Legend Biotech nears profitability as CARVYKTI sales jump 62% in Q1

Legend Biotech (NASDAQ:LEGN) announced that net trade sales of CARVYKTI, developed in collaboration with Johnson & Johnson’s Janssen unit, reached approximately $597 million in the quarter ended March 31, 2026.

This represents a 62% increase over the same period last year, fueled by a 222% jump in sales outside the United States.

Collaboration revenue for the quarter rose to $298.4 million, while the company’s net loss narrowed significantly to $54.3 million, down from $101 million a year ago.

On an adjusted basis, the net loss sat at just $10.5 million.

The quarter was defined by a major leap in operational maturity.

Legend successfully launched CARVYKTI in Italy, Poland, the Czech Republic, and Australia, bringing the therapy’s availability to 18 global markets and more than 300 treatment sites.

Perhaps more critical for the complex CAR-T sector, the company reported a 99% manufacturing success rate and achieved on-time delivery for over 95% of orders.

The financial results were further bolstered by $55 million in milestone payments earned in April 2026 under the Janssen agreement.

Legend ended the quarter with $834.6 million in cash and time deposits, a position management believes provides a sufficient runway to reach full-year profitability.

The company is currently benefiting from the physical expansion of its Raritan, New Jersey facility—now the largest cell therapy plant in the U.S.—which has installed capacity to treat up to 10,000 patients annually.