Legend Biotech Corporation

What they do

Legend Biotech develops and commercializes CAR-T cell therapies. Its lead product, Carvykti (ciltacabtagene autoleucel), is approved for the treatment of multiple myeloma and is co-commercialized with Janssen in the U.S. and other markets. The company also has a pipeline of earlier-stage cell therapy candidates.

Revenue drivers

• Carvykti — The only approved product, generating all product revenue. Sales are recognized from the collaboration with Janssen, with profit-sharing arrangements.
• Collaboration revenue — Includes upfront and milestone payments from the Janssen collaboration, though these are secondary to product sales.
• License and other revenue — Minor revenue from licensing of earlier-stage candidates, though not a major contributor.

Recent performance

For fiscal year 2025, total revenue was $1,152 million, up 69% from $681 million in 2024. The increase was driven by strong Carvykti sales and milestone payments. Net loss narrowed to $55 million from $305 million in 2024, reflecting improved commercial leverage. Carvykti contributed most of the revenue, with collaboration revenue from milestones also notable.

Strategy

The company is focused on expanding Carvykti's global footprint, including regulatory approvals in new geographies and earlier lines of therapy. It is investing in manufacturing capacity and supply chain to meet growing demand. Additionally, the pipeline includes next-generation cell therapies in earlier clinical stages, with an emphasis on improving efficacy, safety, and accessibility.

Risks

• Dependence on Janssen collaboration — Carvykti is co-developed and commercialized with Janssen, so Legend's revenue and control are tied to that partnership.
• Competition in CAR-T and myeloma — Multiple approved and pipeline therapies could erode Carvykti's market share.
• Manufacturing and supply constraints — Cell therapy production is complex and capacity limitations could restrain growth.
• Regulatory and reimbursement challenges — Expansion into new markets and lines of therapy faces pricing and approval hurdles.

Outlook

Management expects continued strong growth in Carvykti revenue, driven by label expansions and increased manufacturing. They are prioritizing geographic expansion and earlier-line indications. The company also plans to advance its pipeline candidates through clinical development.