Legend Biotech Reports Fourth Quarter and Full Year 2025 Results and Recent Highlights

Core Insights - Legend Biotech Corporation reported strong financial results for Q4 and the full year 2025, highlighting significant growth in collaboration revenue and advancements in its CAR-T therapy, CARVYKTI [1][5][7]. Financial Performance - As of December 31, 2025, Legend Biotech had approximately $949 million in cash and cash equivalents and time deposits [4][7]. - Collaboration revenue for Q4 2025 was $277.6 million, a 65.2% increase from $168.0 million in Q4 2024, driven by CARVYKTI sales under the Janssen collaboration [5]. - License and other revenue rose to $28.7 million in Q4 2025 from $18.5 million in Q4 2024, primarily due to a milestone achievement under the Janssen Agreement [6]. - Total revenue for the year ended December 31, 2025, was $1.0289 billion, compared to $627.3 million in 2024 [20]. - The operating loss for Q4 2025 was $19.7 million, significantly improved from a loss of $79.3 million in Q4 2024 [13]. - Net loss for Q4 2025 was $30.9 million, or $0.08 per share, compared to a net income of $26.4 million, or $0.07 per share, in Q4 2024 [14]. Business Developments - CARVYKTI has treated over 10,000 patients and achieved franchise profitability for the full year 2025 [2][7]. - The company expanded its manufacturing capabilities, completing an expansion at its Raritan facility, which is now the largest cell therapy manufacturing site in the U.S. [7]. - CARVYKTI is now available in 14 markets across 294 sites worldwide, with ongoing efforts to increase adoption in community settings [7]. - The company advanced its early-stage cell therapy portfolio, including the first patient dosing of in vivo candidates and presented first-in-human results for LUCAR-G39D, an allogeneic CAR-T therapy [6][7]. Research and Development - Research and development expenses for Q4 2025 were $101.3 million, a slight decrease from $104.4 million in Q4 2024, reflecting lower expenditures in BCMA clinical programs [10]. - The company opened a new 31,000-square-foot R&D facility in Philadelphia, Pennsylvania, to support its development efforts [7]. Market Position - Legend Biotech is positioned as a leader in cell therapy, particularly with its CARVYKTI product, which is pivotal in the treatment of relapsed or refractory multiple myeloma [17].