LEGN Legend Biotech Corp
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Executive Summary
Legend Biotech reported Q1 2026 results with total revenue of $305.1M, up 56% YoY from $195.0M, driven by a 61% increase in collaboration revenue from CARVYKTI sales to $298.4M. Net loss narrowed to $54.3M from $101.0M YoY, primarily due to lower unrealized FX losses. CARVYKTI net trade sales grew 62% YoY to ~$597M, and the company achieved $55M in milestones in April 2026.
Actionable Insight
Strong Q1 beat with accelerating CARVYKTI sales growth (62% YoY) and clear path to profitability with adjusted net loss narrowing to just $10.5M. The $55M milestone from European approvals adds Q2 revenue. Watch for continued margin improvement as manufacturing scale increases and for pipeline data readouts at upcoming medical conferences.
Key Facts
- Total revenue of $305.1M for Q1 2026, up 56% from $195.0M in Q1 2025
- Collaboration revenue from CARVYKTI was $298.4M, up 61% from $185.6M YoY
- CARVYKTI net trade sales increased 62% YoY to approximately $597M
- Net loss narrowed to $54.3M from $101.0M YoY, a 46% improvement
- Adjusted net loss improved to $10.5M from $27.0M YoY
- Cash and cash equivalents plus time deposits of $834.6M as of March 31, 2026
- Achieved $55M in milestones in April 2026 from European commercialization approvals
- Operating loss improved to $49.8M from $51.7M YoY
- Cost of collaboration revenue increased to $175.4M from $69.5M YoY due to capacity expansion
- CARVYKTI now available in 18 global markets with 99% manufacturing success rate
Financial Impact
Revenue growth of $110.1M YoY (56%), net loss reduction of $46.7M YoY (46%), and $55M milestone payments in April 2026
Risk Factors
- Cost of collaboration revenue grew faster than collaboration revenue (152% vs 61% YoY), pressuring gross margins
- Cash burn remains significant with $85.1M used in operations and $168M in investing activities in Q1
- Dependence on CARVYKTI as sole approved product with no other near-term catalysts
- Potential future tariffs on pharmaceutical imports could impact costs despite domestic US production
- Collaboration interest-bearing advanced funding of $266M classified as current liability due within 12 months
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001801198-26-000014 |
| Document: a991earningsreleaseq12026.htm | 0001801198-26-000014 |
| Document: q126pipeline.htm | 0001801198-26-000014 |
| Document: 0001801198-26-000014-index-headers.html | 0001801198-26-000014 |
| Document: 0001801198-26-000014-index.html | 0001801198-26-000014 |
| Document: 0001801198-26-000014.txt | 0001801198-26-000014 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 2, 2026
10d ago
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6-K
| $36.28 $35.98 | ▼ −0.83% | ▼ −0.13% | $35.87 (−1.13%) |
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Jun 2, 2026
10d ago
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Press Release
| $36.28 $35.98 | ▼ −0.83% | ▼ −0.13% | $35.87 (−1.13%) |
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Jun 1, 2026
11d ago
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6-K
| $25.51 $36.28 | ▲ +42.22% | ▲ +42.07% | $35.87 (+40.61%) |
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Jun 1, 2026
11d ago
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Press Release
| $25.51 $36.28 | ▲ +42.22% | ▲ +42.07% | $35.87 (+40.61%) |
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May 21, 2026
22d ago
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6-K
| $29.37 $29.53 | ▲ +0.54% | ▼ −0.04% | $35.87 (+22.13%) |
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May 21, 2026
22d ago
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Press Release
| $29.37 $29.53 | ▲ +0.54% | ▼ −0.04% | $35.87 (+22.13%) |
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May 12, 2026
4w ago
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6-K
| $28.26 $28.67 | ▲ +1.45% | ▲ +0.88% | $35.87 (+26.93%) |
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May 12, 2026
4w ago
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Press Release
| $28.26 $28.67 | ▲ +1.45% | ▲ +0.88% | $35.87 (+26.93%) |
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Apr 28, 2026
6w ago
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Press Release
| $23.56 $22.77 | ▼ −3.35% | ▼ −3.34% | $35.87 (+52.25%) |
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Apr 14, 2026
8w ago
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6-K
| $18.69 $20.52 | ▲ +9.79% | ▲ +9.02% | $35.87 (+91.92%) |
US Market Status
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