Legend Biotech Achieves Profitability Milestone on Strong CARVYKTI Sales

Legend Biotech reports its first adjusted net profit in Q4 2025, driven by blockbuster CAR-T therapy CARVYKTI. The company also turned operationally cash flow positive.

Legend Biotech Corp has reached a significant financial inflection point, reporting its first adjusted net profit in the fourth quarter of 2025. This milestone, driven by the robust commercial performance of its CAR-T cell therapy CARVYKTI, sets the company apart from many peers still grappling with substantial losses and demonstrates a scalable business model coming to fruition.

Financial Turnaround and Cash Flow Strength

The company’s progress is most evident in its bottom-line results. Legend dramatically reduced its operational loss, posting an adjusted net income of $2.5 million for Q4 2025. This represents a stark turnaround from a loss of $59 million in the same period the prior year. Furthermore, a critical shift occurred in cash generation: Legend became operationally cash flow positive in the second half of 2025. With approximately $949 million in liquid assets, the firm has secured the funding necessary to support its expansion well beyond 2026.

CARVYKTI Drives Revenue Surge

Central to this success is the myeloma therapy CARVYKTI. The drug generated roughly $555 million in global net sales during the final quarter alone. To date, more than 10,000 patients have been treated with the therapy, which is now accessible in 14 markets worldwide. This momentum propelled Legend’s total quarterly revenues to $306.3 million, a year-over-year increase of 64%.

Scaling Production and Pipeline Development

To meet growing global demand, Legend has completed an expansion of its manufacturing facility in Raritan. The upgraded site is now designed with the capacity to supply therapy for up to 10,000 patients annually. Alongside this commercial scaling, the company continues to advance its development pipeline, including reporting initial study results for novel allogeneic CAR-T therapies.

Market Reaction and Outlook

Investors responded favorably to these operational advances, with Legend’s shares gaining approximately 14% over a recent weekly period. Despite this uptick, the stock price of €17.50 remains notably below its 52-week high. The established combination of increasing market penetration and achieved profitability now forms a solid foundation for the company's anticipated growth throughout 2026.