Legend Biotech Corp. · NASDAQ:LEGN
Legend Biotech — Q3 2025 Earnings Presentation
27 slides from Legend Biotech's earnings presentation, Nov 12, 2025
Slide 1: Third Quarter 2025 Financial Results & Corporate Update
November 12, 2025 Third Quarter 2025 Financial Results & Corporate Update This presentation is for investor relations purposes only - Not for product promotional purposes 1
Slide 2: Agenda
1 Opening Remarks 2 Q3 2025 Highlights & Recent Accomplishments Agenda 3 4 Our Pipeline Capitalizing on Market Leadership 5 CARVYKTI® Performance Overview 6 Financial Performance 7 Q&A 2 This presentation is for investor relations purposes only - Not for product promotional purposes
Slide 3: Ying Huang, Alan Bash, Carlos Santos
Ying Huang, PhD Alan Bash Carlos Santos Chief Executive Officer President of CARVYKTI® Chief Financial Officer 3 This presentation is for investor relations purposes only - not for product promotional purposes
Slide 4: Forward-looking Statements
Forward-looking Statements This presentation has been prepared by Legend Biotech Corporation (“Legend Biotech” or the losses in 2026; the progress of such submissions with the FDA, the EMA and other regulatory “Company”) solely for information purpose and does not contain all relevant information au
Slide 5: Non-IFRS financial metrics
Non-IFRS financial metrics This presentation refers to certain non-IFRS financial metrics. We use Adjusted Net Loss and Adjusted Net Loss per Share (which we sometimes refer to as “Adjusted EPS”, or “ANL per Share”, respectively) as performance metrics. Adjusted Net Loss and ANL per Share are not de
Slide 6: Ying Huang, PhD
Ying Huang, PhD Chief Executive Officer 6 This presentation is for investor relations purposes only - not for product promotional purposes
Slide 7: Q3 2025 Highlights & Recent Accomplishments
Q3 2025 Highlights & Recent Accomplishments Q3 2025 Highlights Select Presentations and Articles • CARVYKTI® Net Trade Sales of $524M • Forbes • How a single Infusion is Changing Multiple Myeloma • 84% YoY growth, driven by continued share • “A single infusion of immunotherapy has kept gains and cap
Slide 8: CARYKTI Improved Overall Survival (OS) Compared to SOC
CARYVKTI Improved Overall Survival (OS) Compared to SOC → ~70% reduction in risk of progression or death in patients who received cilta-cel, mPFS has not been reached1 → 45% reduction in risk of death in patients receiving cilta-cel vs SOC, demonstrating statistically significant OS benefit in MM1 →
Slide 9: IMS – What Patients Value When Selecting a New Line of Treatment
IMS – What Patients Value When Selecting a New Line of Treatment 20 → OS, expressed as “living longer” is the 15 most important attribute for patients Patients (%) 10 → No differences in relative importance across LOT 5 0 Live Longer Maintain Reduce pain Minmize Achieve Minimizie Emotional Progressi
Slide 10: Upcoming 67th ASH Annual Meeting Oral Presentations
Upcoming 67th American Society of Hematology (ASH) Annual Meeting Oral Presentations CARVYKTI Abstract No. Title Information Abstract #94 Long-Term Progression-Free Survival Benefit With Session Name: 653. Multiple Myeloma: Clinical and Oral Presentation Ciltacabtagene Autoleucel in Standard-Risk E
Slide 11: Higher Improvements in PFS in Earlier Lines
Higher Improvements in PFS in Earlier Lines Progression Free Survival By Prior Lines of Therapy (pLOT) PFS with Cilta-cel Versus SOC by Number of pLOT (ITT population; 15.9-month follow-up) 100 → Cilta-cel improved PFS versus SOC Patients progression free and alive, % 80 regardless of pLOT Cilta-cel
Slide 12: Our Pipeline
Our Pipeline Ciltacabtagene Autoleucel Clinical Studies Autologous Therapy PHASE 1 PHASE 2 PHASE 3 BCMA-directed LEGEND-2† CARTIFAN-1* CARTITUDE-1* CARTITUDE-2* CARTITUDE-10* CARTITUDE-4* CARTITUDE-5 CARTITUDE-6* RRMM RRMM RRMM MM NDMM RRMM NDMM NDMM NCT03090659 NCT03758417 NCT03548207 NCT04133636 T
Slide 13: Well Positioned For Long-Term Growth
Well Positioned For Long-Term Growth MARKET LEADING CAR-T IN MM ROBUST PIPELINE STRONG FINANCIAL POSITION 10 Pipeline Programs $524 million • Hematologic Malignancies Net Trade Sales for 3Q 2025 Highest selling CAR-T in a single • Solid Tumors quarter1 • Autoimmune Diseases Cash position of ~$1 bill
Slide 14: Alan Bash
Alan Bash President of CARVYKTI® 14 This presentation is for investor relations purposes only - not for product promotional purposes
Slide 15: A New Standard for CAR-T Launches
A New Standard for CAR-T Launches WORLDWIDE SALES OF CAR -T THERAPIES, BY QUARTER OF LAU NCH (IN $MM) Carvykti Kymriah Yescarta Tecartus Breyanzi Abecma 600 524 500 Quarterly sales ($MM) 400 359 349 300 200 137 97 100 83 0 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 Q13 Q14 Q15 Q16 Q17 Q18 Q19 Q20 Q21 Q2
Slide 16: CARVYKTI Uptake Continues
CARVYKTI® Uptake Continues Continued market penetration, population in earlier lines of treatment represents significant opportunity for continued growth YoY Growth1 QoQ Growth2 CARVYKTI® Net Trade Sales ($MM) +84% growth to $524M in U.S. 53% 11% Q3’25 vs. $286M in Q3’24 OUS 374% 58% 600 Global 84%
Slide 17: Strong Momentum Across Supply and Demand Accelerates CARVYKTI's CAR-T Leadership in MM
Strong Momentum Across Supply and Demand Accelerates CARVYKTI’s CAR-T Leadership in MM Best-in-Class Manufacturing Demand Acceleration • On track for 10,000 Annualized Doses • Unprecedented progression-free outcomes • US – New Raritan facility section by 2H for ≥5 years for late line MM patients1 20
Slide 18: Rapidly Expanding Access for Patients Outside the US
Rapidly Expanding Access for Patients Outside the US 2024 YTD 2025 New Markets Launched New Markets Launched • CARTITUDE-4 Overall Survival Germany Switzerland Denmark Sweden Belgium Luxembourg benefit added to EU and US Label • 246 Global Activated Austria Brazil Spain Israel1 UK1 Treatment Sites P
Slide 19: Ying Huang, PhD, Carlos Santos
Ying Huang, PhD Carlos Santos Chief Executive Officer Chief Financial Officer 19 This presentation is for investor relations purposes only - not for product promotional purposes
Slide 20: Carlos Santos
Carlos Santos Chief Financial Officer 20 This presentation is for investor relations purposes only - not for product promotional purposes
Slide 21: Significant Improvement in Operating Margin Over Time
Significant Improvement in Operating Margin Over Time Operating margin improvement from -142% in 2Q 2023 to -16% in 3Q 2025 300 140 120 250 Quarterly Revenue Total ($MM) Costs as % of Revenue 100 200 80 150 60 100 40 50 20 0 0 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3
Slide 22: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights IFRS Total Revenue (in $MM) IFRS Net Loss Adjusted Net Loss 1 (in $MM) (in $MM) 0 0 250 -40 -5 -20 -10 -19 200 -40 -15 150 272 -60 -125 -20 -42 160 -80 -25 100 -30 -100 50 -35 -120 -40 Q3 Q3 -140 Q3 Q3 -45 Q3 Q3 2024 2025 2024 2025 2024 2025 IFRS Net Loss Per Share Adjus
Slide 23: Focused Investments in Commercialization and Pipeline
Focused Investments in Commercialization and Pipeline 3Q 2025 Operating Expenses ($MM) Q3 2025 OpEx Increased 14.5% vs. Q3 2024 120 o Research and development (R&D) spend was $113 million due to continuous R&D activities, as well as 100 expenditures in BCMA front line clinical studies. o Selling and
Slide 24: Key Investment Highlights
Key Investment Highlights Market leading CAR-T therapy Deeply entrenched partnerships in vast Multiple Myeloma with >200 global treatment sites market and >9,000 patients Proven clinical outcomes Differentiated innovation model with demonstrated Overall with 10 pipeline programs Survival benefit Sca
Slide 25: Q&A
Q&A Ying Huang, Ph.D. Carlos Santos Chief Executive Officer Chief Financial Officer Alan Bash Guowei Fang, Ph.D. President of CARVYKTI® President of Research and Development 25 This presentation is for investor relations purposes only - Not for product promotional purposes
Slide 26: Thank you!
Thank you! 26 This presentation is for investor relations purposes only - Not for product promotional purposes
Slide 27: Reconciliation of IFRS to Non-IFRS Metrics
Reconciliation of IFRS to Non-IFRS Metrics Three months ended September 30, ($ in thousands, except per share and shares data) 2025 2024 Net loss (39,689) (125,321) Depreciation and amortization 6,014 5,472 Share-based compensation 15,015 15,111 Unrealized foreign exchange (gain)/loss (included in O