Legend Biotech Q1 revenue $305M on CARVYKTI sales +52%, nears adjusted profit, temp margin hit

 

Legend Biotech Q1 revenue $305M driven by CARVYKTI sales +52% YoY, nears adjusted profitability despite temporary gross margin hit

• Investor takeaway: CARVYKTI drives 52% YoY growth, with accelerating earlier-line and community adoption.
• Key results: revenue $305 million (+56% YoY); adjusted net loss $11 million, -$0.03 per share.
• Non-GAAP EPS was -0.15 in Q1 2026, with both EPS and revenue missing estimates.
• Collaboration revenue was $298.4 million in Q1 2026, contributing the majority of reported $305.1 million revenue.
• CARVYKTI net trade sales $597 million, +52% YoY and +8% sequentially, reflecting robust demand.
• Gross margin on product sales fell to 41% from 57% on manufacturing ramp one-timers.
• Management expects gross margin to rebound above 50% in Q2 as new capacity scales.
• Company reiterates goal of achieving adjusted, company-wide profitability in 2026 and expects cash runway beyond 2026; Q1 profitable excluding one-timers.
• Earlier-line usage rising: 2L/3L now 41% of U.S. apheresis versus 29% last year.
• CARVYKTI footprint expanding: available in 18 markets, 300+ sites, 148 U.S. centers.
• Pipeline focus: In Vivo CAR-T LB2501 in NHL with midyear safety and efficacy data expected.
• Main risks: heavy reliance on CARVYKTI and uncertain timing/impact of CARTITUDE-5/6 amid competition.
• Main concern: High dependence on CARVYKTI while pivotal frontline data timing and competitive dynamics remain uncertain.
• Strong quarter, driven by CARVYKTI growth and early-line adoption, despite a temporary gross margin headwind.

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