%, with durable responses observed in some patients.
Demonstrated a manageable safety profile and encouraging antitumor activity in patients who had previously received multiple lines of therapy.
2026 ASCO
Latest Data from the CARTITUDE Project
Latest Data from the CARTITUDE Project Continue to Support CARVYKTI®Demonstrates durable efficacy and a consistent safety profile in multiple myeloma, including sustained progression-free survival/overall survival (PFS/OS) benefits across all cytogenetic risk groups, and a low incidence of immune effector cell-associated enterocolitis (IEC-EC) (1.2%).
Compared with the second quarter of 2025, CARVYKTI®Net sales in the second quarter of 2026 reached approximately $657 million, representing a 50% increase. Among these, net sales in the U.S. market grew by 32% year-over-year, while net sales in markets outside the U.S. surged by 128% year-over-year.
CARVYKTI®Launched in Ireland, it currently covers 19 markets and 348 treatment centers worldwide.
Appointed as the former holder of CARVYKTI®President Alan Bash serves as interim Chief Executive Officer.
Completed the public offering of 7,700,000 American Depositary Shares (“ADS”). After deducting underwriting discounts, commissions, and estimated offering expenses, the net proceeds amounted to approximately $212 million.
As of June 30, 2026, the Company held approximately $965 million in cash and cash equivalents and time deposits. The Company believes that this cash reserve will support its operations beyond 2026, by which time it expects to achieve overall profitability.[1]。
Cash Reserves
As of June 30, 2026, cash and cash equivalents and time deposits amounted to approximately $965 million.
Cooperation Revenue
For the three months ended June 30, 2026, collaboration revenue amounted to $326.1 million, compared to $219.7 million for the three months ended June 30, 2025. The increase of $106.4 million was primarily attributable to CARVYKTI generated under the collaboration and license agreement with Janssen (the “Janssen Agreement”).®due to the increase in sales revenue.
Licensing and Other Revenue
For the three months ended June 30, 2026, license revenue was $61.4 million, compared to $35.4 million for the three months ended June 30, 2025. The $26.0 million increase was primarily attributable to a $56.0 million milestone payment achieved under the Janssen agreement during the three months ended June 30, 2026, whereas no related milestones were reached during the three months ended June 30, 2025.
This increase in licensing revenue was partially offset by a decrease in licensing revenue recognized under the exclusive agreement with related parties. For the three months ended June 30, 2026, the Company did not recognize any licensing revenue from related parties, compared to $20 million recognized in the same period of the prior year.
Furthermore, for the three months ended June 30, 2026, related revenue decreased by $10.1 million to $5.3 million from $15.4 million in the same period of the previous year, primarily attributable to a decline in revenue recognized under the license agreement with Novartis (the “Novartis License Agreement”). This agreement grants Novartis the rights to develop, manufacture, and commercialize LB2102 and other potential CAR-T therapies selectively targeting DLL-3. This portion of revenue is associated with the Phase I clinical trial of Legend Biotech’s LB2102 and was recognized over time based on progress during the performance period of the agreement.
Cooperative Revenue and Cost
For the three months ended June 30, 2026, the cost of collaboration revenue was $136.0 million, compared to $94.9 million for the three months ended June 30, 2025. The increase of $41.1 million was primarily attributable to our share of costs related to CARVYKTI under the Janssen Agreement®due to an increase in sales-related costs.
R&D Expenses
For the three months ended June 30, 2026, research and development expenses amounted to $96.0 million, compared to $98.3 million for the three months ended June 30, 2025. The $2.3 million decrease was primarily attributable to reduced expenditures related to the cilta-cel clinical programs, as patient dosing in pivotal trials has been largely completed; this was partially offset by increased R&D activities associated with the pipeline.
Administrative Expenses
For the three months ended June 30, 2026, general and administrative expenses amounted to $33.0 million, compared to $32.6 million for the three months ended June 30, 2025, remaining relatively flat.
Sales and Distribution Expenses
For the three months ended June 30, 2026, sales and marketing expenses were $63.4 million, compared to $48.1 million for the three months ended June 30, 2025. The increase of $15.3 million was primarily driven by higher commercialization costs, including expansion of the sales force and increased Janssen-related marketing and market access activities commensurate with the growth in collaboration revenue.
Operating Profit (Loss)
For the three months ended June 30, 2026, operating income was $57.7 million, compared to an operating loss of $21.9 million for the three months ended June 30, 2025. The year-over-year improvement of $79.6 million was primarily driven by CARVYKTI®the resulting growth in gross profit and the increase in licensing and other income.
Income Tax Expense
For the three months ended June 30, 2026, income tax expense was $22.3 million, compared to $0.6 million for the three months ended June 30, 2025. The increase of $21.7 million was primarily attributable to higher taxable income of Legend Biotech’s entities in the United States, Belgium, and China. Legend Biotech is currently engaged in ongoing negotiations with Chinese tax authorities regarding an Advance Pricing Arrangement (APA) to determine the applicable transfer pricing methods among its legal entities. Although the relevant agreements have not yet been executed, the Company has reflected the related tax impacts in its financial statements based on information available as of June 30, 2026, in accordance with management’s best estimate of the expected tax consequences, including the cumulative effect arising from changes in estimates.
Although Legend Biotech has made appropriate provisions for tax matters that it considers likely to occur and can be reasonably estimated, the actual tax liabilities resulting from the final settlement with tax authorities may differ materially from the amounts reflected in the consolidated financial statements.
Net (Profit) Loss
For the three months ended June 30, 2026, net income was $33.2 million, compared to a net loss of $125.4 million for the three months ended June 30, 2025. This represents a year-over-year improvement of $158.6 million, primarily driven by a decrease in unrealized foreign exchange losses compared to the same period last year, as well as CARVYKTI®Improved operating performance driven by gross profit growth.
Adjusted Net Profit (Loss)
For the three months ended June 30, 2026, adjusted net profit was $63.1 million, compared to $10.1 million for the three months ended June 30, 2025. The year-over-year increase of $53.0 million was primarily driven by improved operating performance, reflecting CARVYKTI®the resulting growth in gross profit.
Legend Biotech will be at Eastern TimeAugust 11, 20268:00 AM(Beijing Time 8:00 PM) Hold the quarterly earnings conference call and conduct a live webcast. To watch the live webcast, please click “Read the original text"Enter the live conference stream."
A replay of the webcast will be available on the Investor Relations page of Legend Biotech’s website at https://investors.legendbiotech.com/events-and-presentations.
