Legend Biotech has reported its first quarter of company-wide profitability in its history, sending shares of the CAR-T therapy maker climbing around 6%.
The milestone came alongside second-quarter 2026 results that delivered a solid revenue beat, cementing Carvykti’s position as one of the most commercially successful cell therapies on the market.
Worldwide net trade sales for Carvykti reached $657 million for the quarter, representing 50% year-over-year growth driven by strong demand and earlier-line adoption.
Collaboration revenue came in at $326.1 million for the three months ended June 30, 2026, compared to $219.7 million for the same period in 2025.
The results arrive against a backdrop of leadership change, with Ying Huang stepping down as Chief Executive Officer and Board member, effective July 24, 2026.
Alan Bash, who has led the Carvykti business unit since October 2024, was appointed Interim CEO, with Huang remaining as an advisor through August to support the transition.
Bash moved quickly to reassure investors and stakeholders, delivering a pointed message about the company’s strategic direction following the executive departure.
“This is a leadership transition, not a strategy transition,” Bash said, outlining three core priorities: maximising Carvykti, advancing the next-generation pipeline, and strengthening execution across all fronts.
Management reiterated that Carvykti carries peak annual sales potential above $5 billion, with the therapy now available across 348 treatment sites and 19 markets, including a recent launch in Ireland.
The company noted that Carvykti became profitable on its own in 2025 and that Legend Biotech as a whole would achieve that same milestone this year, which Q2 results confirmed.
Cash and cash equivalents and time deposits stood at approximately $965 million as of June 30, 2026, which the company believes provides financial runway beyond 2026.
Despite the strong results, Legend has faced mounting pressure in recent years from potential competition and geopolitical risks tied to its connections to China.
The company’s stock hit multi-year lows in February amid concerns over rival treatments, including Gilead Sciences’ CAR-T candidate anito-cel and Johnson and Johnson’s bispecific antibody regimens.
Bash brings broad industry experience to the interim role, having previously held senior positions at ZielBio, Checkmate Pharmaceuticals, and Bristol Myers Squibb before joining Legend.
The company has begun a formal search for a permanent chief executive, with Bash steering operations and commercial strategy in the meantime as the Carvykti franchise continues to scale globally.