Q4 2025 Legend Biotech Corp Earnings Call Transcript
Key Points
- Legend Biotech Corp (LEGN) achieved profitability in 2025 and anticipates company-wide profitability in 2026.
- Carvicti net trade sales grew by 66% year over year, reaching approximately $555 million in the fourth quarter of 2025.
- The company has expanded its manufacturing capacity to support annual production of 10,000 doses, with plans to increase to 20,000 doses.
- Carvicti has demonstrated a 97% overall manufacturing success rate and is available in 14 global markets.
- Clinical data shows that earlier treatment with Carvicti leads to better outcomes, with a median progression-free survival (PFS) of 50.4 months for certain patient groups.
- The CAR T therapy market remains underpenetrated, with less than 5% of patients in the second to fourth line setting treated with a BCMA targeting agent in 2025.
- Despite growth, the company faces challenges in expanding community adoption and educating physicians on the benefits of Carvicti.
- The competitive landscape is intensifying, with recent M&A activity in the space, such as Gilead's acquisition of a competitor.
- There are ongoing concerns about neurotoxicity events associated with Carvicti, necessitating further studies and mitigation strategies.
- The company's R&D expenses declined by 3% year over year, indicating a potential slowdown in investment in new clinical programs.
Good day and welcome to the legend 4th quarter 2025 earnings call. At this time, all participants are in listening mode. After the speaker's presentation, there'll be a question-and-answer session. Instructions will be given at that time. Please note this call is being recorded. I would like to turn the call over to Jessie Young, Vice President of Best Relations and Finance. Please go ahead.
Good morning. This is Jessie Yung, Vice President of Investor Relations and finance at Legend Biotech.
Thank you for joining our conference call today to review our fourth quarter of 2025 performance.
Prior to this call, we issued a press release announcing our financial results for the quarter. You can find the press release on our IR website at legendbiotech.com.
Joining me on today's call are Yinghuang, the company's Chief Executive Officer, Alan Bash, the company's President of Kaviti, and Carlos Santos, the company's Chief Financial Officer.
Following the prepared remarks, we will open
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