Legend Biotech Corporation (LEGN): Business Model Canvas [Dec-2025 Updated]

You're looking at the engine room of a biotech success story, and honestly, the business model for Legend Biotech Corporation as of late 2025 is a masterclass in scaling a curative therapy while funding the next wave. It's a model entirely centered on driving CARVYKTI-which generated about $524 million in net trade sales in Q3 2025-supported by a $1.0 billion cash position and a massive manufacturing expansion push in New Jersey and Belgium. This whole operation hinges on that critical partnership with Janssen and managing the complex, high-touch relationships with specialized treatment centers globally. If you want to see exactly how this complex autologous cell therapy model translates into revenue streams, where the major costs like R&D spending of $113.1 million in Q3 2025 are landing, and what the key resources are, dive into the full Business Model Canvas below.

Legend Biotech Corporation (LEGN) - Canvas Business Model: Key Partnerships

You're looking at how Legend Biotech Corporation structures its external relationships to drive development and commercialization, which is critical for a company with high-cost, complex cell therapies. These partnerships are the engine room for scaling CARVYKTI and advancing the pipeline.

Janssen Biotech (Johnson & Johnson) for global development and commercialization of CARVYKTI

The collaboration with Janssen Biotech, a Johnson & Johnson company, established in December 2017, is the bedrock of Legend Biotech Corporation's current revenue stream. This alliance covers the development and commercialization of CARVYKTI (ciltacabtagene autoleucel; cilta-cel) for multiple myeloma.

The commercial success under this agreement is substantial, showing clear growth throughout 2025. For instance, net trade sales for CARVYKTI hit approximately $369 million in the first quarter of 2025, then rose to about $439 million in the second quarter of 2025, and reached approximately $524 million for the quarter ending September 30, 2025. This sequential growth is impressive; the Q3 2025 sales represent a 136% year-over-year increase compared to Q3 2024.

This partnership is also driving patient access and manufacturing scale. As of June 30, 2025, over 7,500 patients had been treated with CARVYKTI, a number that climbed to over 9,000 patients by September 30, 2025. Furthermore, the U.S. Food and Drug Administration (FDA) removed the Risk Evaluation and Mitigation Strategy (REMS) for CARVYKTI in the second quarter of 2025, which should streamline patient access. Legend Biotech Corporation is actively working to meet demand, aiming to double commercial supply in 2025 to achieve 10,000 annualized doses exiting the year.

Here's a look at the revenue flow from this key relationship for the first three quarters of 2025:

Novartis for the development and commercialization of the LB2102 CAR-T program

Legend Biotech Corporation entered an exclusive, global license agreement with Novartis Pharma in November 2023 for certain CAR-T therapies targeting DLL3, centered on the candidate LB2102. This deal structure clearly delineates responsibilities and financial upside. Novartis paid an upfront payment of $100 million. Beyond that, Legend Biotech Corporation is eligible to receive up to $1.01 billion in clinical, regulatory, and commercial milestones, plus tiered royalties.

Development responsibilities are split: Legend Biotech Corporation is conducting the Phase 1 clinical trial for LB2102 in the U.S., while Novartis handles all other development activities globally. The financial recognition of this deal is tied to Legend Biotech Corporation's performance in that Phase 1 trial. For example, License Revenue recognized under the Novartis License Agreement was $9.3 million for the first quarter of 2025 and increased to $35.3 million for the second quarter of 2025.

Contract Manufacturing Organizations (CMOs) like Novartis for commercial production capacity expansion

Scaling up is a major focus, evidenced by expenditures to support manufacturing capacity expansion noted in the cost of collaboration revenue for the first three quarters of 2025. Legend Biotech Corporation is actively expanding its physical footprint and utilizing external capacity.

Key manufacturing milestones and targets include:

• Initiated CARVYKTI clinical production at the Tech Lane facility in Q1 2025.
• Initiated CARVYKTI commercial production at the Tech Lane facility in Belgium in Q3 2025.
• A new section approval at the Raritan facility was expected in the second half of 2025.
• The company aims to double commercial supply in 2025 to reach 10,000 annualized doses exiting 2025.
• The longer-term target is 20,000 annualized doses exiting 2027.

To be fair, the Cost of Collaboration Revenue, which includes Legend Biotech Corporation's share of CARVYKTI cost of sales, rose from $49.1 million in Q1 2024 to $113.3 million in Q3 2025, reflecting these increased manufacturing and supply chain expenditures. Legend Biotech Corporation also noted initiating commercial production at a Novartis facility for the CAR-T therapy.

Major academic and research institutions for early-stage cell therapy discovery

Legend Biotech Corporation is strengthening its internal research and development capabilities while also leaning on established academic ecosystems. The company celebrated the official opening of its new, state-of-the-art R&D facility in Philadelphia, Pennsylvania, on November 13, 2025. This site spans 31,000-square-foot and is designed to advance next-generation cell therapies.

In Europe, Legend Biotech Corporation has reinforced its commitment to the Flemish ecosystem, highlighting collaborations with leading research institutions there:

• VIB.
• Ghent University.

These collaborations are part of a strategy to maintain a sustainable pipeline, with the Philadelphia team supporting R&D across oncology and immunology portfolios. The company reported having over 2,900 employees as of late 2025.

Legend Biotech Corporation (LEGN) - Canvas Business Model: Key Activities

You're focused on the engine room of Legend Biotech Corporation (LEGN) right now-the core things they must execute daily to turn science into revenue and future pipeline value. For a cell therapy company like Legend Biotech, Key Activities revolve around production scaling, clinical validation, and market rollout, all while managing a highly personalized manufacturing process.

Manufacturing Expansion to Double CARVYKTI Supply in New Jersey and Belgium

The primary operational push is capacity expansion to finally meet the demand that has historically constrained revenue. Legend Biotech, along with its partner, is aggressively scaling up manufacturing footprint across the Atlantic. The stated goal is to reach a capacity to produce 10,000 doses of CARVYKTI on an annualized basis by the end of 2025. This is being achieved through multiple site expansions and approvals.

• Obelisc facility in Ghent, Belgium: Began commercial production in Q3 2024 and is currently running at full capacity.
• Ghent Tech Lane facility: Expected to gain approval for commercial supply by the end of 2025, with an additional investment of approximately $150 million approved for future capacity, construction starting in the second half of 2025.
• Raritan facility in New Jersey: Total investment stands at $500 million, with regulatory approval for a new section anticipated in the second half of 2025.
• Contract Manufacturing: Novartis received FDA approval to produce commercial supply at its Morris Plains, New Jersey site.

Global Commercialization and Market Access Activities for CARVYKTI

Commercial execution is translating directly into significant revenue milestones. The activity here is pushing the therapy into new markets and securing favorable label updates to broaden patient access. The commercial performance in the first three quarters of 2025 shows this activity is paying off, though the company is still investing heavily to sustain this growth.

Here's the quick math on the commercial ramp-up through Q2 2025:

Market access activities included securing a positive CHMP opinion to add statistically significant overall survival improvement data from the CARTITUDE-4 study to the CARVYKTI label. Also, the FDA removed the Risk Evaluation and Mitigation Strategy (REMS) for CARVYKTI, which should streamline patient access.

Conducting Late-Stage Clinical Trials, like the CARVYKTI Frontline Studies

Sustaining market leadership requires continuously generating data that proves durability, especially as the therapy moves into earlier lines of treatment. The activity centers on presenting long-term follow-up data from pivotal trials like CARTITUDE-1 and CARTITUDE-4.

• CARTITUDE-1 (Heavily Pretreated): At ASCO 2025, data showed an unprecedented 33% (32 of 97 patients) remained progression-free for ≥5 years after a single infusion.
• CARTITUDE-1 (Triple-Class Exposed): Median progression-free survival (mPFS) reached 50.4 months following a single infusion.
• CARTITUDE-4 (Second-Line): At a median follow-up of 33.6 months, the 30-month PFS rate for standard-risk cytogenetics patients (as-treated) was 80.5%, compared to 43.2% for the standard-of-care arm.

These data points are crucial for justifying the therapy's value proposition in earlier settings.

Research and Development of Next-Generation Cell Therapies for Solid Tumors

Beyond the current commercial success, a key activity is advancing the pipeline into new, harder-to-treat areas, specifically solid tumors. This R&D effort is focused on novel targets and platforms. Preliminary results from Phase 1 studies were presented at major 2025 conferences.

• LB1908: This autologous CAR-T targeting Claudin 18.2 showed encouraging antitumor activity with manageable safety in patients with advanced gastric, gastroesophageal, and esophageal adenocarcinoma.
• LB2102: This DLL3-targeted autologous CAR-T therapy for relapsed or refractory small-cell lung cancer (SCLC) and large cell neuroendocrine carcinoma (LCNEC) had its Phase 1 data presented at the American Society of Gene & Cell Therapy (ASGCT) meeting in May 2025.

Managing the Complex, Individualized Autologous CAR-T Supply Chain

This is the logistical backbone that underpins everything else. The activity involves coordinating the highly complex, individualized process from patient apheresis to final infusion across multiple global manufacturing sites. The successful scaling to meet the 10,000 dose/year goal by the end of 2025 is the direct metric of success for this activity. The fact that over 9,000 patients have been treated globally as of late 2025 demonstrates the high volume of successful end-to-end logistical coordination required.

Finance: review Q3 2025 operating expense burn rate against manufacturing ramp-up schedule by next Tuesday.

Legend Biotech Corporation (LEGN) - Canvas Business Model: Key Resources

You're looking at the core assets that power Legend Biotech Corporation's current operations and future potential as of late 2025. These aren't just line items on a balance sheet; they are the engines driving their cell therapy ambitions.

The foundation of Legend Biotech Corporation's commercial success rests heavily on the intellectual property and associated commercial rights for its lead product. While the specific patent expiration dates aren't always public-facing in earnings summaries, the commercial framework gives us a tangible timeline. For instance, the expanded agreement with Novartis to perform commercial manufacturing for CARVYKTI extends through the end of 2029.

The clinical validation for CARVYKTI (ciltacabtagene autoleucel; cilta-cel) is a massive resource, as demonstrated by the data presented at the American Society of Hematology (ASH) Annual Meeting in December 2025. This data is what drives adoption and reimbursement. Here are the key statistical milestones:

• Median progression-free survival (mPFS) of 50.4 months in triple-class-exposed patients with three prior lines of therapy.
• Median overall survival (OS) data suggested an extension to 60 months (five years) in a specific cohort.
• Total patients treated globally reached over 9,000 as of the third quarter of 2025.
• The U.S. Food and Drug Administration (FDA) and European Commission (EC) approved label updates to include the overall survival benefit versus standard of care.

Manufacturing capacity is critical for a cell therapy product like CARVYKTI, and Legend Biotech Corporation has been aggressively scaling this up. They are moving from reliance on partner sites to controlling more of their own supply chain. The company reported CARVYKTI net trade sales of approximately $524 million for the three months ended September 30, 2025.

The specialized, global manufacturing facilities are structured to meet this growing demand:

Financial strength is a key resource that funds this expansion and R&D pipeline. As of September 30, 2025, Legend Biotech Corporation held cash and cash equivalents, and time deposits of approximately $1.0 billion. The company believes this position provides financial runway beyond 2026, anticipating company-wide operating profit that year.

To fuel the next generation of therapies, the world-class R&D team is being physically expanded. The new 31,000-sq-ft Philadelphia R&D facility, located at 2300 Market Street, officially opened in late 2025, having been expected to complete construction in the third quarter of 2025. This site complements the existing R&D footprint, which includes a facility in Piscataway, New Jersey. Here's the quick math on the staffing plan for this new hub:

• Total U.S. employees for Legend Biotech Corporation stand at over 1,450.
• The global R&D organization encompasses more than 350 employees.
• The Philadelphia site is set to start with 35 employees, with plans to grow to 55 or more staff members.

This investment definitely signals a commitment to pipeline advancement.

Legend Biotech Corporation (LEGN) - Canvas Business Model: Value Propositions

You're looking at the core value Legend Biotech Corporation (LEGN) delivers to its customers-the patients and healthcare systems-primarily through its flagship product, CARVYKTI. This value is built on demonstrable, hard clinical and commercial success as of late 2025.

CARVYKTI: A one-time infusion offering deep, durable responses for multiple myeloma

The primary value is the shift from chronic management to a potentially long-term remission from a single infusion. This is backed by significant commercial uptake, showing deep market penetration and physician confidence. For the third quarter of 2025, CARVYKTI net trade sales reached approximately $524 million. This follows strong prior quarters, with Q2 2025 sales at approximately $439 million and Q1 2025 sales at approximately $369 million. The therapy has now treated over 9,000 patients globally to date. Furthermore, the U.S. Food and Drug Administration (FDA) removed the Risk Evaluation and Mitigation Strategies (REMS) for CARVYKTI, which streamlines patient access significantly.

Here's a snapshot of the commercial momentum:

First and only BCMA-targeted therapy approved for second-line multiple myeloma treatment

Legend Biotech Corporation (LEGN) has successfully positioned CARVYKTI earlier in the treatment paradigm, a major value driver. The drug gained FDA approval as a second-line multiple myeloma therapy in April 2024. This approval was also secured in Australia's TGA for second-line plus settings. The European Medicines Agency (EMA) approved it in April 2024 for patients who had received at least one prior therapy, including an immunomodulatory agent and a proteasome inhibitor, and were refractory to lenalidomide.

This early-line access is supported by clinical findings showing superior outcomes compared to standard of care (SOC) in earlier treatment settings.

• Median PFS for patients with one prior line of therapy (pLOT) was not reached for the CARVYKTI arm, versus a median PFS of 17 months for SOC patients.
• For patients with two pLOT, median PFS was not reached for CARVYKTI vs. 12 months for SOC.
• For patients with three pLOT, median PFS was not reached for CARVYKTI vs. 8 months for SOC.

Potential to redefine standard of care with long-term progression-free survival (50.4 months in CARTITUDE-1)

The durability of response is a key differentiator, suggesting a potential shift away from continuous treatment cycles. Data presented at the 2025 American Society of Hematology (ASH) Annual Meeting reinforced this long-term value. In triple-class-exposed patients who had received three prior lines of therapy, the median progression-free survival (mPFS) following a single CARVYKTI infusion was 50.4 months. This is a remarkable figure, considering these heavily pretreated patients historically had an expected median PFS of less than 6 months.

For patients treated as early as second line with standard-risk cytogenetics in the CARTITUDE-4 study, the durability is even more pronounced:

• 80% of as-treated patients remained progression-free and treatment-free at 2.5 years (30 months).
• The 30-month PFS rate for intent-to-treat standard-risk patients was 71.0% for the CARVYKTI arm, compared to 43.2% for the SOC arm.
• One-third of patients in the CARTITUDE-1 study remained progression-free for ≥5 years after a single infusion.
• Median overall survival matured to 60 months (5 years) in a specific patient cohort.

Innovative pipeline focused on next-generation autologous and allogeneic cell therapies

Legend Biotech Corporation (LEGN) is building future value by advancing its platform beyond the current BCMA-targeted therapy. The pipeline is focused on next-generation modalities, though most assets are still in early development. The company is actively pursuing both autologous (patient's own cells) and allogeneic (off-the-shelf) cell therapies. A concrete step in this direction was the presentation of first-in-human results from the allogeneic CAR-T candidate, LUCAR-G39D, at ASH 2025. However, you should note that most pipeline assets are currently in Phase 1, meaning they are years away from potential commercialization, which adds a layer of uncertainty to near-term revenue diversification.

Finance: draft 13-week cash view by Friday.

Legend Biotech Corporation (LEGN) - Canvas Business Model: Customer Relationships

You're navigating the complex world of CAR-T therapy commercialization, where the relationship isn't just with the prescribing physician, but with the entire specialized treatment ecosystem. Legend Biotech Corporation (LEGN) focuses its customer relationship strategy on intensive support for the centers administering CARVYKTI.

High-touch, specialized support for certified treatment centers and oncologists.

The nature of CAR-T therapy demands a high level of coordination, which is reflected in the required infrastructure. As of the first quarter of 2025, Legend Biotech Corporation (LEGN) and Janssen had 213 globally activated treatment sites. This specialized network requires continuous engagement to maintain the high manufacturing success rate, which management stated was 97% as of early 2025. The cost of a single course of treatment is estimated around $465k, underscoring the high-value, high-touch nature of the service provided to these centers.

Dedicated medical affairs and sales teams supporting CARVYKTI adoption.

The commercial engine supporting adoption is reflected in the operating expenses. For the three months ended September 30, 2025, Selling and Distribution Expenses were $52.6 million. This spending increase, up from $44.3 million in the same period in 2024, is explicitly tied to higher commercial costs, including sales force expansion and Janssen-related marketing and market access activities. This investment directly supports the growing revenue base.

• U.S. quarter-over-quarter growth in Q2 2025 was 13%.
• Nearly 60% utilization in earlier line settings in the U.S. as of Q2 2025.
• The therapy has launched in eight new territories in 2025 to date.

Patient support programs to navigate the complex CAR-T treatment process.

The ultimate customer relationship is with the patient, managed through the successful adoption of the therapy. As of the third quarter of 2025, over 9,000 patients globally have been treated with CARVYKTI. This scale implies a significant, ongoing need for support infrastructure to manage the logistics of cell collection, manufacturing, and infusion, which is inherent to the CAR-T process.

Collaboration management with Janssen for shared commercial success.

The commercial relationship with Janssen Biotech is central to Legend Biotech Corporation (LEGN)'s customer-facing success, as Janssen provides the global commercialization expertise. The financial structure aligns both parties directly with sales performance. The collaboration revenue for Legend Biotech Corporation (LEGN) reflects its share of the net trade sales generated by CARVYKTI. Here's a look at the revenue flow supporting this relationship through Q3 2025:

This shared success model is underpinned by joint investment in supply. Legend Biotech Corporation (LEGN) is supporting a $150 million investment in a new manufacturing facility in Belgium, aiming to double production capacity by the end of 2025. The company expects to initiate commercial production at the Tech Lane facility in Belgium by the end of 2025. The global profit-split is 50/50, though Legend Biotech Corporation (LEGN) secures a 70% share in Greater China.

Legend Biotech Corporation (LEGN) - Canvas Business Model: Channels

You're looking at how Legend Biotech Corporation gets its CARVYKTI therapy to the patients who need it, which is a complex, high-touch process for a cell therapy. The channels aren't just about shipping; they're about specialized medical infrastructure and regulatory navigation.

The physical delivery channel relies heavily on a highly specialized, limited network. This is necessary because CARVYKTI is an autologous CAR-T therapy, meaning the patient's own cells are modified and infused back into them, requiring specific handling and infusion capabilities.

• CARVYKTI is available in over 120+ treatment centers across America.
• These centers are designated as CARVYKTI Certified Treatment Centers, featuring specially trained doctors and nurses.
• Patients must plan to stay at or near the center for at least 4 weeks following treatment.

The commercialization and distribution backbone is managed through the collaboration with Janssen Biotech, Inc., a Johnson & Johnson company. This partnership dictates the global reach, with a key operational agreement recently updated.

Legend Biotech is aggressively scaling its manufacturing to meet demand, aiming for a goal of producing 10,000 doses of Carvykti annually by the end of 2025. This supply chain is a direct link from Legend Biotech's manufacturing sites, like the one in Raritan, New Jersey, to the specialized hospitals.

Regulatory bodies act as critical gatekeepers, validating the channel's ability to safely deliver the therapy. These agencies govern market access and label expansions, which directly impact which patients can be treated through the existing channels.

• U.S. Food and Drug Administration (FDA): Approved CARVYKTI in February 2022. The FDA removed the Risk Evaluation and Mitigation Strategies (REMS) and updated labeling to reduce monitoring requirements. A labeling change including a warning for a potentially fatal gastrointestinal condition was approved on October 10, 2025.
• European Commission (EC): Granted conditional marketing authorization in May 2022. The EC approved CARVYKTI for patients who have received at least one prior therapy including a proteasome inhibitor (PI) and an immunomodulatory agent (IMiD), and are refractory to lenalidomide.
• Other Authorities: Japan's Ministry of Health, Labour and Welfare (MHLW) approved CARVYKTI in September 2022. The Therapeutic Goods Administration (TGA) in Australia is part of the health authorities that reviewed the product.

The removal of REMS by the FDA is a significant channel efficiency improvement, as it reduces the administrative and monitoring burden on the 120+ certified centers. Finance: review the impact of the October 6, 2025 supply agreement's cost-sharing terms on Q4 2025 COGS by next Tuesday.

Legend Biotech Corporation (LEGN) - Canvas Business Model: Customer Segments

You're looking at the core groups Legend Biotech Corporation (LEGN) serves for its cell therapy products, primarily CARVYKTI (ciltacabtagene autoleucel; cilta-cel). This is a high-value, specialized market, so the customer segments are tightly defined.

Adult patients with relapsed or refractory multiple myeloma (second-line plus)

This segment represents the direct recipients of the approved therapy. The commercial success hinges on capturing patients across various lines of therapy, especially as the label expands.

As of the third quarter of 2025, Legend Biotech Corporation has treated over 9,000 patients globally with CARVYKTI. ^® The product's positioning is shifting toward earlier lines of treatment, supported by clinical data.

The patient segment is defined by prior treatment history, which dictates access:

• Patients with relapsed or refractory multiple myeloma (RRMM) who have received four or more prior lines of therapy (initial US indication).
• Patients with RRMM who have received at least one prior line including a proteasome inhibitor, an immunomodulatory agent, and are refractory to lenalidomide (US label update as of April 2024).
• Patients in the second-line plus setting, following a positive opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) to include overall survival benefit data from the CARTITUDE-4 study on the European label.

Here's a look at the commercial uptake through the first three quarters of 2025:

The company projects CARVYKTI to achieve operational breakeven by the end of 2025.

Hematology-oncology specialists and major cancer treatment centers globally

These are the prescribers and the physical locations where the complex, personalized cell therapy is administered. Scaling this segment requires building out specialized infrastructure.

Legend Biotech Corporation is focused on expanding its physical footprint to meet demand. In the first quarter of 2025, the number of activated treatment sites in the U.S. had expanded to 114.

Key operational metrics for these centers include:

• Manufacturing success rate: 97% in CAR-T cell manufacturing.
• On-time delivery rate: 95%.
• Median turn-around time: 30 days.

The company is also expanding manufacturing capacity, initiating clinical production at the Tech Lane facility in Belgium as of Q1 2025, and targeting 10,000 annualized doses by the end of 2025.

Healthcare payers and government reimbursement systems (e.g., Spain's SNS)

Payers, including private insurers and government systems like Spain's SNS, are critical for determining patient access and the ultimate revenue realization for each dose administered.

The value proposition to payers is strengthened by data showing superior overall survival versus standard of care, which is being incorporated into the label. This clinical benefit supports favorable coverage decisions.

The financial trajectory signals increasing confidence in securing reimbursement to cover costs:

• Legend Biotech Corporation anticipates company-wide profitability in 2026.
• The gross margin on net product sales was 57% in Q3 2025.
• The company maintained a strong cash position of approximately $1.0 billion as of September 30, 2025, providing runway beyond 2026.

Clinical trial investigators for pipeline candidates

This segment includes academic and clinical researchers who participate in the development of Legend Biotech Corporation's next-generation therapies, which extends beyond multiple myeloma.

Investigators are engaged in studies for pipeline candidates targeting other hematological malignancies and solid tumors. For example, preliminary results from Phase 1 dose-escalation studies for LB2102 (lung cancers) and LB1908 (gastroesophageal cancers) were featured at major medical meetings in 2025.

The development of LB2102, a DLL-3 targeting CAR-T therapy, is associated with license revenue recognized over time as the Phase 1 clinical trial progresses.

Key engagement points for investigators include:

• Presenting data at major congresses like ASCO and EHA in 2025.
• Participation in Phase 1 dose-escalation studies for solid tumor programs.

Finance: draft 13-week cash view by Friday.

Legend Biotech Corporation (LEGN) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Legend Biotech Corporation's operations as of late 2025. The cost structure is heavily weighted toward supporting its commercial success and pipeline development.

A primary cost component is the High Cost of Collaboration Revenue. For the three months ended September 30, 2025, this cost totaled $113.3 million. This increase from the prior year was primarily due to Legend Biotech's share of the cost of sales connected with CARVYKTI® sales under the Janssen Agreement and expenditures made to support expansion in manufacturing capacity.

The commitment to pipeline advancement is reflected in Significant Research and Development (R&D) expenses. These expenses reached $113.1 million for the three months ended September 30, 2025. This rise from the prior year was attributed to higher pipeline-related research and development activities, plus expenditures in BCMA front line clinical studies.

The company is actively engaged in Capital expenditures for expanding global manufacturing capacity. A concrete example of this investment is the €165 million joint investment with Johnson & Johnson to expand the state-of-the-art facility at Tech Lane Ghent Science Park in Belgium. This second phase of investment reinforces the Ghent operations as a major European hub for cell therapies.

Commercial scaling drives the Selling and Distribution expenses. These amounted to $52.6 million for the third quarter of 2025. This figure reflects higher commercial costs, including sales force expansion and Janssen-related marketing and market access activities, which naturally rose alongside collaboration revenue.

The final area outlined in the cost structure involves the Costs associated with maintaining and defending intellectual property. While specific figures for IP defense are not itemized separately in the readily available Q3 2025 data, these costs are embedded within the overall operating expenses, including R&D and administrative overhead.

Here's a quick look at the key expense categories for the third quarter of 2025:

You can see the scale of investment in the following operational areas:

• Expansion of CAR-T manufacturing in Ghent, Belgium, involving a €165 million joint investment.
• Higher commercial costs tied to sales force expansion.
• Expenditures supporting pipeline research and clinical studies.

Legend Biotech Corporation (LEGN) - Canvas Business Model: Revenue Streams

You're looking at the core money-making engine for Legend Biotech Corporation as of late 2025, and it's heavily concentrated around one blockbuster asset. Honestly, the revenue structure is straightforward: it's all about the success of CARVYKTI (ciltacabtagene autoleucel) through the Janssen collaboration, supplemented by specific licensing income. Here's the quick math on what hit the books for the third quarter ending September 30, 2025.

The primary financial inflows are clearly delineated into product-related collaboration revenue and distinct license revenue. It's important to note that the massive CARVYKTI net trade sales figure is the gross number driving the collaboration revenue split, not a separate, additive revenue line for Legend Biotech's total top line, which is a common structure in these co-commercialization deals.

That collaboration revenue of $261.8 million, combined with the $10.5 million in license revenue, aligns almost perfectly with the reported total revenue of approximately $272 million for the quarter. That's a massive jump, showing the commercial momentum is translating directly into the recognized income stream.

Beyond the recurring and recognized revenue, you have to factor in the contingent, but significant, potential income streams that underpin the long-term valuation of these partnerships. These are the non-guaranteed, performance-based payments that can provide substantial, albeit lumpy, boosts to the financials.

• Potential milestone payments from the Janssen collaboration agreement.
• Potential milestone payments from the Novartis License Agreement for LB2102, which has up to $1.01 billion in potential milestones mentioned in prior agreements, though the Q3 recognition was tied to ongoing trial activities.
• Revenue recognition tied to the progression of pipeline assets in clinical trials under various agreements.

If onboarding takes 14+ days, churn risk rises, but for revenue recognition, the key action is tracking the progress of the LB2102 trial to estimate the timing of the next license revenue tranche. Finance: draft 13-week cash view by Friday.