Legend reported its Q2 2026 results today, and the headline numbers were strong.

• CARVYKTI net trade sales increased 50% YoY to approximately $657 million.

Source: Seeking Alpha

• Cash, cash equivalents and time deposits stood at approximately $965 million as of June 30, 2026.

• Net income was $33.2 million, compared with a $125.4 million net loss in Q2 2025.

• Operating income was $57.7 million, versus an operating loss of $21.9 million a year ago.

Beyond the financial results, I highlighted three key developments from the earnings call:

CARTITUDE-6 and MRD as a potential surrogate endpoint

We continue to work with FDA on the possibility of using MRD as a surrogate for registration purpose for the CAR-T therapy. So CARTITUDE-6 will continue on this effort.

New LB2501 candidate

Third, an IND submission for LB2501 in Q4. Lastly, presenting additional in vivo data at future medical conferences. We believe our strong financial position provides the flexibility needed to execute on all of these priorities. Let me end in the same way that Alan started this call. This is a period of leadership transition and not strategy transition.

LB2505 -- in vivo CAR-T in China

We can now share an update that Legend will be conducting an investigator-initiated clinical study in China evaluating LB2505, which is an investigational BCMA-targeted in vivo CAR T therapy for multiple myeloma. This program is subject to the terms of Legend Biotech’s collaboration agreement with J&J, so we’re not able to share additional details at this time, but we do look forward to providing updates on LB2505 when appropriate.

Overall, I see the Q2 report as another indication that Legend is gradually moving beyond being solely a CARVYKTI growth story, while CARVYKTI itself continues to deliver strong growth.

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At 15.3 months median follow-up:

• 100% MRD negativity (10⁻⁶) across all treated patients

• 100% overall response rate

• ~90% complete or stringent complete responses

• No disease progression or deaths observed

• Deep responses achieved after a single infusion, without induction or bridging therapy

Source: Nature

Now contrast this with phase 3 standards built around Darzalex-based regimens:

• ORR: ~90–93% (MAIA, NDMM setting)

• ≥CR: ~30–50% range depending on backbone

• MRD negativity: typically ~10–32% even in best combinations

• Median PFS: ~5 years in optimal populations

• Continuous multi-drug therapy required to maintain disease control

By the way, the Darzalex/Darzalex Faspro generated $3.96 billion in sales for Johnson & Johnson in Q1, up 22.5% year-over-year.

Source: graph was made by Author based on the financial reports of Johnson & Johnson

The key gap is not response rate — it is depth of response at the molecular level.

Darzalex-based regimens control disease over time.
CAR-T in this dataset is showing something different: potential complete molecular eradication in a pre-symptomatic disease window.

This is why the Dana-Farber HR-SMM dataset matters.

It suggests that when multiple myeloma is treated earlier — before full clonal expansion — CAR-T may not just extend progression-free survival, but fundamentally shift the therapeutic endpoint from chronic control to functional cure signals.

But the structural message is clear:

The gap between ~30% MRD negativity (best-in-class anti-CD38 therapy) and 100% MRD negativity (CAR-T in HR-SMM) is no longer incremental.