Legend Biotech reported strong Q1 2026 sales growth, particularly for its CAR T therapy in multiple myeloma, with a 62% increase to $597 million. The company emphasized global expansion, pipeline innovation including new CAR T trials, and financial discipline, positioning itself for long-term value creation.

Karvikkko achieved 8% sequential growth in Q1, driven by share gains, global market penetration, and increasing early-line therapy utilization. Manufacturing success rates reached 99%, with 95% on-time order releases. The company anticipates continued growth, especially with potential label expansion into first-line settings.

Revenue scaled due to carvi performance, collaboration, and Johnson & Johnson licensing, totaling $305M. Anticipate company-wide profitability in Q2, with gross margins expected to improve. Continued R&D investment in vivo Car T platform and next-generation technologies. Manufacturing ramp-up expenses affected Q1 gross margin, which is projected to recover in Q2.

The dialogue discusses how declining RD expenses, particularly in the later phases of studies, will enable reinvestment into the company's pipeline. This strategy aims to fund future growth through promising in vivo programs, leveraging the benefits of increased profitability.

The company reported narrowed operating losses, maintained profitability projections, and ended the quarter with a robust balance sheet, supporting pipeline advancement and growth investments.

The speaker provides an update on the timing of data presentation for the lymphoma program, emphasizing the necessity of abstract acceptance before disclosure. Durability of the first data set is discussed in terms of patient numbers and the initial nature of the disclosure, with no specific patient outcomes mentioned.

The dialogue discusses an in vivo CAR T program targeting CD19 and CD20, clarifying it's not a gamma delta program, identified as Lb 2501. The program is live on clinicaltrials.gov, with expectations of manageable safety and promising efficacy, including deep response, pending data presentation for specific disclosures.

Discussion on future trends of Covid drug utilization across therapies and questioning the allocation of IT budget within a financial institution.

Discussed the increasing penetration in second and third line businesses, aiming for three quarters of business in these segments within a year. Also, addressed the temporary decline in gross margins due to new capacity, expecting recovery to over 50% in Q2.

Discussion centers on the anticipated recovery of growth margins to previous levels by the second quarter, with confidence expressed in reaching these financial targets as forecasted.

A congratulatory note is followed by inquiries about the effects of data approval on particular patient segments and geographies, along with a request for clarification on the advancements concerning Vivo Car T treatment.

The dialogue highlights the significant growth potential for CAR T therapies in the treatment of hematologic malignancies, particularly in earlier lines of therapy. It discusses the competitive landscape, noting that despite the presence of other therapies and bispecifics, the market remains underserved and offers substantial opportunities for new treatments. The speaker emphasizes the healthy growth of their product, Perfect, amidst potential competition, suggesting a promising future for CAR T therapies in this field.

The discussion revolves around the effectiveness of an individual Car T program for non-hydrogen ecoma patients, aiming for deep and durable responses. It explores the potential translation of such responses from NHL to multiple myeloma, emphasizing the transformative impact of autologous cell engineering and expansion in patients' bodies, expecting enhanced clinical outcomes across various diseases.

The dialogue covers progress on CAR T-cell trials for CAR 5 and CAR 6, updates on the Nvivo CarSyn platform targeting BCMA in melanoma, and an upcoming trial for autoimmune diseases using LV 2505, emphasizing collaborative efforts and future disclosures.

A quick follow-up discusses the expectation of having data on the car to 2.5 event rate by the end of the year, reflecting an update on a previously anticipated timeline.

Discussed the rationale behind using adjusted net income as a more accurate profitability metric, excluding noncash items, and its alignment with industry practices for better peer and year-over-year comparison. The $44 million differential is expected to persist, reflecting ongoing adjustments to noncash items.

The discussion clarified that all GPRC5D programs use the same binder, aiming to validate and understand patient responses. It was also confirmed that excluding a one-time charge would have resulted in profitability on an adjusted income basis.

The dialogue explores the adoption rates of CAR T therapy at specific community centers, focusing on actual usage rather than referrals, and discusses strategies for expanding access to additional centers capable of administering the treatment.

The dialogue highlights the positive community adoption of Perfectly, emphasizing its ease of administration in outpatient settings and growing clinician comfort with patient management. It also mentions the referral fee system's success and expanding hospital integration, bringing care closer to patients. Additional sites are expected to come online this year, showcasing a longer setup cycle but promising infrastructure readiness.

The dialogue focuses on the strategy to drive utilization of Carticruzumab in transplant-eligible and non-intended multiple myeloma patients. It compares the drug's efficacy against Rvd, referencing historical trials and confidence in achieving superiority. The conversation also touches on the potential unlocked by Carticruzumab in these populations, highlighting its cross-trial comparison and the scale of opportunity.

The dialogue discusses safety differentiation in CD19/CD20 CAR-T programs, emphasizing unique design mechanisms for enhanced safety profiles. It also covers Q1 performance analysis and potential sequential growth in the US market, including considerations for Majestic Tree's impact on COVID sales.

Despite initial lag post-holidays, patient appointment trends show strong growth, with expectations of continued sequential improvement both in the U.S. and overseas. Weekly tracking of scripts and sales reveals robust performance, indicating a positive trajectory for the remainder of the year.

Discussion covers the effect of delayed product infusion due to seasonal inventory, projecting continued growth in orders. Highlights advancements in BCMA targeting through glyco mutations and optimized CD3 binders for improved therapeutic outcomes, aiming to reduce liver uptake and inflammatory side effects.

A discussion on the competitive landscape for LD 251, emphasizing the evolving benefits of dual-targeting cell therapies and anticipation for clinical program updates, amidst recent discontinuations in related programs.

The CEO expresses confidence in future growth, highlights successful community involvement, and looks forward to upcoming events, concluding the call with gratitude.