Legend Biotech Q2 2025 slides: CARVYKTI sales surge 136%, adjusted profit achieved

Introduction & Market Context

Legend Biotech Corporation (NASDAQ:LEGN) released its second quarter 2025 financial results and corporate update on August 11, 2025, revealing record-breaking performance for its flagship CAR-T therapy CARVYKTI. The company’s stock responded positively in pre-market trading, rising 3.73% to $38.38, building on momentum from its previous close of $37.00.

The presentation showcased Legend’s strengthening position in the competitive CAR-T therapy landscape, with CARVYKTI now claiming the title of highest-selling CAR-T therapy in a single quarter. This achievement comes amid the company’s transition to profitability and expansion of its manufacturing capabilities and global market presence.

Quarterly Performance Highlights

Legend Biotech reported significant growth across key metrics in Q2 2025, with CARVYKTI leading the charge. The therapy generated $439 million in net trade sales, representing a 136% year-over-year increase compared to Q2 2024.

As shown in the following quarterly highlights slide, the company achieved several important milestones during the quarter, including FDA approval of a supplemental Biologics License Application (sBLA) for CARVYKTI to remove the Risk Evaluation and Mitigation Strategy (REMS), which should streamline patient access:

The company also highlighted that over 7,500 clinical and commercial patients have been treated with CARVYKTI to date, demonstrating the therapy’s growing adoption. Additionally, Legend appointed Peter Salovey, Ph.D. as Lead Independent (LON:IOG) Director, strengthening its governance structure.

CARVYKTI Commercial Success

CARVYKTI’s commercial performance has established a new benchmark in the CAR-T therapy market. The presentation emphasized the therapy’s exceptional launch trajectory compared to other CAR-T products, with a compound annual growth rate of 80%.

The following chart illustrates CARVYKTI’s sales performance compared to other CAR-T therapies by quarter since launch:

This commercial success is supported by impressive clinical data. The CARTITUDE-1 study demonstrated that one-third of patients with relapsed and refractory multiple myeloma remained progression-free for five or more years after CARVYKTI treatment without maintenance therapy—an unprecedented achievement in this patient population.

The following slide showcases the long-term survival benefits observed in the CARTITUDE-1 study:

Legend continues to expand CARVYKTI’s global footprint, with recent launches in multiple new markets including Denmark, Sweden, Belgium, Spain, Israel, UK, Portugal, and Australia. The company now has 213 activated treatment sites globally, including 123 in the United States.

The quarterly sales growth trend shows accelerating momentum across both U.S. and international markets:

U.S. quarter-over-quarter growth of 13% was primarily driven by continued strong demand, with nearly 60% utilization in earlier line settings. Meanwhile, international markets showed an impressive 59% quarter-over-quarter growth, fueled by launches in 11 markets.

Financial Analysis

Legend Biotech reported IFRS total revenue of $255 million for Q2 2025, up from $187 million in Q2 2024. Despite the revenue growth, the company posted an IFRS net loss of $125 million, compared to $18 million in the same period last year.

However, on an adjusted basis, Legend achieved profitability with adjusted net income of $10 million, compared to an adjusted net loss of $3 million in Q2 2024. This marks an important milestone in the company’s financial trajectory.

The following financial highlights slide provides a comprehensive overview of the company’s Q2 2025 performance:

Operating expenses remained flat compared to Q2 2024, demonstrating disciplined cost management despite ongoing investments in research and development, commercial expansion, and manufacturing scale-up. The company maintained a strong cash position of approximately $1 billion as of June 30, 2025, providing substantial financial flexibility.

The breakdown of operating expenses shows focused investments across key areas:

Research and development expenses of $98.3 million supported continuous innovation, including two ongoing frontline studies for cilta-cel (CARVYKTI), three U.S. IND-enabling programs, and 13 ongoing investigator-initiated trials. Selling and distribution expenses of $48.1 million supported commercial activities for CARVYKTI, including expansion of the sales force to meet growing demand.

Strategic Initiatives & Future Outlook

Legend Biotech outlined a comprehensive strategy for long-term growth, centered around three key pillars: market leadership in CAR-T therapy, a robust pipeline, and a strong financial position.

The following slide illustrates the company’s approach to capitalizing on its cell therapy leadership:

On the manufacturing front, Legend is on track to achieve capacity for 10,000 annualized doses by the end of 2025, supported by the approval of a new Raritan facility section in the second half of 2025 and the initiation of commercial production at Tech Lane in the same period. The company has achieved a 97% manufacturing success rate and reduced turnaround time to a median of 30 days.

Legend’s pipeline extends beyond CARVYKTI, with 10 programs spanning hematologic malignancies, solid tumors, and autoimmune diseases. The company is also developing innovative platforms, including TaVec (T-Cell Activation Vector), an in vivo cell therapy approach with first patients expected to be dosed in investigator-initiated trials in 2025.

The comprehensive pipeline overview demonstrates the breadth of Legend’s development programs:

Looking ahead, Legend Biotech anticipates achieving company-wide profitability in 2026, building on the operational improvements and commercial success of CARVYKTI. The company’s path to profitability is supported by three key drivers: further expansion of market leadership in multiple myeloma CAR-T therapies, increasing manufacturing efficiency, and continued margin expansion.

The presentation reinforces Legend Biotech’s position as a leader in cell therapy, with CARVYKTI’s exceptional commercial performance providing a strong foundation for future growth and profitability. With its robust pipeline, expanding global presence, and improving financial metrics, Legend appears well-positioned to capitalize on the growing market for innovative cell therapies.

Full presentation:

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