Legend Biotech Reports Second Quarter 2025 Results and Recent Highlights

Core Insights - Legend Biotech Corporation reported strong second quarter 2025 financial results, highlighting the success of CARVYKTI in treating relapsed and refractory multiple myeloma, with one-third of patients remaining progression-free for five years [2][6][10]. Financial Performance - CARVYKTI net trade sales reached approximately $439 million in Q2 2025, marking the strongest single period of sales for any CAR-T therapeutic to date [6][11]. - Total revenue for the three months ended June 30, 2025, was $255.1 million, compared to $186.5 million for the same period in 2024, reflecting a significant increase [15]. - Collaboration revenue increased to $219.7 million in Q2 2025 from $93.3 million in Q2 2024, driven by CARVYKTI sales [11][15]. - License revenue decreased to $35.3 million in Q2 2025 from $90.8 million in Q2 2024, primarily due to the timing of milestone achievements [11][15]. - Adjusted net income for Q2 2025 was $10.1 million, compared to an adjusted net loss of $2.5 million in Q2 2024 [11][26]. Regulatory Developments - The FDA removed Risk Evaluation and Mitigation Strategies (REMS) for CARVYKTI and updated product labeling to reduce certain monitoring requirements for patients [3]. Clinical Advancements - Over 7,500 patients have been treated with CARVYKTI to date, with positive long-term outcomes presented at the 2025 ASCO Annual Meeting [6][7]. - The CARTITUDE-1 study demonstrated that one-third of patients remained progression-free for five years, reinforcing the therapy's durability [2][6]. - New data from the Phase 3 CARTITUDE-4 study and preliminary results from LB2102 and LB1908 studies were also presented, showcasing ongoing innovation in the company's pipeline [7]. Cash Position - As of June 30, 2025, the company reported cash and cash equivalents of $1.0 billion, providing a financial runway into 2026 [6][11].