Legend Turns Profitable In Q2 As CARVYKTI Sales Jump By 50%
(RTTNews) - Legend Biotech Corporation (LEGN) released financial results for the second quarter ended June 30, 2026. The commercial-stage company turned profitable in the second quarter, compared with a loss in the prior-year quarter, driven by higher collaboration revenue and improved operating income.
For the quarter, Legend recorded earnings of $33.2 million, or $0.09 per share while the previous year quarter was a loss of $125.4 million or $0.34 per share.
On adjusted basis, net income increased to $63.1 million, or $0.16 per share from $10.1 million, or $0.03 per share in the year-ago period.
Total Revenue climbed by 52% to $387.5 million compared with $255.1 million in the prior year.
Collaboration revenue was $326.1 million for the period, compared to $219.7 million last year. The company attributed revenue generated from sales of CARVYKTI in connection with J&J collaboration and license agreement to the company recording a profit.
Legend developed CARVYKTI under an exclusive worldwide license and collaboration agreement with Janssen Biotech, a Johnson & Johnson company, under which Legend is eligible for sales milestone payments, with economics varying by region.
CARVYKTI is Legend's lead marketed product for the treatment of relapsed and refractory multiple myeloma, with sales increased by 50% to $657 million in the second quarter.
The company launched the product in Ireland, bringing availability to 348 global sites and 19 global markets.
Beyond CARVYKTI, the company is advancing LB2102, a DLL3-targeted CAR-T therapy for relapsed/refractory (R/R) small-cell lung cancer and large-cell neuroendocrine carcinoma, and LB2501 for R/R B-cell non-Hodgkin lymphoma. It is also evaluating LB1908, a CLDN18.2-targeted CAR-T therapy, in patients with advanced gastroesophageal adenocarcinoma.
During the quarter, Legend Biotech reported positive clinical updates for its pipeline programs, including LB2501 and LB2102, while new CARVYKTI data continues to support the therapy's efficacy and safety profile.
As of June 30, 2026, cash, cash equivalents and time deposits amounted to $965 million, which the company believes will provide financial runway beyond 2026.
LEGN has traded between $16.24 and $38.35 over the last year.
Legend shares closed Tuesday at $21.83, up 5.66%. In the overnight trade, the stock is down 1.37% at $21.53.
