Legend Biotech Faces Growth Expectations as CARVYKTI Sales Reach $710 Million

November 11, 2026

Legend Biotech's shares declined approximately 16% on November 10, 2026, following its third-quarter earnings announcement. The decline came despite continued growth in sales of its leading CAR-T therapy, CARVYKTI (ciltacabtagene autoleucel), highlighting investor concerns about the company's ability to maintain its commercial momentum in 2027.

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CARVYKTI generated approximately $710 million in global net trade sales during Q3 2026, compared with $657 million in Q2 2026. However, management cautioned that current analyst expectations for 2027 sales were at the higher end of the company's anticipated scenarios.

The earnings report places newly appointed CEO Ingrid Zhang under pressure to balance commercial expansion, earlier-line treatment adoption, international launches and next-generation cell therapy development.

Q3 2026 Financial Performance

Legend Biotech reported stronger financial performance compared with the same period in 2025, supported primarily by CARVYKTI's commercial growth.

Key Financial Highlights

One important financial distinction is that the $710 million represents CARVYKTI's global net trade sales, not Legend Biotech's standalone revenue. Legend recognises collaboration revenue under its commercialisation agreement with Janssen, part of Johnson & Johnson (J&J).

Collaboration revenue increased to $353.2 million, reflecting higher CARVYKTI sales. The company also reported $55.6 million in adjusted net income, compared with an adjusted net loss of $18.7 million in the prior-year quarter.

The improvement in operating performance reflects stronger product economics and lower expenses. However, part of the reduction in administrative expenses was associated with a one-time reversal of share-based compensation, which investors should distinguish from recurring operating improvements.

CARVYKTI Commercial Growth: Strong Sales but Slower Expectations

CARVYKTI remains Legend Biotech's primary commercial growth driver. The therapy is jointly developed and commercialised with J&J and is used to treat eligible adults with relapsed or refractory multiple myeloma.

Its Q3 2026 sales performance showed continued expansion across US and international markets.

Regional Sales Performance

• United States: Approximately $472 million in Q3 net trade sales, representing 19% year-over-year growth.

• International markets: Approximately $238 million, representing 86% year-over-year growth.

• Global availability: CARVYKTI was available across 373 activated treatment sites in 20 countries and markets as of November 2026.

The international business recorded faster percentage growth, supported by new country launches. US sales remained substantially larger but faced the challenge of expanding adoption in earlier treatment settings.

Sequentially, global net trade sales increased from $657 million in Q2 to $710 million in Q3, an increase of approximately 8%.

These figures indicate that CARVYKTI continues to gain commercial traction. However, investors are assessing whether the product can sustain its growth rate as it enters a more competitive treatment environment. 

Why Did Legend Biotech Shares Fall 16%?

The share-price decline was primarily associated with management's cautious comments about 2027 sales expectations.

During the earnings call, CFO Carlos Santos indicated that current analyst consensus for CARVYKTI's 2027 net trade sales was at the higher end of the scenarios the company was anticipating.

Management still expects double-digit year-over-year sales growth in 2027. However, two challenges could affect the pace of expansion.

1. Slower Adoption in Earlier Treatment Lines

CARVYKTI's long-term commercial opportunity depends significantly on expanding its use earlier in the multiple myeloma treatment pathway.

Earlier-line treatment refers to using a therapy after fewer previous treatment regimens. Moving into these settings can increase the eligible patient population and extend the product's commercial opportunity.

However, adoption requires physicians to understand the clinical evidence, identify appropriate patients and refer them to specialised CAR-T treatment centres.

Legend's commercial leadership highlighted that physician education and patient referrals remain important barriers. The company estimated that only around 15% to 20% of patients in second- and third-line treatment settings had received a BCMA-directed therapy, indicating considerable room for further adoption.

The challenge is converting clinical recommendations into actual treatment decisions and completed CAR-T infusions.

2. Delayed International Launches

CARVYKTI's international sales growth has been supported by expansion into new countries. However, product launches depend on regulatory approvals, reimbursement agreements, treatment-centre readiness and manufacturing logistics.

Delays in any of these areas can affect the timing of commercial revenue.

The 86% international year-over-year sales increase demonstrates the opportunity, but management's caution indicates that the pace of future launches may not fully match current analyst expectations.

For Legend and J&J, expanding treatment-centre capacity and improving patient access will be essential to sustaining international growth.

CARVYKTI vs. Bispecific Antibodies: Understanding the Competitive Challenge

One of the major competitive considerations for CARVYKTI is the increasing use of off-the-shelf bispecific antibody therapies in multiple myeloma.

These treatments engage a patient's immune cells and direct them towards cancer cells. Unlike autologous CAR-T therapy, they do not require the collection and genetic modification of the patient's own T cells before treatment.

Key Competitive Therapy: Tecvayli

Tecvayli (teclistamab), developed by Janssen, is a BCMA-directed CD3 T-cell engager.

In March 2026, the FDA approved Tecvayli in combination with daratumumab hyaluronidase-fihj for adults with relapsed or refractory multiple myeloma who have received at least one prior line of therapy, including a proteasome inhibitor and an immunomodulatory agent.

This expanded its treatment role into an earlier-line setting and increased competition in the same broad patient population targeted by CARVYKTI.

CAR-T vs. Bispecific Therapy

The two treatment approaches have different advantages and operational requirements. CAR-T involves a complex manufacturing and treatment pathway, while bispecific therapies can be administered without manufacturing an individualised cell product.

Bispecific therapies also carry important safety considerations, including cytokine release syndrome and neurological toxicity. Their off-the-shelf availability does not mean they are free from treatment complexity.

The competitive question is therefore not simply which treatment is more effective. Physicians must consider clinical outcomes, patient eligibility, treatment timing, safety, access and the patient's overall treatment pathway.

Updated NCCN Guidelines Create an Opportunity for CAR-T

An important development for Legend is the updated National Comprehensive Cancer Network (NCCN) guidance for multiple myeloma.

The updated recommendations call for patients to be referred to a T-cell therapy-capable centre at first relapse for consideration of available therapies.

The guidelines also indicate that when both BCMA-directed CAR-T therapy and T-cell engagers are viable options, current evidence supports considering CAR-T before T-cell engagers. One reason is that T-cell engagers can remain effective after CAR-T failure, while prior BCMA-directed treatment may complicate subsequent CAR-T treatment outcomes.

This guidance could support earlier CAR-T referrals and improve physician awareness of treatment sequencing.

However, recommendations do not automatically translate into immediate adoption. Treatment-centre capacity, patient eligibility, manufacturing timelines, reimbursement and physician familiarity will continue to influence utilisation.

Five-Year Clinical Evidence Strengthens CARVYKTI's Position

Alongside its financial results, Legend reported important long-term clinical findings from the Phase II CARTITUDE-2 Cohort A study.

The analysis included 20 patients with relapsed or refractory multiple myeloma who had received one to three prior lines of therapy.

After a median follow-up of 60.7 months:

• 50% of patients remained alive and progression-free without further anti-myeloma treatment at five years.

• 60.5 months was the median progression-free survival.

• 69.2% of patients were alive at five years.

• Median overall survival had not been reached at the time of analysis.

These findings add to the long-term evidence supporting CARVYKTI in earlier-line treatment settings.

However, the study involved a relatively small patient cohort, and these results should be interpreted in the context of its Phase II design rather than as a guarantee of outcomes across the wider patient population.

Legend Biotech's Next Growth Priorities

CEO Ingrid Zhang has identified three major priorities: maximising CARVYKTI's commercial opportunity, advancing the next-generation pipeline and maintaining profitability.

1. Expand CARVYKTI Adoption

Legend and J&J need to increase physician awareness, improve patient referrals and strengthen access to specialised treatment centres.

The updated NCCN guidance and long-term clinical evidence provide useful support for this strategy.

2. Advance Next-Generation CAR-T Technologies

Legend is also expanding beyond its existing BCMA-directed CAR-T platform.

One important development is LB2501, an investigational CD19/CD20 dual-targeting in vivo CAR-T therapy for relapsed or refractory B-cell malignancies.

In October 2026, the FDA cleared its investigational new drug application, allowing the company to proceed with planned US clinical development.

Unlike conventional ex vivo CAR-T, which requires T-cell collection, genetic modification and reinfusion, in vivo CAR-T is designed to generate CAR-T cells directly inside the patient's body following administration.

This approach could potentially simplify parts of the manufacturing process, although clinical development, safety, efficacy and scalability remain to be established.

Legend also has a collaboration with Novartis involving LB2102, an investigational DLL3-targeted CAR-T programme being developed for selected cancers.

These programmes provide opportunities to diversify the company's pipeline beyond CARVYKTI, although neither should yet be treated as an established commercial revenue source.

3. Maintain Profitability and Manufacturing Efficiency

CAR-T therapies require specialised manufacturing infrastructure, quality controls, logistics and treatment-centre coordination.

Legend reported a gross margin of approximately 58% during Q3 2026, supported by manufacturing efficiencies.

Maintaining these efficiencies while expanding global treatment capacity will be important for the company's profitability objectives.

Legend also reported approximately $853 million in cash, cash equivalents and time deposits as of September 30, 2026. This provides financial resources to support commercial expansion and research activities.

CARTITUDE-5 and CARTITUDE-6: The Next Clinical Milestones

Legend's future growth strategy also depends on expanding CARVYKTI into earlier treatment settings.

Two clinical programmes are particularly important:

CARTITUDE-5: A Phase III study evaluating CARVYKTI in newly diagnosed multiple myeloma patients who are not intended for autologous stem cell transplantation. Management indicated that topline results are expected in 2027 at the earliest. The study is event-driven, meaning the timing of the analysis depends on the accumulation of the required clinical events.

CARTITUDE-6: Another Phase III programme evaluating CARVYKTI in newly diagnosed multiple myeloma. Management has discussed the potential use of minimal residual disease (MRD) negativity as an earlier indicator while longer-term progression-free survival and overall survival data mature.

These studies could provide important evidence for potential expansion into earlier treatment settings. However, future regulatory and commercial opportunities will depend on trial outcomes and subsequent regulatory decisions.

What Investors and Pharmaceutical Companies Should Monitor

Legend's Q3 performance highlights several indicators that will be important for evaluating its future commercial position.

The most important near-term question is whether Legend and J&J can convert CARVYKTI's clinical evidence and updated treatment recommendations into higher treatment volumes.

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Conclusion

Legend Biotech's Q3 2026 results demonstrate that CARVYKTI remains a strong commercial asset, with $710 million in quarterly net trade sales and continued expansion across international markets.

However, the 16% share-price decline highlights the difference between current commercial performance and investor expectations for future growth.

The company's next phase will depend on earlier-line adoption, international launch execution, manufacturing efficiency and progress across its next-generation pipeline.

For Legend, the challenge is no longer only demonstrating CARVYKTI's clinical value. It is converting that value into sustained commercial growth while building additional sources of future revenue.

Towards Healthcare tracks CAR-T clinical pipelines, oncology competition, regulatory milestones and commercial performance to support strategic decisions across the global biopharmaceutical industry.

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