Overview

• Cell therapy maker's Q1 revenue rose yr/yr, slightly missed analyst expectations

• Adjusted EPS for Q1 missed analyst expectations

• Net loss narrowed yr/yr, reflecting improved operating performance and lower FX losses

Outlook

• Company expects to achieve company-wide profit in 2026, based on adjusted net income

• Legend Biotech anticipates multiple data presentations from early-stage cell therapy portfolio in 2026

Result Drivers

• CARVYKTI SALES GROWTH - Q1 revenue was driven by a 62% increase in CARVYKTI net trade sales, with ex-U.S. sales up 222% and U.S. sales up 36% yr/yr

• MANUFACTURING IMPROVEMENTS - Co said higher manufacturing success rate, reduced turnaround time, and over 95% on-time order releases supported product delivery and sales

• COST INCREASES - Higher cost of collaboration revenue was mainly due to increased share of CARVYKTI sales costs, capacity expansion, and depreciation charges

Company press release: ID:nGNX8lfqSc

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Slight Miss*	$305.10 mln	$307.04 mln (10 Analysts)
Q1 Adjusted EPS	Miss	-$0.03	-$0.02 (9 Analysts)
Q1 Net Income		-$54.30 mln
Q1 Pretax Profit		-$53.10 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Legend Biotech Corp is $63.00, about 146.3% above its May 11 closing price of $25.58

• The stock recently traded at 55 times the next 12-month earnings vs. a P/E of 47 three months ago

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