Legend Biotech Corporation reported its third‑quarter 2025 financial results, posting revenue of $272.33 million—slightly below the consensus estimate of $274.72 million—and an earnings per share of –$0.05, a miss of 11.9% versus the expected –$0.0447. The company guided that it will achieve profitability for the CARVYKTI product line in 2025 and company‑wide profitability by 2026, while maintaining a cash balance of roughly $1.0 billion as of September 30.
Revenue growth was driven by a 84% year‑over‑year increase in CARVYKTI net trade sales, which reached $524 million. Gross margin on net product sales stood at 57%, reflecting the high‑margin nature of the CAR‑T therapy. Despite the revenue miss relative to analysts, the quarter still delivered robust growth, underscoring the strength of the company’s flagship product and its expanding market share in multiple myeloma treatment.
The earnings miss can be attributed to a combination of a modest revenue shortfall and higher operating expenses. Legend Biotech’s operating loss narrowed by 38% from the prior year, yet the company still reported a net loss, which translated into the negative EPS. The company’s cost‑control initiatives and improved operational efficiency helped reduce the loss, but the slight revenue dip and ongoing investment in manufacturing capacity tempered the bottom line.
Management reiterated its confidence in the company’s trajectory, noting that CARVYKTI is expected to become profitable in 2025 and that the broader business is on track for profitability in 2026. CEO Ying Huang highlighted that the therapy has treated over 9,000 patients and that the U.S. FDA and European Commission recently approved label updates that include an overall survival benefit, further solidifying the product’s market leadership.
Investors responded favorably to the results, citing the strong CARVYKTI growth, the regulatory milestones, and the clear path to profitability as key drivers of confidence in Legend Biotech’s future prospects. The company’s cash position and guidance for 2026 reinforce its ability to sustain growth and invest in manufacturing expansion.
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