WS Investor
10 Nov 2026, 15:49
Legend Biotech Falls 13% Despite CARVYKTI Growth and First Quarterly Profit
Legend Biotech (NASDAQ: LEGN) shares fell about 13% on Tuesday despite strong CARVYKTI sales growth, a swing to profitability and encouraging long-term clinical data.
CARVYKTI net trade sales increased 36% year over year to approximately $710 million in the third quarter, including 19% growth in the U.S. and 86% growth outside the U.S. The therapy is now available at 373 treatment sites across 20 markets.
Legend also reported a major financial improvement. Collaboration revenue increased to $353.2 million from $261.8 million, while operating income reached $46.8 million versus a $43.3 million operating loss a year earlier. Net income was $51.7 million compared with a $39.6 million loss, and adjusted net income improved to $55.6 million from an $18.7 million loss.
Clinical and regulatory developments were also positive. Five-year CARTITUDE-2 Cohort A data showed that 50% of patients remained alive and progression-free without additional anti-myeloma therapy after a single CARVYKTI infusion. Updated NCCN guidelines also favor referral to T-cell therapy-capable centers at first relapse and prefer CAR-T over T-cell engagers when both are viable.
The company also received FDA IND clearance for LB2501, its investigational dual-targeting in vivo CAR-T therapy, while ending the quarter with approximately $853 million in cash, cash equivalents and time deposits.
Given the strong operating and clinical update, the 13% decline appears more likely to reflect elevated expectations, valuation pressure or investor concerns not directly evident in the reported quarter, rather than deterioration in CARVYKTI demand or Legend’s underlying financial performance.
Legend Biotech (NASDAQ: LEGN) shares fell about 13% on Tuesday despite strong CARVYKTI sales growth, a swing to profitability and encouraging long-term clinical data.
CARVYKTI net trade sales increased 36% year over year to approximately $710 million in the third quarter, including 19% growth in the U.S. and 86% growth outside the U.S. The therapy is now available at 373 treatment sites across 20 markets.
Legend also reported a major financial improvement. Collaboration revenue increased to $353.2 million from $261.8 million, while operating income reached $46.8 million versus a $43.3 million operating loss a year earlier. Net income was $51.7 million compared with a $39.6 million loss, and adjusted net income improved to $55.6 million from an $18.7 million loss.
Clinical and regulatory developments were also positive. Five-year CARTITUDE-2 Cohort A data showed that 50% of patients remained alive and progression-free without additional anti-myeloma therapy after a single CARVYKTI infusion. Updated NCCN guidelines also favor referral to T-cell therapy-capable centers at first relapse and prefer CAR-T over T-cell engagers when both are viable.
The company also received FDA IND clearance for LB2501, its investigational dual-targeting in vivo CAR-T therapy, while ending the quarter with approximately $853 million in cash, cash equivalents and time deposits.
Given the strong operating and clinical update, the 13% decline appears more likely to reflect elevated expectations, valuation pressure or investor concerns not directly evident in the reported quarter, rather than deterioration in CARVYKTI demand or Legend’s underlying financial performance.
