Legend Biotech Shares Fall 18% on Slower U.S. Demand
The drop followed third-quarter results showing decelerating U.S. demand for the company's CARVYKTI therapy.
Updated on Nov. 10, 2026 in Biotech
Legend Biotech shares fell 18% on Tuesday after the company reported total revenue of $359.5 million for the quarter ended September 30, up 32% from a year earlier. Growth in U.S. sales of CARVYKTI slowed, and the company lowered its fourth-quarter outlook.
Why it matters
Chief Financial Officer Carlos Santos said U.S. share growth in earlier lines of treatment has been slower than initially anticipated, and overseas launch timing also weighed on the outlook. The results show how quickly investor expectations can shift for a major cell therapy franchise.
Collaboration revenue reached $353.2 million, and adjusted net income was $55.6 million, or $0.14 per share, compared with an $18.7 million adjusted loss a year earlier. The company did not address in the extraction how these figures will trend in coming quarters.
The players
Legend Biotech
Legend Biotech is a biotechnology company that developed and markets the cell therapy CARVYKTI for multiple myeloma.
Carlos Santos
Carlos Santos is the Chief Financial Officer of Legend Biotech, responsible for the company's financial reporting and outlook.
Ingrid Zhang
Ingrid Zhang is the Chief Executive Officer of Legend Biotech, who has projected a peak potential of more than $5 billion for the CARVYKTI franchise.
The details
Legend Biotech reported that U.S. share growth for CARVYKTI in earlier lines of treatment has been slower than initially anticipated, and that changes in launch dynamics outside the United States affected its outlook. CARVYKTI was first approved by the U.S. Food and Drug Administration in 2022, and its label was expanded in 2024 to allow use earlier in patient care.
Timeline
2022: CARVYKTI first approved by the U.S. Food and Drug Administration.
2024: CARVYKTI label expanded to allow use earlier in patient care.
Tuesday, November 10, 2026: Legend Biotech shares fell 18%.
2027: Company expects double-digit global CARVYKTI growth.
Big Picture
The company's earlier FDA approval and 2024 label expansion were meant to broaden CARVYKTI's use, yet slower U.S. uptake in earlier treatment lines shows the commercial gains from those regulatory steps are arriving more gradually than expected. Growth outside the United States has been faster, which shifts where the franchise's momentum is coming from.
Investors holding Legend Biotech shares saw a sharp 18% drop after the company reduced its near-term outlook. Anyone tracking biotech stocks should weigh the gap between strong overall revenue growth and slower U.S. uptake of key therapies.
The takeaway
Strong top-line growth can still disappoint markets when a key product's core market slows, so watch regional sales trends closely. Companies with fast-growing overseas sales may still face pressure if U.S. momentum lags.
Further reading
For more on how cell therapies are reaching patients and the companies developing them, explore our Biotech coverage.
