Legend Biotech Q2 2026: strong CARVYKTI growth and three things I’m watching
I am an investor in Legend Biotech and bought shares at $18.88 and $18.90.
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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