Legend Biotech Announces First Quarter 2026 Financial Results and Recent Business Updates

• CARVYKTI^® (cilta-cel) net sales of approximately $597 million, up 62% year-over-year compared to Q1 2025
• Following recent launches in Italy, Poland, Czech Republic, and Australia, CARVYKTI^® is now available in 18 markets worldwide
• Advancing early-stage cell therapy pipeline with multiple data readouts expected at medical conferences in 2026
• Cash, cash equivalents, and time deposits of $834.6 million as of March 31, 2026

SOMERSET, N.J.May 12, 2026 /PRNewswire/ — Legend Biotech Corporation (NASDAQ: LEGN), a global leader in cell therapy, today announced its unaudited financial results for the first quarter of 2026 and key corporate highlights.

“We believe the continued clinical adoption and strong year-over-year growth of CARVYKTI further solidify our leadership in the BCMA CAR-T space and demonstrate the strength of our underlying operating model,” said Dr. Ying Huang, Chief Executive Officer of Legend Biotech. “As we scale, we are seeing operating leverage drive improving margins, supporting a path to sustainable profitability. This ongoing progress allows us to advance a broad pipeline of cell therapy programs and extend our platform’s reach into multiple indications to address unmet patient needs.”

Key Business Updates

• CARVYKTI^® net sales increased 62% to approximately $597 million in Q1 2026 compared to Q1 2025. U.S. net sales grew 36%, and net sales outside the U.S. grew 222%.
• CARVYKTI^® launched in Italy, Poland, Czech Republic, and Australia, now covering 18 markets globally with over 300 treatment centers.
• Continued optimization of CARVYKTI^® manufacturing capabilities, including achieving a 99% production success rate, reduced turnaround time, and over 95% on-time order release rate for final product delivery dates in Q1 2026.
• Advancing early-stage cell therapy pipeline with multiple data readouts expected at medical conferences in 2026.
• In April 2026, received milestone payments totaling $55 million under the Janssen Agreement.
• Cash, cash equivalents, and time deposits of $834.6 million as of March 31, 2026. The company expects this cash reserve to support operations beyond 2026, by which time it expects to achieve overall operating profitability^[1].

First Quarter 2026 Financial Results

• Cash Position: Cash, cash equivalents, and time deposits were $834.6 million as of March 31, 2026.

• Collaboration Revenue: Collaboration revenue for the three months ended March 31, 2026, was $298.4 million, compared to $185.6 million for the three months ended March 31, 2025. The increase of $112.8 million was primarily due to higher sales of CARVYKTI^® under the Collaboration and License Agreement with Janssen (the “Janssen Agreement”).

• License and Other Revenue: License revenue for the three months ended March 31, 2026, was $6.7 million, compared to $9.4 million for the three months ended March 31, 2025. The decrease of $2.7 million was primarily attributable to revenue recognized under the license agreement with Novartis Pharma AG, which is recognized over time as Legend Biotech conducts the Phase 1 clinical trial for LB2102.

• Cost of Collaboration Revenue: Cost of collaboration revenue for the three months ended March 31, 2026, was $175.4 million, compared to $69.5 million for the three months ended March 31, 2025. The increase of $105.9 million was primarily due to Legend Biotech’s share of cost of goods sold related to CARVYKTI^® sales under the Janssen Agreement, as well as one-time additional costs for capacity expansion and depreciation.

• Research and Development Expenses: Research and development expenses for the three months ended March 31, 2026, were $85.7 million, compared to $101.9 million for the three months ended March 31, 2025. The decrease of $16.2 million was primarily due to reduced spending on cilta-cel clinical programs as patient enrollment in key trials concluded, partially offset by increased pipeline-related R&D activities.

• General and Administrative Expenses: General and administrative expenses for the three months ended March 31, 2026, were $40.0 million, compared to $31.5 million for the three months ended March 31, 2025. The increase of $8.5 million was primarily attributable to higher professional service fees.

• Selling and Distribution Expenses: Selling and distribution expenses for the three months ended March 31, 2026, were $50.1 million, compared to $41.0 million for the three months ended March 31, 2025. The increase of $9.1 million was primarily due to higher commercialization costs, including sales force expansion and increased Janssen-related marketing and access activities in line with higher collaboration revenue.

• Operating Loss: Operating loss for the three months ended March 31, 2026, was $49.8 million, compared to $51.7 million for the three months ended March 31, 2025. The year-over-year decrease of $1.9 million was primarily due to higher gross profit from CARVYKTI^®.

• Net Loss: Net loss for the three months ended March 31, 2026, was $54.3 million, compared to $101.0 million for the three months ended March 31, 2025. The year-over-year decrease of $46.7 million was primarily due to lower unrealized foreign exchange losses compared to the prior year period, as well as improved operating performance from higher CARVYKTI^® gross profit.

• Adjusted Net Loss: Adjusted net loss for the three months ended March 31, 2026, was $10.5 million, compared to an adjusted net loss of $27.0 million for the three months ended March 31, 2025. The year-over-year decrease of $16.5 million was primarily driven by improved operating performance, reflecting higher gross profit from CARVYKTI^®.

Webcast / Conference Call Details

Legend Biotech will hold a quarterly earnings conference call and webcast today at 8:00 AM Eastern Time. Participants can access the live webcast by clicking here.

A replay of the webcast will be available on Legend Biotech’s website at https://investors.legendbiotech.com/events-and-presentations.

About Legend Biotech

Legend Biotech is the world’s largest independent cell therapy company, with over 3,000 employees, dedicated to developing breakthrough therapies that can transform cancer treatment. CARVYKTI^®, co-developed and commercialized with partner Johnson & Johnson, is a one-time therapy for relapsed or refractory multiple myeloma and is leading the CAR-T cell therapy revolution. Headquartered in the United States, the company is strengthening its leadership to build an end-to-end cell therapy system to enhance patient access to CARVYKTI^® and fully realize its therapeutic potential. Building on this platform, the company plans to drive continued innovation in its cutting-edge cell therapy pipeline.

For more information, visit www.legendbiotech.com.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to: statements related to Legend Biotech’s strategies and objectives; statements related to the expected timing, completion, results, and data of Legend Biotech’s early-stage cell therapy product pipeline; statements related to CARVYKTI^®, including Legend Biotech’s expectations regarding CARVYKTI^® and its therapeutic potential; statements about Legend Biotech’s ability to fund operations beyond 2026 and achieve operating profitability in 2026; and the potential benefits of Legend Biotech’s product candidates. Although not all forward-looking statements contain these identifying words, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements due to various important factors. Legend Biotech’s expectations could be affected by, among other things: uncertainties associated with the development of new pharmaceutical products; unexpected clinical trial results, including results from additional analyses of existing clinical data or unexpected new clinical data; unexpected regulatory actions or delays, including requests for additional safety and/or efficacy data or data analyses, or general government regulation; unexpected delays due to actions or failures to act by third-party partners; uncertainties regarding challenges to Legend Biotech’s patent or other proprietary intellectual property protection, including uncertainties involved in U.S. litigation proceedings; government, industry, and general product pricing and other political pressures; and other factors discussed in the “Risk Factors” section of Legend Biotech’s Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission (SEC) on March 10, 2026, and other documents filed by Legend Biotech with the SEC. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may differ materially from those described in this press release as anticipated, believed, estimated, or expected. Any forward-looking statements contained in this press release speak only as of the date of this press release. Legend Biotech expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

This press release is a Chinese translation. In case of any inconsistency between the Chinese and English versions, the English original published on the company’s website shall prevail.