Legend Biotech fell about 10% despite record second-quarter Carvykti sales after comments in a J&J earnings call drew investor attention. Johnson & Johnson reported Carvykti revenue of $657 million, up 48% year over year, but Legend’s stock declined as markets digested phrasing that highlighted a potential curative role for an alternative Tecvayli and Darzalex regimen. The concern centers on commercial positioning in second-line multiple myeloma, where Tecvayli plus Darzalex was discussed as having “the potential for cure.” Investors had been sensitive to Carvykti’s longer-term dominance narrative and to J&J commercial priorities. The Tecvayli-Darzalex combination received a fast FDA approval in March via the Commissioner’s National Priority Voucher pilot program for second-line multiple myeloma—an earlier label stage where Carvykti is already positioned. Legend’s decline reflects how even strong product performance can be overshadowed by competitive messaging at major company earnings calls, shaping expectations for future sequencing and market share.