Legend Biotech is a cell therapy company focused on CAR-T cancer treatments. Its only commercial product, CARVYKTI (cilta-cel), is a CAR-T cell therapy for multiple myeloma (MM). CARVYKTI works by extracting a patient's T cells, engineering them to target BCMA (a protein on myeloma cells), and infusing them back as a one-time treatment. CARVYKTI is approved in the U.S., EU, Japan, and China for relapsed/refractory MM patients after at least one prior line of therapy. Legend co-develops and co-commercializes CARVYKTI under a 50/50 partnership with Janssen (a J&J subsidiary), splitting development costs, manufacturing costs, and profits equally outside Greater China. In Greater China, Legend bears and retains 70%. Legend manufactures CARVYKTI and supplies product to Janssen at cost plus a markup, with manufacturing costs ultimately shared equally. Legend's revenue appears as collaboration revenue — roughly its half of CARVYKTI net trade sales. CARVYKTI is sold exclusively through Authorized Treatment Centers, hospitals and oncology practices certified to administer CAR-T therapy. Legend operates four manufacturing nodes across the U.S. and Belgium, with combined annualized capacity expected to reach 10,000 doses in 2025. Beyond CARVYKTI, Legend is pursuing frontline MM indications through two Phase 3 trials, as well as early-stage solid tumor and allogeneic CAR-T programs, including an in-vivo CAR-T platform that aims to eliminate the need for apheresis entirely.