Q2 2025 Legend Biotech Corp Earnings Call Transcript
Key Points
- Legend Biotech Corp (LEGN) reported a record-breaking quarter with CARVYKTI net trade sales reaching $439 million, marking a 136% increase year over year.
- The company has treated over 7,500 patients with CARVYKTI, making it the strongest CAR-T launch to date.
- The FDA updated CARVYKTI's label to reduce monitoring requirements, improving patient experience and access.
- Legend Biotech Corp (LEGN) is making significant progress in its pipeline, with promising data from Phase 1 studies of LB1908 and LB2102.
- The company maintains a strong cash position of approximately $1 billion, supporting its investment in cell therapy innovation and operational efficiency.
- Legend Biotech Corp (LEGN) reported a net loss of $125 million for the quarter, although adjusted net income was $10 million.
- The company faces risks and uncertainties related to forward-looking statements, which could impact actual results.
- Despite strong sales, the company is not yet profitable and anticipates achieving company-wide profitability in 2026.
- There are concerns about potential competition from J&J's bispecific efforts, which could impact CARVYKTI's market position.
- The company is still working on expanding its manufacturing capacity and addressing supply chain challenges to meet increasing demand.
Ladies and gentlemen, thank you for standing by. Welcome to Legend Biotech second-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to turn your conference over to Caroline Paul, Associate Director of Investor Relations. Please go ahead.
Good morning. This is Caroline Paul, Associate Director of Investor Relations at Legend Biotech. Thank you for joining our conference call today to review our second quarter of 2025 performance. Prior to this call, we issued a press release announcing our financial results for the quarter. You can find a press release on our IR website at legendbiotech.com.
Joining me on today's call are Ying Huang, the company's Chief Executive Officer; Alan Bash, the company's President of CARVYKTI; and Jessie Yeung, the company's Interim Chief Financial Officer. Following the prepared remarks, we will open up the call for Q&A. We have our President of R&D, Guowei Fang; and Chief
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