Legend Biotech (LEGN) Shows Strong Q3 Performance Despite Revenue Shortfall

Legend Biotech Corporation (NASDAQ: LEGN) has released its financial results for the third quarter of 2025, highlighting significant achievements in its cell therapy business. While the company reported a slight miss in revenue expectations, it successfully exceeded earnings per share estimates. The results reflect the ongoing demand for its flagship product, CARVYKTI®, and strategic advancements in its operations.

Q3 Shows an EPS Beat, Small Revenue Miss, and CARVYKTI®-Driven Growth

Legend Biotech Corporation reported its unaudited financial results for the third quarter of 2025, revealing a mixed bag of outcomes. The company achieved an earnings per share (EPS) of $-0.11, surpassing the anticipated EPS of $-0.13. However, the revenue of $272.33 million fell short of the expected $276.91 million. Despite this revenue shortfall, the company managed to deliver an EPS beat, showcasing its ability to manage costs effectively and improve its operational efficiency.

CARVYKTI® (ciltacabtagene autoleucel), Legend’s leading product, continued to drive growth with net trade sales reaching approximately $524 million. This reflects the sustained demand and recognition of its significant survival benefit, now supported by five-year progression-free data from the CARTITUDE-1 study. The company’s strategic focus on CARVYKTI® as the market leader in multiple myeloma CAR-T therapy has been instrumental in maintaining its competitive edge.

Comparing the current quarter’s performance against the previous year’s results, Legend Biotech saw an increase in collaboration revenue from $142.8 million to $261.8 million. This increase was primarily due to the sales of CARVYKTI® in connection with the Janssen collaboration and license agreement. However, the license revenue saw a decline from $17.1 million to $10.5 million, attributed to the timing of activities related to the Novartis License Agreement. Despite these variances, the overall financial health of the company improved, with a net loss reduction from $125.3 million in Q3 2024 to $39.7 million in Q3 2025.

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European Expansion, Raritan Build-Out, and Solid Cash Runway Drive the Outlook

Looking ahead, Legend Biotech remains optimistic about its financial trajectory and strategic initiatives. The company is poised to achieve profitability for CARVYKTI® by the end of 2025, with expectations for company-wide profitability in 2026. This optimism is bolstered by the recent updates to CARVYKTI®’s labels by the U.S. FDA and the European Commission, which now include overall survival benefits compared to standard therapies. These regulatory endorsements are expected to enhance CARVYKTI®’s market positioning and drive further adoption.

Legend Biotech’s strategic expansion plans are well underway, with the initiation of commercial production at the Tech Lane facility in Belgium. This facility will support the growing European market and is expected to meet additional global demand in the first half of 2026. The company’s ongoing physical expansion in Raritan is also on track for approval by the year’s end, further strengthening its manufacturing capabilities.

In terms of financial guidance, Legend Biotech reported cash and cash equivalents, and time deposits of approximately $1.0 billion as of September 30, 2025. This robust cash position provides the company with a financial runway beyond 2026, supporting its strategic initiatives and operational needs. Additionally, the appointment of Carlos Santos as Chief Financial Officer brings seasoned financial leadership to the company, which will be crucial in navigating the complexities of the pharmaceutical and technology sectors across diverse markets.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.