Q1 2026 Legend Biotech Corp Earnings Call Transcript
Key Points
- Legend Biotech Corp (LEGN) reported strong financial performance with CARVYKTI net trade sales reaching approximately USD597 million, representing a 62% growth compared to the first quarter of 2025.
- The company achieved a 99% manufacturing success rate and a median turnaround time of approximately 29 days, with more than 95% on-time order releases for final product delivery.
- Legend Biotech Corp (LEGN) is expanding its global footprint, with CARVYKTI now available across 18 global markets and more than 300 global treatment sites.
- The company has a strong balance sheet with approximately USD835 million in cash, cash equivalents, and time deposits, and no long-term debt.
- Legend Biotech Corp (LEGN) is advancing its pipeline with pivotal Phase III studies, CARTITUDE-5 and CARTITUDE-6, and is on track to report initial data from its in vivo CAR-T programs this year.
- Gross margin on net product sales declined to 41% from 57% in the previous quarter due to one-time expenses associated with ramping up manufacturing.
- Research and development expenses were USD86 million, reflecting continued investment in the in vivo CAR-T platform and next-generation programs.
- The company reported an adjusted net loss of USD11 million in Q1, although it anticipates company-wide profitability on an adjusted basis in 2026.
- There is uncertainty regarding the timing of data release for pivotal studies like CARTITUDE-5 and CARTITUDE-6, as they are event-driven.
- The company faces competitive pressures from other therapies in the market, such as TECVAYLI and bispecifics, which could impact CARVYKTI's market share.
Good day, and thank you for standing by. Welcome to the Legend Biotech first quarter 2026 earnings conference call. (Operator Instructions) Today's conference is being recorded. I will now hand the conference over to your speaker host for today, Jessie Yeung, Vice President of Investor Relations and Finance. Please go ahead.
Good morning. This is Jessie Yeung, Vice President of Investor Relations and Finance at Legend Biotech. Thank you for joining our conference call today to review our first quarter of 2026 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 Ying Huang, the company's Chief Executive Officer; Alan Bash, the company's President of CARVYKTI; and Carlos Santos, the company's Chief Financial Officer. Following the prepared remarks, we will open up the call for Q&A. We also have our President of
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
