Legend Biotech shares drop as revenue growth fails to offset wider loss and earnings miss.
Stock Earnings Results
May 12, 2026
Table of Contents
May 12, 2026
Legend Biotech Corporation (NASDAQ: LEGN) fell 9.03% after reporting first-quarter 2026 results, as investors focused on a wider-than-expected loss despite strong CARVYKTI sales growth and improving operating performance.
Legend Biotech is a global cell therapy company focused on developing and commercializing treatments for cancer and other serious diseases. Its key product is CARVYKTI, a BCMA CAR-T therapy for multiple myeloma developed through its Janssen collaboration.
The company reported a loss of $0.15 per share, wider than estimates for a loss of $0.02, representing a negative 650.0% earnings surprise. Revenue came in at $305.10 million, below estimates of $308.39 million, with revenue growth of 56.4%.
CARVYKTI net trade sales increased 62% year-over-year to approximately $597 million in the first quarter.
U.S. net trade sales grew 36%, while ex-U.S. net trade sales rose 222%. CARVYKTI is now available in 18 global markets, following recent launches in Italy, Poland, the Czech Republic, and Australia.
Legend reported collaboration revenue of $298.4 million, up from $185.6 million in the prior-year quarter.
The increase was driven by higher CARVYKTI sales under the Janssen collaboration and license agreement.
Net loss narrowed to $54.3 million from $101.0 million a year earlier.
Adjusted net loss improved to $10.5 million from $27.0 million, helped by stronger operating performance and higher gross profit from CARVYKTI. Operating loss also improved slightly to $49.8 million from $51.7 million.
Legend said it continued improving CARVYKTI manufacturing, reaching a 99% manufacturing success rate and more than 95% on-time final product releases during the quarter.
That matters because cell therapy adoption depends not only on demand, but also on reliable manufacturing capacity, turnaround time, and delivery execution.
Legend ended the quarter with $834.6 million in cash, cash equivalents, and time deposits.
The company said this provides financial runway beyond 2026, when it believes it can achieve company-wide profit.
Investors are likely to watch whether CARVYKTI growth can continue translating into margin improvement and profitability.
The key areas are:
Legend Biotech’s quarter was not weak operationally. CARVYKTI sales grew sharply, net loss improved year over year, and manufacturing execution remained strong.
The stock decline likely reflects the gap between strong product momentum and near-term profitability expectations. Investors wanted cleaner earnings leverage, but the company still reported a wider-than-expected loss and slightly missed revenue estimates.
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