Legend Biotech (NASDAQ: LEGN) reported financial results for the fourth quarter and full year ended December 31, 2025, highlighting continued commercial momentum for its CAR-T therapy CARVYKTI, which remains the company’s primary growth driver through its collaboration with Johnson & Johnson’s Janssen unit. The company also continued expanding manufacturing capacity and advancing its cell-therapy pipeline as demand for CAR-T treatments grows globally.
CARVYKTI sales drive commercial growth
CARVYKTI continues to be the key revenue engine for Legend Biotech.
For the fourth quarter of 2025:
CARVYKTI net trade sales: approximately $555 million, based on data provided by Janssen.
The therapy’s sales rose sequentially from $524 million in Q3 2025, reflecting continued adoption across treatment centers globally.
CARVYKTI has rapidly scaled since launch, with more treatment sites activated and manufacturing capacity expanding to support growing patient demand.
Revenue growth supported by collaboration model
Legend Biotech’s revenue primarily comes from its profit sharing collaboration with Janssen, which commercializes CARVYKTI globally.
The structure includes:
Profit share from CARVYKTI sales
Milestone payments tied to development and regulatory progress
Cost-sharing for development and commercialization.
Trailing twelve month revenue reached approximately $909 million, representing roughly 75% year-over-year growth, highlighting the rapid commercial ramp of CARVYKTI.
Continued investment keeps profitability negative
Despite strong revenue growth, Legend Biotech remains in an investment phase as it scales manufacturing and expands clinical programs.
In recent quarters, the company has continued reporting net losses, reflecting:
High R&D spending
Manufacturing scale-up costs
Commercial infrastructure expansion.
Management expects operating profitability to potentially emerge around 2026 as CARVYKTI volumes increase and manufacturing efficiency improves.
Manufacturing expansion and global rollout
To support growing demand, Legend Biotech has been expanding its CAR-T manufacturing network.
Operational highlights include:
Expansion of global treatment centers
Higher manufacturing throughput and success rates
Additional production partnerships.
CARVYKTI is now available across multiple global markets and hundreds of treatment sites, with thousands of patients treated since launch.
Pipeline and clinical development
Legend Biotech continues to invest in expanding its pipeline beyond CARVYKTI.
Key development areas include:
Earlier-line multiple myeloma treatment settings
Next-generation CAR-T technologies
Cell therapies targeting solid tumors.
Upcoming clinical readouts and regulatory milestones could further expand CARVYKTI’s addressable market.
Key takeaways
1. CARVYKTI remains the core growth driver
Quarterly sales of roughly $555 million highlight strong adoption of the therapy globally.
2. Revenue growth remains rapid
Trailing revenue approaching $900 million reflects accelerating commercialization.
3. Profitability still developing
High R&D and manufacturing investments continue to weigh on earnings.
4. Manufacturing expansion critical for scale
Increasing capacity and treatment center access will support future growth.
Bottom line
Legend Biotech’s Q4 and FY2025 performance underscores the rapid commercial expansion of CARVYKTI, with quarterly net trade sales reaching about $555 million. As manufacturing capacity grows and new clinical indications are pursued, the therapy is expected to remain the company’s central growth engine, potentially driving the path toward profitability over the next few years.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet news channel.