Legend Biotech (NASDAQ: LEGN ) reported financial results for the fourth quarter and full year ended December 31, 2025, highlighting continued commercial momentum for its CAR-T therapy CARVYKTI, which remains the company’s primary growth channel through its partnership with Johnson & Johnson’s Janssen division. The company also continued to expand production capacity and develop its cell-therapy pipeline as the demand for CAR-T therapy grows globally.
CARYKTI sales drive commercial growth
CARVYKTI continues to be a key revenue engine for Legend Biotech.
In the fourth quarter of 2025:
CARVYKTI’s total sales: about $555 million, based on data provided by Janssen.
Medical sales increased sequentially from $524 million in Q3 2025, reflecting continued adoption of children in medical facilities worldwide.
CARVYKTI has grown rapidly since its launch, as additional treatment sites became operational and production capacity increased to support growing patient demand.
Revenue growth supported by a collaborative model
Legend Biotech’s revenue primarily comes from its profitable partnership with Janssen, which markets CARVYKTI worldwide.
The structure includes:
Share of profit on sale of CARVYKTI
Milestone payments correspond to development and regulatory progress
Sharing development and marketing costs.
Trailing twelve-month revenue totaled approximately $909 million, representing approximately 75% year-over-year growth, highlighting CARVYKTI’s fast-paced commercial approach.
Continuous investment keeps profits negative
Despite strong revenue growth, Legend Biotech remains in the investment phase as it scales production and expands clinical programs.
In recent quarters, the company has continued to report net losses, showing:
High spending on R&D
The cost of increasing the level of production
Expansion of commercial infrastructure.
Management expects operating profit to emerge around 2026 as CARVYKTI’s prices increase and production efficiency improves.
Expansion of production and global rollout
To support the growing demand, Legend Biotech has been expanding its CAR-T manufacturing network.
Performance highlights include:
Expansion of medical centers around the world
High productivity and success rates
Additional production partnerships.
CARVYKTI is now available in all markets worldwide and in hundreds of medical centers, with thousands of patients treated since its launch.
Pipeline and clinical development
Legend Biotech continues to invest in expanding its pipeline beyond CARVYKTI.
Key areas of improvement include:
Previous line of treatment settings for multiple myeloma
Next-generation CAR-T technology
Targeted cell therapy for solid tumors.
Upcoming clinical studies and significant regulatory initiatives may increase the addressable market for CARVYKTI.
Important takeaways
1. CARVYKTI remains the main growth driver
Quarterly sales are approx $555 million highlight the strong acceptance of the treatment worldwide.
2. Income growth remains fast
Recurring income is coming $900 million it shows the speed of trade.
3. Profit is still developing
Higher R&D and manufacturing investments continue to weigh on earnings.
4. Expansion of production is essential to scale
Expanding capacity and access to the treatment center will support future growth.
Bottom line
Legend Biotech’s Q4 and FY2025 performance underscores CARVYKTI’s rapid commercial growth, with net sales for the quarter reaching approximately $555 million. As production volume increases and new clinical indications are pursued, the treatment is expected to remain the company’s main engine of growth, which may drive the way to profitability in the next few years.
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