Legend Biotech Appoints Industry Veteran to Drive Path to Profitability

Legend Biotech Corp has taken a strategic leap toward financial sustainability by naming Carlos Santos as its new Chief Financial Officer. The move signals the cell therapy innovator’s commitment to achieving profitability amid strong commercial performance of its flagship CAR-T treatment.

A Strategic Hire for Critical Growth Phase

Santos assumes the CFO role immediately, succeeding interim finance head Jessie Yeung. The appointment brings decades of multinational financial leadership to Legend Biotech, with Santos having held senior positions at pharmaceutical giant AstraZeneca, medical technology firm Alcon, and semiconductor leader Intel. His expertise in guiding high-growth life science companies through commercialization phases makes him particularly valuable as Legend approaches crucial financial milestones.

The incoming CFO faces a clear mandate: implement rigorous financial discipline to steer the company toward profitability by 2026. This challenge comes despite recent quarterly losses, requiring careful management of the company’s substantial cash reserves against ongoing research and commercialization expenses.

CAR-T Therapy Delivers Record Commercial Performance

Financial results for Q2 2025 reveal the foundation for Legend’s profitability push. The company reported $255.06 million in revenue, exceeding market expectations. Driving this performance was CARVYKTI®, Legend’s breakthrough CAR-T cell therapy, which generated $439 million – a staggering 136% year-over-year increase that set a new industry benchmark for CAR-T commercial success.

While the company posted a $125 million net loss, adjusted earnings told a more promising story. Legend recorded $10.1 million in adjusted profit, a significant reversal from the $2.5 million loss reported in the same quarter last year. This improvement came primarily from eliminating non-operational factors like currency fluctuations from the calculation.

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Roadmap to Sustainable Operations

Management has outlined specific financial targets:

• Achieve operational break-even for CARVYKTI® by December 2025
• Reach company-wide profitability starting in 2026

With approximately $1 billion in liquid assets, Legend maintains substantial financial flexibility to execute this plan. Regulatory tailwinds support the strategy, as recent FDA decisions have expanded patient access to CAR-T therapies.

Manufacturing capabilities continue to impress, with CARVYKTI® production maintaining a 97% success rate – an industry-leading figure that positions Legend to meet growing global demand.

As Santos takes the financial helm, investors will watch closely to see whether Legend can convert its clinical and commercial successes into sustainable profitability. While the biotech sector remains volatile, the company appears to have both the product pipeline and financial strategy in place for long-term success.