Legend Biotech Corporation, a prominent player in cell therapy, reported substantial growth in its first quarter 2025 financial results. The company experienced net trade sales from its CARVYKTI (ciltacabtagene autoleucel) therapy of approximately $369 million, representing a 135% increase year-over-year and a 10% increase compared to the previous quarter.

In the United States, CARVYKTI net sales were $318 million, a growth of 127% year-over-year and a 5% increase sequentially. Outside the U.S., sales totaled $51 million, more than doubling from the previous year and reflecting a 65% sequential growth. The total revenue for the first quarter reached $195 million, a 107% increase compared to the same period in 2024, driven largely by collaboration revenue, which rose 137% year-over-year.

Legend Biotech reported a net loss of $100.9 million for the quarter, widening from a net loss of $59.8 million in the first quarter of 2024. Adjusted net loss, however, improved to a loss of $27.0 million compared to a loss of $85.3 million a year ago, demonstrating operational efficiency and disciplined expense management. The company achieved a gross margin on net product sales of 63%, an improvement from 59% in the previous quarter.

Research and development expenses remained stable at $101.9 million, only slightly above the $101.0 million from the same period last year. Selling and distribution expenses increased to $41.0 million from $24.2 million, reflecting heightened commercial activities and market expansion efforts. Legend Biotech maintained a robust cash position of $1.0 billion as of March 31, 2025, which is expected to support operations through the second quarter of 2026.

CARVYKTI’s clinical production was initiated at the new Tech Lane facility in Ghent, Belgium, with plans for commercial production to commence by year-end 2025. The company continues to anticipate achieving operational breakeven for CARVYKTI by the end of 2025 and overall profitability in 2026, excluding unrealized foreign exchange gains or losses.

In summary, Legend Biotech’s capital efficiency, coupled with strong revenue growth from CARVYKTI, positions it favorably in the competitive landscape of cell therapies for multiple myeloma.