Legend Biotech (LEGN) AI Stock Analysis

• Market Cap: $3.30B
• Dividend Yield: N/A
• Average Volume (3M): 1.93M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.60
• Revenue Growth: 74.91%
• EPS Growth: 31.54%
• Country: US
• Employees: 2,600
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.08
• Shares Outstanding: 184,955,640
• 10 Day Avg. Volume: 1,340,423
• 30 Day Avg. Volume: 1,934,091
• PEG Ratio: -0.10
• Price to Book (P/B): 2.00
• Price to Sales (P/S): 1.94
• P/FCF Ratio: -11.92
• Enterprise Value/Market Cap: 0.35
• Enterprise Value/Revenue: 1.14
• Enterprise Value/Gross Profit: 1.88
• Enterprise Value/Ebitda: -4.81
• 1Y Price Target: $54.71
• Price Target Upside: 206.16% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): 0.24
• Revenue Forecast (FY): $1.44B

• Rating: 52 Neutral
• Price Target: $19.00 ▲(6.32% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is held back primarily by ongoing losses and continued negative operating/free cash flow despite improving revenue and strong gross margins. Technicals are neutral-to-weak with the stock still below key longer-term moving averages. Offsetting these factors, the earnings call was positive, citing strong CARVYKTI sales growth, label strength, manufacturing expansion, and a clearer path to profitability.

Positive Factors

Broad commercial adoption of CARVYKTI

Treating over 10,000 patients and rapid sales scaling demonstrate durable market adoption and clinical acceptance in multiple myeloma. That patient base supports repeatable demand, payer familiarity, and referral patterns that underpin revenue sustainability beyond short-term cycles.

Expanded manufacturing capacity with high success rates

A large, high-yield manufacturing footprint reduces supply bottlenecks and per-dose costs as volumes scale, enabling margin improvement and faster geographic rollout. Durable in-house capacity supports quality control, partner confidence, and long-term commercialization execution.

Strong product-level economics and accelerating revenue

High gross margins and growing top-line indicate favorable unit economics for CARVYKTI, providing a structural cushion as the company scales. Persistently strong product margins improve the path to operating leverage and sustainable profitability as fixed costs are absorbed.

Negative Factors

Persistent negative operating and free cash flow

Continued negative operating and free cash flow signal ongoing funding needs despite revenue growth. Until operating cash turns positive, the company faces execution and refinancing risk that can constrain R&D, commercial expansion, and margin realization over the next 2–6 months.

Concentration risk tied to CARVYKTI and partner economics

Heavy reliance on one product and a collaboration model with shared economics centralizes commercial and regulatory risk. Changes in partner strategy, reimbursement, or competitive BCMA entrants would have outsized impact on Legend's revenue and cash conversion durability.

Clinical safety management risk (neurotoxicity)

Persistent neurotoxicity concerns affect patient selection, monitoring intensity, and uptake in broader community settings. Structural safety management needs can raise treatment costs, limit label expansion speed, and slow durable penetration into earlier-line settings despite efficacy benefits.

Legend Biotech Business Overview & Revenue Model

Company Description

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM), as well as a comparison of the treatment with standard triplet therapy in revlimid-refractory multiple myeloma. The company also has a portfolio of earlier-stage autologous product candidates, which are in Phase I clinical trials for the treatment of gastric cancer and T cell lymphoma. In addition, it is developing CAR-T product candidates targeting CD20/CD22/CD19 for the treatment of non-hodgkins lymphoma, diffuse large B-cell lymphoma, and acute lymphoblastic leukemia. Further, the company has product candidates in early preclinical and clinical development for the treatment of solid tumors as well as infectious diseases. It has collaboration and license agreement with Janssen Biotech, Inc. for the development and commercialization of ciltacabtagene autoleucel. Legend Biotech Corporation was founded in 2014 and is based in Somerset, New Jersey. Legend Biotech Corporation is a subsidiary of Genscript Biotech Corporation.

How the Company Makes Money

Legend Biotech primarily makes money through collaboration-related revenue tied to CARVYKTI and other partnered programs. A key revenue stream is its profit-sharing arrangement for CARVYKTI with Janssen in the United States, where Legend and Janssen share certain commercialization profits and losses under their collaboration. Outside the U.S., Legend typically earns collaboration revenue through royalties or milestone-based economics (such as development, regulatory, and commercial milestones) and reimbursements or cost-sharing related to development activities, depending on the terms of the collaboration. In addition to ongoing commercialization-linked income, Legend can generate revenue from upfront payments and milestones when it enters or expands strategic partnerships, and from services and manufacturing-related activities where applicable within its collaborations. Overall, earnings are significantly influenced by CARVYKTI’s sales trajectory (patient demand, manufacturing capacity, label expansions, and geographic rollout), as well as collaboration terms with Janssen/Johnson & Johnson governing profit share, milestones, and royalties.

Legend Biotech Financial Statement Overview

Summary

Top-line momentum and product economics are solid (2025 revenue up ~13.5% to ~$1.03B; gross margin ~60%), but profitability and cash conversion remain the key drag (2025 net loss ~-$298M; operating cash flow ~-$100M and free cash flow ~-$168M). Balance sheet leverage is moderate (debt-to-equity ~0.41), but continued losses keep returns negative (ROE ~-30%).

Income Statement

Revenue growth accelerated sharply in 2025 (annual revenue up ~13.5% to ~$1.03B from ~$0.63B in 2024), and gross margin remained strong (~60% in 2025), indicating solid product-level economics. However, profitability is still the key weakness: EBIT and EBITDA remain negative and net income was a sizable loss in 2025 (~-$298M), with a still-negative net margin (~-29%). Overall, the trajectory is improving versus the very large losses seen in 2022–2023, but the business has not yet reached sustainable operating profitability.

Balance Sheet

Leverage appears manageable for the profile: debt-to-equity is moderate at ~0.41 in 2025 (up from ~0.34 in 2024), and equity remains sizable (~$1.0B) relative to total assets (~$1.73B). The main concern is continued losses translating into negative returns on equity (about -30% in 2025), which can pressure the balance sheet over time if profitability does not improve. Net, the capital structure looks supportive today, but earnings quality needs to catch up.

Cash Flow

Cash generation remains weak: operating cash flow was negative in 2025 (~-$100M) and free cash flow was also negative (~-$168M). While cash burn improved materially versus 2023 (operating cash flow ~-$393M), free cash flow deteriorated slightly versus 2024 (from ~-$158M to ~-$168M) and the 2025 free-cash-flow growth rate is negative. Continued negative operating and free cash flow suggests ongoing funding needs and execution risk until the company consistently converts its improving revenue base into cash.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.03B	627.24M	285.14M	117.00M	68.83M
Gross Profit	622.44M	392.66M	140.93M	51.64M	68.83M
EBITDA	-107.78M	-113.16M	-477.87M	-416.54M	-392.38M
Net Income	-297.58M	-177.03M	-518.25M	-446.35M	-403.58M
Balance Sheet
Total Assets	1.73B	1.67B	1.85B	1.33B	1.12B
Cash, Cash Equivalents and Short-Term Investments	948.60M	1.12B	1.31B	1.03B	882.39M
Total Debt	413.70M	350.60M	328.67M	284.53M	122.97M
Total Liabilities	723.60M	629.61M	597.24M	586.65M	353.52M
Stockholders Equity	1.00B	1.04B	1.25B	744.31M	765.94M
Cash Flow
Free Cash Flow	-168.04M	-158.14M	-416.00M	-223.56M	-243.87M
Operating Cash Flow	-100.47M	-144.03M	-393.28M	-201.28M	-198.47M
Investing Cash Flow	711.48M	-850.54M	92.79M	-77.09M	-194.98M
Financing Cash Flow	-300.79K	5.70M	791.49M	377.98M	626.66M

Legend Biotech Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 17.87
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LEGN, the sentiment is Negative. The current price of 17.87 is below the 20-day moving average (MA) of 18.84, below the 50-day MA of 19.22, and below the 200-day MA of 29.37, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 42.33 is Neutral, neither overbought nor oversold. The STOCH value of 21.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LEGN.

Legend Biotech Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RNA	54 Neutral	―	-3.29	-32.44%	―	106.27%	-43.90%
LEGN	52 Neutral	$3.30B	-6.73	-29.22%	―	74.91%	31.54%
AXSM	52 Neutral	$8.13B	-49.60	-254.14%	―	65.83%	28.50%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CYTK	50 Neutral	$7.75B	-9.72	172.91%	―	2609.26%	-17.08%
RYTM	50 Neutral	$6.17B	-35.39	-179.05%	―	54.92%	28.47%
ABVX	44 Neutral	$9.70B	-1.02	5077.65%	―	―	18.47%

Legend Biotech Corporate Events

Legend Biotech Posts 2025 CARVYKTI Profitability and Tops 10,000 Patients Treated

On March 10, 2026, Legend Biotech reported its fourth quarter and full-year 2025 results, highlighting CARVYKTI net trade sales of about $555 million in the quarter and $1.9 billion for the year, and announcing that more than 10,000 patients had been treated globally. The company said CARVYKTI achieved franchise profitability in 2025, expanded availability to 14 markets and 294 sites, strengthened manufacturing with an enlarged Raritan facility capable of supplying up to 10,000 patients annually, and improved operating performance enough to post positive adjusted net income in the quarter while ending the year with $949 million in cash and equivalents, supporting its aim to reach company-wide operating profit beyond 2026.

Legend also underscored strategic investments in its pipeline and infrastructure, including opening a 31,000-square-foot R&D center in Philadelphia, dosing the first patients with in vivo candidates, and presenting encouraging first-in-human data for its allogeneic CAR-T LUCAR-G39D in B-cell non-Hodgkin lymphoma. While reported net income for the quarter swung to a $30.9 million loss, mainly due to unrealized foreign exchange movements rather than underlying operations, the results reinforced Legend’s growing commercial scale in multiple myeloma, its rising role as a leading cell therapy manufacturer, and its capacity to fund continued innovation and expansion for the benefit of patients, partners and investors.

The most recent analyst rating on (LEGN) stock is a Buy with a $80.00 price target. To see the full list of analyst forecasts on Legend Biotech stock, see the LEGN Stock Forecast page.

Legend Biotech Names Veteran Finance Executive Gareth Kung to Board and Audit Chair Role

On February 2, 2026, Legend Biotech Corporation appointed veteran finance executive Gareth Kung to its board of directors as a Class II director, with a term running through the company’s 2028 annual general meeting, and named him chair of the audit committee, replacing Tomas Heyman. Kung, currently a senior advisor at Wuhan Xinxin Semiconductor Manufacturing in China and formerly CFO or senior finance leader at multiple global semiconductor, solar and IT services companies, brings extensive cross-border capital markets and governance experience; his compensation package includes a three-year vesting restricted share unit award valued at $270,000 on grant, plus annual cash retainers for board and audit chair service, signaling Legend Biotech’s continued emphasis on strengthening its financial oversight and board expertise as it advances its growth strategy.

The most recent analyst rating on (LEGN) stock is a Buy with a $80.00 price target. To see the full list of analyst forecasts on Legend Biotech stock, see the LEGN Stock Forecast page.

Legend Biotech Reshapes Board, Appoints GenScript Chairman Robin Meng as Director

On January 20, 2026, Legend Biotech Corporation reshaped its boardroom, appointing GenScript chairman and executive director Robin Meng as a Class III director to serve until the company’s 2026 annual general meeting, replacing outgoing director Li Zhu. On the same date, directors Li Zhu and Yau Wai Man Philip resigned from the board, with the company emphasizing that their departures did not stem from any dispute over operations or policies; in recognition of Yau’s contributions, the board’s compensation committee approved accelerated vesting of his remaining restricted share units and a one-time cash payment of $56,250 for his foregone 2026 board fees, while appointing Tomas Heyman as the new chair of the audit committee, signaling a continuation of board refreshment and governance continuity amid close alignment with major shareholder GenScript.

The most recent analyst rating on (LEGN) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Legend Biotech stock, see the LEGN Stock Forecast page.

Legend Biotech Announces Preliminary Q4 2025 CARVYKTI Sales of Approximately $555 Million

On January 21, 2026, Legend Biotech reported that its multiple myeloma cell therapy CARVYKTI generated approximately $555 million in net trade sales for the quarter ended December 31, 2025, based on preliminary data provided by collaboration partner Janssen. The company noted that this sales figure is preliminary and subject to the completion of Legend Biotech’s year-end financial statements and associated accounting determinations, and it has not yet been audited or reviewed by the company’s independent registered public accountants, underscoring that final revenue and gross profit recognition for the quarter could differ from this initial estimate.

The most recent analyst rating on (LEGN) stock is a Buy with a $66.00 price target. To see the full list of analyst forecasts on Legend Biotech stock, see the LEGN Stock Forecast page.

Legend Biotech Signals 2026 Profitability Push and CARVYKTI Expansion in Updated J.P. Morgan Presentation

On January 14, 2026, Legend Biotech updated its corporate presentation at the 44th Annual J.P. Morgan Healthcare Conference, highlighting its rapid revenue growth, improving operating margins, and an expected inflection to company-wide operating profit in 2026. The presentation underscored CARVYKTI’s strengthening commercial position—with more than 10,000 patients treated by late 2025, manufacturing capacity expanded across multiple global sites, and a 97% manufacturing success rate—as well as the strategic importance of its 50/50 global profit-sharing partnership with Johnson & Johnson in multiple myeloma, positioning the company as a leading player in cell therapy as it focuses on maximizing CARVYKTI’s market leadership, advancing pipeline innovation, and driving profitability.

The most recent analyst rating on (LEGN) stock is a Buy with a $66.00 price target. To see the full list of analyst forecasts on Legend Biotech stock, see the LEGN Stock Forecast page.

Legend Biotech Marks 10,000 CARVYKTI Patients and Ramps Up Cell Therapy Capacity Ahead of 2026 Profit Push

On January 12, 2026, Legend Biotech reported at the J.P. Morgan Healthcare Conference that its flagship multiple myeloma therapy CARVYKTI has now been used to treat more than 10,000 clinical and commercial patients, supported by a significant global rollout to 279 sites in 14 markets and the completion of a major expansion of its Raritan, New Jersey facility, which is now the largest cell therapy manufacturing plant in the United States and can support up to 10,000 patients annually. The company highlighted strong late-stage clinical data presented in December 2025 showing durable progression-free survival and benefits from earlier-line use, recent US and EU label updates adding overall survival advantage versus standard therapies, and progress across its broader pipeline, including first-in-human results from allogeneic candidate LUCAR-G39D, opening a new Philadelphia R&D center, and dosing a first patient with a dual CD20/CD19 in vivo CAR-T, while also signaling a shift toward financial inflection with expected CARVYKTI franchise profitability in 2025, anticipated company-wide operating profit in 2026 and roughly $1.0 billion in cash and time deposits as of September 30, 2025.

The most recent analyst rating on (LEGN) stock is a Buy with a $75.00 price target. To see the full list of analyst forecasts on Legend Biotech stock, see the LEGN Stock Forecast page.