On August 11, 2026 Legend Biotech Corporation (NASDAQ: LEGN) (Legend Biotech), a global leader in cell therapy, reported its second quarter 2026 unaudited financial results and key corporate highlights.
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"Our second quarter results demonstrate the strength of our commercial and innovation engines at Legend Biotech," said Alan Bash, Interim Chief Executive Officer of Legend Biotech. "CARVYKTI continued to deliver growth as we expand patient access globally, including the most recent launch in Ireland, our 19th market. Commercial momentum of CARVYKTI provides the foundation to advance a diversified portfolio of next-generation cell therapies designed to expand the reach and impact of CAR-T. During the quarter, we achieved a significant innovation milestone with the first-in-human clinical readout for LB2501, validating our in vivo CAR-T platform. These advances demonstrate the breadth of our pipeline across hematologic malignancies and solid tumors and our commitment to bringing transformational cell therapies to patients beyond multiple myeloma. Our focus remains the same. Ensuring continuity across the business, maintaining strong execution, and advancing the strategic priorities that position Legend Biotech for long term growth. With meaningful commercial and clinical momentum and a strengthened balance sheet, we remain confident in our ability to advance innovation and progress toward company-wide profitability."
Recent Data Highlights
LB2501 EHA (Free EHA Whitepaper) 2026 – in vivo CD19/CD20 dual targeting CAR-T
Achieved first clinical proof-of-concept with a 100% ORR (6/6) and 83.3% CR (5/6) at the higher dose level (DL2) following a single infusion in patients with relapsed or refractory B-cell non-Hodgkin lymphoma, with all responses ongoing at data cutoff.
Dose-dependent in vivo CAR-T expansion generated without lymphodepletion.
No dose-limiting toxicities, serious adverse events, immune effector cell-associated neurotoxicity syndrome (ICANS), or deaths were reported; infusion-related reactions and cytokine release syndrome (CRS) were Grade 1–2, and none required glucocorticoids for CRS management.
LB2102 ASCO (Free ASCO Whitepaper) 2026 – DLL3-targeted CAR-T therapy
Announced first-in-human data for LB2102, the Company’s investigational DLL3-targeted CAR-T therapy for relapsed or refractory small-cell lung cancer (SCLC) and large-cell neuroendocrine carcinoma (LCNEC). Legend has a license agreement with Novartis for the development, manufacture, and commercialization of LB2102 and other potential CAR-T therapies selectively targeting DLL-3.
At higher dose levels, LB2102 achieved an ORR of 28.6% and a DCR of 78.6%, with durable responses observed in some patients.
Demonstrated a manageable safety profile and encouraging clinical activity in heavily pretreated patients.
New CARTITUDE program data ASCO (Free ASCO Whitepaper) 2026
New CARTITUDE program data continued to support durable efficacy and a consistent safety profile for CARVYKTI in multiple myeloma, including sustained PFS/OS benefit across cytogenetic risk groups and a low incidence (1.2%) of immune effector cell-associated enterocolitis (IEC-EC).
Key Business Developments
Compared to the second quarter of 2025, CARVYKTI net trade sales increased 50% in the second quarter of 2026 to approximately $657 million, with U.S. net trade sales growth of 32% and ex-U.S. net trade sales growth of 128% year-over-year.
Launched CARVYKTI in Ireland, bringing availability to 348 global sites and 19 global markets.
Appointed Alan Bash, previously President of CARVYKTI, Interim Chief Executive Officer.
Closed public offering of 7,700,000 American Depositary Shares ("ADS"), with net proceeds of approximately $212 million, after deducting underwriting discounts and commissions and estimated offering expenses.
Cash and cash equivalents, and time deposits of approximately $965 million as of June 30, 2026, which Legend Biotech believes will provide financial runway beyond 2026, when Legend Biotech believes it will achieve a company-wide profit1.
Second Quarter 2026 Financial Results
Cash Position: Cash and cash equivalents, and time deposits were approximately $965 million as of June 30, 2026.
Collaboration Revenue: Collaboration revenue was $326.1 million for the three months ended June 30, 2026, compared to $219.7 million for the three months ended June 30, 2025. The increase of $106.4 million was due to an increase in revenue generated from sales of CARVYKTI in connection with the Janssen collaboration and license agreement (the "Janssen Agreement").
License and Other Revenue: License revenue was $61.4 million for the three months ended June 30, 2026, compared to $35.4 million for the three months ended June 30, 2025. The increase of $26.0 million was driven by milestones of $56.0 million achieved under the Janssen Agreement for the three months ended June 30, 2026, compared to no milestones achieved under the Janssen Agreement for the three months ended June 30, 2025.
This license increase was offset by a decrease in license revenue recognized in the three months ended June 30, 2026, under an exclusive agreement with a related party. No related party license revenue was recognized during the three months ended June 30, 2026 compared to $20.0 million in related party license revenue for the three months ended June 30, 2025.
Additionally, a decrease of $10.1 million from $15.4 million for the three months ended June 30, 2025 to $5.3 million for the three months ended June 30, 2026 was primarily attributable to revenue recognized pursuant to our license agreement with Novartis for the development, manufacture, and commercialization of LB2102 and other potential CAR-T therapies selectively targeting DLL-3 (the "Novartis License Agreement"). This revenue is recognized over time in connection with our Phase 1 clinical trial for LB2102.
Cost of Collaboration Revenue: Cost of collaboration revenue was $136.0 million for the three months ended June 30, 2026, compared to $94.9 million for the three months ended June 30, 2025. The increase of $41.1 million was primarily due to Legend Biotech’s share of the cost of sales in connection with CARVYKTI sales under the Janssen Agreement.
Research and Development Expenses: Research and development expenses were $96.0 million for the three months ended June 30, 2026 compared to $98.3 million for the three months ended June 30, 2025. The decrease of $2.3 million was primarily driven by lower expenditures in the cilta-cel clinical program as the patient dosing phases of major trials substantially concluded, partially offset by higher pipeline related research and development activities.
Administrative Expenses: Administrative expenses were $33.0 million for the three months ended June 30, 2026, compared to $32.6 million for the three months ended June 30, 2025, remaining relatively flat.
Selling and Distribution Expenses: Selling and distribution expenses were $63.4 million for the three months ended June 30, 2026, compared to $48.1 million for the three months ended June 30, 2025. The increase of $15.3 million was primarily due to higher commercial costs, including sales force expansion and Janssen-related marketing and market access activities, which rose with collaboration revenue.
Operating Income (Loss): Operating income for the three months ended June 30, 2026 was $57.7 million compared to operating loss of $21.9 million for the three months ended June 30, 2025. The year-over-year improvement of $79.6 million was primarily due to higher gross profit from CARVYKTI and higher license and other revenue.
Income Tax Expense: Income tax expense was $22.3 million for the three months ended June 30, 2026, compared to $0.6 million for the three months ended June 30, 2025. The increase of $21.7 million was primarily driven by an increase in taxable income across our U.S., Belgium and PRC entities. We continue to negotiate an advance pricing agreement with the Chinese Tax Authority, which will determine a transfer pricing methodology between its legal entities. Although a formal agreement has not yet been executed, we have reflected management’s best estimate of the expected tax consequences including the cumulative impact of a change in estimate based on the information available as of June 30, 2026.
While we have accrued for matters we believe are probable and estimable, the final outcome with a tax authority may result in a tax liability that is materially different from that reflected in the consolidated financial statements.
Net Income (Loss): Net income was $33.2 million for the three months ended June 30, 2026, compared to a net loss of $125.4 million for the three months ended June 30, 2025. The year-over-year improvement of $158.6 million was primarily driven by lower unrealized foreign currency exchange losses compared to the prior period, as well as improved operating performance reflecting higher gross profit from CARVYKTI.
Adjusted Net Income (Loss): Adjusted net income was $63.1 million for the three months ended June 30, 2026, compared to an adjusted net income of $10.1 million for the three months ended June 30, 2025. The year-over-year improvement of $53.0 million was primarily driven by improved operating performance, reflecting higher gross profit from CARVYKTI.
Webcast/Conference Call Details:
Legend Biotech will host its quarterly earnings call and webcast today at 8:00am ET. To access the webcast, please visit this weblink.
A replay of the webcast will be available on Legend Biotech’s website at View Source
(Press release, Legend Biotech, AUG 11, 2026, View Source [SID1234669982])