Legend Biotech Corp. (NASDAQ:LEGN) Reports Mixed Q2 2025 Earnings with Revenue Beat and EPS Miss Amid Strong CARVYKTI Sales

Legend Biotech Corp. (NASDAQ:LEGN) Reports Q2 2025 Earnings: Revenue Beats, EPS Misses Amid Strong CARVYKTI Sales

Legend Biotech Corp. released its second-quarter 2025 financial results, delivering mixed performance relative to analyst expectations. The company reported revenue of $255.1 million, surpassing the consensus estimate of $233.6 million, driven primarily by strong sales of its CAR-T therapy, CARVYKTI® (ciltacabtagene autoleucel). However, the company posted a net loss of $0.34 per share, wider than the estimated $0.15 loss per share.

Key Financial Highlights

• Revenue: $255.1 million (up 36.7% YoY) vs. estimates of $233.6 million.
• Earnings Per Share (EPS): -$0.34 vs. estimated -$0.15.
• CARVYKTI Sales: Net trade sales reached $439 million, marking a record quarterly performance for the therapy.
• Cash Position: The company reported $1.0 billion in cash and cash equivalents, providing financial runway into 2026.

Market Reaction

Following the earnings release, Legend Biotech’s stock saw pre-market gains of ~1.4%, suggesting cautious optimism despite the wider-than-expected loss. Over the past month, shares have declined 5%, reflecting broader market volatility and investor concerns over profitability timelines.

Operational and Clinical Updates

• Regulatory Progress: The FDA removed Risk Evaluation and Mitigation Strategies (REMS) requirements for CARVYKTI, easing monitoring obligations.
• Clinical Milestones:
  • CARTITUDE-1 Study: Demonstrated long-term efficacy, with one-third of relapsed/refractory multiple myeloma patients remaining progression-free for ≥5 years.
  • Pipeline Expansion: Early-stage data for solid tumor CAR-T candidates (LB2102, LB1908) showed encouraging safety and preliminary efficacy signals.
• Commercial Expansion: Over 7,500 patients have been treated with CARVYKTI to date, with recent launches in new markets contributing to revenue growth.

Outlook vs. Analyst Estimates

While Legend Biotech did not provide explicit forward guidance, analysts project:

• Q3 2025 Revenue: $283.1 million
• Full-Year 2025 Revenue: $1.046 billion
• Full-Year 2025 EPS: -$0.57

The company’s adjusted net income of $10.1 million (vs. a $2.5 million loss in Q2 2024) suggests improving operational efficiency, though profitability remains a 2026 target.

Conclusion

Legend Biotech’s Q2 results underscore the commercial traction of CARVYKTI, but higher costs—particularly in R&D and commercialization—weighed on earnings. The stock’s muted reaction reflects balancing optimism over revenue growth with concerns about sustained losses.

For detailed earnings estimates and historical performance, visit Legend Biotech’s earnings page.

Disclaimer: This article is not investment advice. Investors should conduct their own research or consult a financial advisor before making decisions.