Legend Biotech’s shares fell about 10% despite reporting record Carvykti sales, after remarks on a Johnson & Johnson earnings call drew investor concern. J&J’s Worldwide Chair of Innovative Medicine Jennifer Taubert suggested an alternative regimen in second-line multiple myeloma has “the potential for cure,” raising questions about Carvykti’s long-term dominance. J&J reported $657 million in second-quarter Carvykti sales, up 48% year over year, broadly in line with expectations. However, the market reaction focused on perceived narrative overlap with Carvykti-linked language and J&J’s commercial priorities. The regimen Taubert highlighted—Tecvayli plus Darzalex—received a fast FDA approval in March under the National Priority Voucher pilot for second-line multiple myeloma. In the second quarter, Tecvayli U.S. sales rose 64% year over year to $186 million. Legend’s price reaction followed a similar volatility pattern after MajesTEC-3 data were presented, underscoring how competitive framing in earnings calls can quickly influence investor sentiment in CAR-T and adjacent MM categories.