Legend Biotech posts quarterly profit as CARVYKTI sales rise 36%

By Amara Osei

Legend Biotech Corporation (NASDAQ: LEGN) reported third-quarter 2026 net income of $51.7 million, compared with a $39.6 million loss a year earlier, as CARVYKTI net trade sales rose 36% to approximately $710 million.

The company earned $0.13 per share against a $0.11 loss. Total revenue reached $359.5 million, while operating income turned positive at $46.8 million from a $43.3 million loss.

Leadership changed inside the quarter. Ingrid Zhang became chief executive on Sept. 15, while Alan Bash returned as President, CARVYKTI after serving as interim CEO since July.

Legend disclosed the results on Nov. 10, 2026, in an SEC Form 6-K earnings release with unaudited interim financial statements.

What drove the profit?

CARVYKTI generated approximately $710 million in net trade sales, up 36% from the third quarter of 2025. U.S. sales rose 19%, sales outside the U.S. rose 86%, and the multiple myeloma treatment reached 373 sites in 20 markets.

Under its agreement with Janssen, Legend records 50% of CARVYKTI sales as collaboration revenue. That line rose $91.4 million to $353.2 million from $261.8 million, a 34.9% increase calculated by OptimistFi.

Operating income improved by $90.1 million. Legend mainly attributed the $91.3 million increase in net income to higher gross profit from CARVYKTI and lower research and administrative expenses.

Cost of collaboration revenue rose $33.8 million to $147.0 million, reflecting Legend’s share of CARVYKTI cost of sales. That increase came more slowly than collaboration revenue’s rise.

Research and development spending fell to $95.3 million from $113.2 million as patient dosing in major cilta-cel trials substantially concluded. Continued work on in vivo CAR-T programs partly offset the reduction.

Administrative expenses fell to $14.8 million from $34.7 million. Lower share-based compensation drove the decline after the company forfeited certain unvested equity awards and reversed earlier expense; higher professional fees partly offset the saving. The $19.9 million drop equaled 22.1% of the $90.1 million operating swing.

Adjusted net income, a non-IFRS measure, reached $55.6 million against an adjusted net loss of $18.7 million. Legend said the $74.3 million improvement trailed the reported net-income swing because the share-based compensation adjustment fell.

For nine months, Legend earned $30.6 million versus a $266.0 million loss a year earlier. The 2025 period included a $162.6 million unrealized foreign-exchange loss.

Takeaway: CARVYKTI revenue and lower operating costs produced the profit, though one compensation reversal supplied a measurable part.

How durable is CARVYKTI’s position?

Updated NCCN guidelines say current data favor CAR-T when both BCMA CAR-T therapy and T-cell engagers are viable options. They also recommend referral of all multiple myeloma patients to a T-cell-therapy-capable center at first relapse.

In CARTITUDE-2 Cohort A, 10 of 20 patients, or 50%, remained alive and progression-free without further anti-myeloma treatment five years after one infusion. Median follow-up reached 60.7 months.

Since the earlier analysis, one patient developed acute myeloid leukemia and two died, one from progressive disease and one from new cancer.

The FDA cleared the investigational new drug application for LB2501, an in vivo CAR-T therapy for relapsed or refractory B-cell malignancies. Early data presented in June support a planned U.S. Phase I/II trial.

Takeaway: Guideline preference and long-duration trial data support CARVYKTI’s position, while LB2501 offers a separate development path.

What does the cash show?

Cash and cash equivalents fell 48.9% to $460.7 million at Sept. 30, 2026, from $901.9 million at Dec. 31, 2025. Time deposits rose to $391.8 million from $46.7 million. Together, cash and deposits stood at approximately $853 million.

Operating activities used $141.9 million over nine months, compared with $88.0 million a year earlier, a $53.9 million increase in cash consumption. In the third quarter alone, operations used $35.9 million, versus $28.8 million provided in the prior-year quarter.

Legend raised $211.6 million, net, by issuing ordinary shares this year. It also repaid $89.3 million of debt in cash and $196.1 million through a non-cash repayment.

Takeaway: Cash plus deposits totaled about $853 million, but operating cash consumption worsened despite the accounting profit.

What could change the outlook?

OptimistFi said the quarter supported its view that CARVYKTI could remain a preferred, scalable BCMA CAR-T therapy long enough to produce durable profits. It cited the NCCN preference, faster overseas growth and positive operating income.

Two cautions remain. Operations consumed cash despite quarterly profit, and the compensation reversal lifted reported profit. OptimistFi said: “The quarter shows momentum, not yet proof of self-funded profitability.”

Legend’s forward-looking statements list “achieving profitability in 2026 and funding operations beyond 2026.” The next quarterly report will show whether CARVYKTI sales growth, operating profit and cash use hold.

Another profitable quarter with smaller operating cash outflows would strengthen the case. A return to operating losses or a faster drop in cash would weaken it.

Takeaway: The earnings recovery has support, but sustained profit without heavier cash use remains the decisive test.