Legend Biotech Corp. · NASDAQ:LEGN
Legend Biotech — Q4 2025 Earnings Presentation
24 slides from Legend Biotech's earnings presentation, Mar 10, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results & Corporate Update
March 10, 2026 Fourth Quarter and Full Year 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 Q4 2025 Highlights & Recent Accomplishments Agenda 3 4 ASH & Tandem Summary Pipeline 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 exchange losses in 2026; the progress of such submissions with the FDA, the EMA and other “Company”) solely for information purpose and does not contain all relevant information regu
Slide 5: Non-IFRS financial metrics
Non-IFRS financial metrics This presentation refers to certain non-IFRS financial metrics. We use Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Share (which we sometimes refer to as “Adjusted EPS”, or “ANI per Share”, respectively) as performance metrics. Adjusted Net Income (Loss) a
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: Q4 2025 Highlights & Recent Accomplishments
Q4 2025 Highlights & Recent Accomplishments 4Q 2025 Highlights • CARVYKTI® Net Trade Sales of $555M • 66% YoY growth • 10,000+ CARVYKTI ® clinical and commercial patients treated to date • 145 Activated CARVYKTI Treatment Sites in the US • CARVYKTI® is launched in 14 global markets • 2022-2024: 5 ma
Slide 8: ASH and Tandem Presentations Summary
ASH1 and Tandem Presentations Summary LUCAR-G39D CARTITUDE 1 & 4 Programs • Safety was manageable • Triple-class exposed MM2 patients with three prior lines of therapy in CARTITUDE-1 and with no DLT3 events CARTITUDE-4 achieved a median PFS of 50.4 months reported or AE-related deaths • In CARTITUDE
Slide 9: Our Pipeline
Our Pipeline • Ciltacabtagene Autoleucel Clinical Studies PHASE 1 PHASE 2 PHASE 3 Autologous LEGEND-2† CARTIFAN-1* CARTITUDE-1* CARTITUDE-2* CARTITUDE-10* CARTITUDE-4* CARTITUDE-5 CARTITUDE-6* directed Therapy BCMA- RRMM RRMM RRMM MM NDMM RRMM NDMM NDMM NCT03090659 NCT03758417 NCT03548207 NCT0413363
Slide 10: Well Positioned For Long-Term Growth
Well Positioned For Long-Term Growth FY 2025 CARVYKTI Net Trade Sales Cash Position2 Pipeline Programs CAR-T Leadership in MM3 Cell Therapy Innovation Durable Global Business • CARVYKTI® is the top-selling CAR-T • State-of-the-art R&D facility • $949 Million in Cash, Cash in a single quarter4 opened
Slide 11: Alan Bash
Alan Bash President of CARVYKTI® 11 This presentation is for investor relations purposes only - not for product promotional purposes
Slide 12: CARVYKTI Sales Highlights
CARVYKTI® SALES HIGHLIGHTS Continued market penetration, population in earlier lines of treatment represents significant opportunity for continued growth CARVYKTI® Net Trade Sales ($MM) YoY Growth1 QoQ Growth2 4Q 2025 NTS were $555M U.S. 38% 6% +66% growth to $555M in 600 Q4’25 vs. $334M in Q4’24 OU
Slide 13: Significant Market Potential in Earlier Line Multiple Myeloma
Significant Market Potential in Earlier Line Multiple Myeloma Growth potential is clear, supported by scalable manufacturing capacity In 20251 2026 CARVYKTI® MARKET POTENTIAL (US)1: • ≤10% of patients were treated with a CAR-T in 5L+ 5L+Patients Treated (2025) • ≤5% of patients were treated with a B
Slide 14: Optimizing Bridging Therapy is Associated with Improved CARVYKTI Safety Outcomes
Optmizing Bridging Therapy is Associated with Improved CARVYTKI Safety Outcomes Dhakal B, et al1: • 134 patients across 18 U.S. academic USE OF medical centers and 2 German centers GPRC5D • 98 RRMM patients received talquetamab bridging therapy and CARVYKTI BI-SPECIFIC KEY FINDING There were no case
Slide 15: Established Profile Positions CARVYKTI Well for the Community
ESTABLISHED PROFILE POSITIONS CARVYKTI® WELL FOR THE COMMUNITY Gold Standard CAR-T in Multiple Myeloma CARVYKTI® in the Community1 with Curative Potential First and only CAR-T with meaningful progression free outcomes of ≥5 years in late line MM and 1/3 demonstrated OS benefit in 2-4L MM Regional/ C
Slide 16: Record-Breaking CAR-T Launch, Powering a Path to $5B+ Sales
Record-Breaking CAR-T Launch, Powering a Path to $5B+ Sales WORLDWIDE SALES OF CAR-T THERAPIES, BY QUARTER Growth Drivers OF LAUNCH ($MM) 600 555 • Unmatched data maturity and survival data 500 • Extensive experience treating 10,000+ 400 392 patients, supported by a retinue of multiple Quarterly sal
Slide 17: Carlos Santos
Carlos Santos Chief Financial Officer 17 This presentation is for investor relations purposes only - not for product promotional purposes
Slide 18: Reaching a Profitability Inflection Point
Reaching a Profitability Inflection Point Strong underlying demand growth, with Operating Margin improving from -142% in 2Q23 to -6% in 4Q25 350 150% Non-IFRS Adjusted Net Income/(Loss) (USD $M) 64% y/y Growth 300 100% 250 50% Operating Margin (%) Revenue ($MM) 200 0% 150 -50% 100 -100% -33 50 -150%
Slide 19: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights $ in millions (except per share) Q4 2025 Q4 2024 Change Driving Operating Leverage Over Time Collaboration Revenue 277.6 168.0 65% o Significant revenue growth of 64% y/y License & Other Revenue 28.7 18.5 55% with operating expenses growth of only 6% y/y1 Total Revenue 3
Slide 20: Strong balance sheet position for business sustainability
Strong balance sheet position for business sustainability Operating Cash Flow Investment Priorities 40 • Advancing in vivo CAR-T pipeline programs 20 0 • Focused, synergistic business development -20 -40 • Expanding CARVYKTI profitability through -60 ongoing investment in selling & distribution -80
Slide 21: Key Investment Highlights
Key Investment Highlights Market leading CAR-T therapy Deep partnerships with >240 in vast Multiple Myeloma global treatment sites market Proven clinical outcomes Differentiated innovation model with demonstrated Overall with 10 pipeline programs Survival benefit Scaling business with $949M cash pos
Slide 22: Q&A
Q&A Ying Huang, Ph.D. Carlos Santos Chief Executive Officer Chief Financial Officer Alan Bash President of CARVYKTI® 22 This presentation is for investor relations purposes only - Not for product promotional purposes
Slide 23: Thank you!
Thank you! 23 This presentation is for investor relations purposes only - Not for product promotional purposes
Slide 24: Reconciliation of IFRS to Non-IFRS Metrics
Reconciliation of IFRS to Non-IFRS Metrics Three months ended December 31, ($ in millions, except per share and shares data) 2025 2024 Net income/(loss) (30.9) 26.4 Depreciation and amortization 12.0 6.8 Share-based compensation 14.9 13.4 Impairment loss ----- 4.4 Unrealized foreign exchange (gain)/