Legend Biotech (LEGN) AI Stock Analysis

• Market Cap: $3.17B
• Dividend Yield: N/A
• Average Volume (3M): 2.44M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.71
• Revenue Growth: 74.91%
• EPS Growth: 31.54%
• Country: US
• Employees: 2,600
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.11
• Shares Outstanding: 184,570,710
• 10 Day Avg. Volume: 3,512,634
• 30 Day Avg. Volume: 2,437,998
• PEG Ratio: 0.25
• Price to Book (P/B): 2.86
• Price to Sales (P/S): 4.74
• P/FCF Ratio: -18.81
• Enterprise Value/Market Cap: 0.53
• Enterprise Value/Revenue: 1.84
• Enterprise Value/Gross Profit: 3.03
• Enterprise Value/Ebitda: -9.11
• 1Y Price Target: $60.77
• Price Target Upside: 264.77% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $16.50 ▼(-0.96% Downside)

The score is most constrained by weak financial performance (ongoing losses and negative operating/free cash flow) and bearish technicals (price below major moving averages with negative MACD). These are partially offset by a positive earnings-call outlook driven by strong CARVYKTI growth, expanding international demand, and improved labeling that could support the path to profitability.

Positive Factors

Commercial momentum (CARVYKTI adoption)

Sustained high sales and rapid patient uptake indicate durable commercial traction for CARVYKTI. A large and growing treated-patient base supports recurring collaboration revenue, improves forecasting visibility and strengthens Legend’s negotiating leverage with partners and payers, aiding mid-term revenue stability.

Manufacturing capacity expansion

Meaningful scale-up of commercial manufacturing reduces supply bottlenecks and marginal cost per dose, enabling broader geographic rollout. Reliable in-house and partner capacity supports margin sustainability, lowers fulfillment risk, and is a structural enabler of moving CARVYKTI into earlier lines and higher volume markets.

Regulatory / clinical differentiation

An OS label advantage is a durable clinical differentiator that supports preferred formulary positioning and earlier-line adoption. Strong randomized data underpinning the label can drive long-term demand, payer coverage, and higher lifetime value per patient versus alternatives, reinforcing structural market leadership.

Negative Factors

Weak cash generation

Ongoing negative operating and free cash flows constrain reinvestment and increase dependence on collaboration receipts or cash reserves. Persistent cash burn can limit flexibility for pipeline advancement or commercialization investments absent predictable partner payments or successful margin inflection.

Persisting losses and negative ROE

Despite revenue growth, persistent operating losses and negative ROE show the business has yet to convert top-line momentum into shareholder returns. This structural profitability gap may pressure capital allocation decisions and could complicate financing or strategic investments until sustained profits are achieved.

Safety and execution risk

Unresolved neurotoxicity risks are structural safety concerns that can restrict label breadth, slow uptake in earlier lines, and raise monitoring costs. Combined with the complexity of scaling cell therapy manufacturing, these clinical and execution risks can constrain long-term utilization and increase regulatory and commercial friction.

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 generates revenue primarily through the development and commercialization of its CAR T-cell therapies. The company engages in partnerships with larger pharmaceutical firms to facilitate research, development, and commercialization of its products. These collaborations often include upfront payments, milestone payments based on development progress, and royalties on future sales. Additionally, the company may receive funding from government grants or venture capital investments to support its research initiatives. As the company advances its therapies through clinical trials and towards potential regulatory approval, it aims to create significant revenue streams from product sales and licensing agreements.

Legend Biotech Financial Statement Overview

Summary

Strong top-line momentum (14.06% revenue growth TTM) and healthy gross margin (61.77% TTM), but overall fundamentals are held back by ongoing losses (negative net/EBIT margins), negative ROE, and weak cash generation with negative operating and free cash flow.

Income Statement

Legend Biotech shows a strong revenue growth rate of 14.06% TTM, indicating positive momentum. However, the company struggles with profitability, as evidenced by negative net profit margins and EBIT margins. The gross profit margin is relatively healthy at 61.77% TTM, but the persistent negative net income highlights ongoing challenges in achieving profitability.

Balance Sheet

The company's debt-to-equity ratio of 0.37 TTM suggests moderate leverage, which is manageable. However, the return on equity is negative, indicating that the company is not generating sufficient returns on shareholders' equity. The equity ratio is not explicitly provided, but the balance sheet shows a stable equity base relative to assets.

Cash Flow

Legend Biotech's cash flow situation is concerning, with negative operating and free cash flows. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is below 1, indicating cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting some efficiency in converting net income to free cash flow, but overall cash flow health remains weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	908.96M	627.24M	285.14M	117.00M	68.83M	75.00M
Gross Profit	550.40M	392.66M	140.93M	51.64M	68.83M	75.00M
EBITDA	-183.33M	-113.16M	-477.87M	-416.54M	-392.38M	-298.16M
Net Income	-239.70M	-177.03M	-518.25M	-446.35M	-403.58M	-266.37M
Balance Sheet
Total Assets	1.71B	1.67B	1.85B	1.33B	1.12B	722.09M
Cash, Cash Equivalents and Short-Term Investments	992.59M	1.12B	1.31B	1.03B	882.39M	506.07M
Total Debt	410.24M	350.60M	328.67M	284.53M	122.97M	3.70M
Total Liabilities	701.69M	629.61M	597.24M	586.65M	353.52M	122.27M
Stockholders Equity	1.01B	1.04B	1.25B	744.31M	765.94M	597.77M
Cash Flow
Free Cash Flow	-188.68M	-158.14M	-416.00M	-223.56M	-243.87M	-253.29M
Operating Cash Flow	-170.07M	-144.03M	-393.28M	-201.28M	-198.47M	-223.00M
Investing Cash Flow	-16.73M	-850.54M	92.79M	-77.09M	-194.98M	-24.17M
Financing Cash Flow	14.00K	5.70M	791.49M	377.98M	626.66M	618.88M

Legend Biotech Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 16.66
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 16.66 is below the 20-day moving average (MA) of 20.54, below the 50-day MA of 22.79, and below the 200-day MA of 31.36, indicating a bearish trend. The MACD of -1.73 indicates Positive momentum. The RSI at 25.76 is Positive, neither overbought nor oversold. The STOCH value of 4.90 is Positive, 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	62 Neutral	$10.97B	-17.49	-32.44%	―	106.27%	-43.90%
CYTK	57 Neutral	$7.97B	-10.26	―	―	2609.26%	-17.08%
AXSM	55 Neutral	$9.37B	-40.09	-275.50%	―	65.83%	28.50%
RYTM	53 Neutral	$7.27B	-34.90	-240.36%	―	54.92%	28.47%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
LEGN	50 Neutral	$3.17B	-12.76	-22.60%	―	74.91%	31.54%
ABVX	44 Neutral	$8.69B	―	―	―	―	18.47%

Legend Biotech Corporate Events

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.

Legend Biotech Unveils Promising CARVYKTI® Data at ASH 2025

On December 6, 2025, Legend Biotech announced new data from the CARTITUDE studies at the ASH Annual Meeting, highlighting the long-term benefits of CARVYKTI® in treating relapsed/refractory multiple myeloma. The studies showed significant progression-free survival benefits, especially when used earlier in treatment. Additionally, first-in-human results for LUCAR-G39D in non-Hodgkin lymphoma demonstrated promising safety and efficacy. These findings reinforce Legend Biotech’s position in the cell therapy market and suggest potential improvements in patient outcomes.

The most recent analyst rating on (LEGN) stock is a Buy with a $48.00 price target. To see the full list of analyst forecasts on Legend Biotech stock, see the LEGN Stock Forecast page.

Legend Biotech Reports Strong Q3 2025 Results and CARVYKTI® Progress

On November 12, 2025, Legend Biotech reported its unaudited financial results for the third quarter of 2025, highlighting significant growth in CARVYKTI® sales, with net trade sales reaching approximately $524 million. The company also announced regulatory updates, including FDA and European Commission label updates for CARVYKTI® to reflect its overall survival benefit. Legend Biotech has treated over 9,000 patients to date and initiated commercial production at its Tech Lane facility in Belgium. Financially, the company reported a net loss of $39.7 million for the quarter, a significant improvement from the $125.3 million loss in the same period of 2024. The company holds approximately $1.0 billion in cash and equivalents, providing a financial runway beyond 2026, with expectations of achieving company-wide profitability in 2026.

The most recent analyst rating on (LEGN) stock is a Buy with a $60.00 price target. To see the full list of analyst forecasts on Legend Biotech stock, see the LEGN Stock Forecast page.