Legend Biotech Corporation (LEGN)
NASDAQ:LEGN
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Legend Biotech
(NASDAQ:LEGN)
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Rating:52Neutral
Price Target:
$17.00
▼(-2.80% Downside)
Action:ReiteratedDate: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
Leading product adoption (CARVYKTI sales)
Sustained, rapid commercialization of CARVYKTI establishes a durable revenue base and market leadership in BCMA CAR‑T. Broad patient uptake and >10k treated signal repeatable demand, strengthening long‑term collaboration economics with Janssen and underpinning future revenue visibility.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow requires ongoing funding or partner support, increasing execution risk. Until revenue converts consistently to cash, Legend faces potential dilution, higher financing costs, or constrained investment in commercial expansion and pipeline programs.
Read all positive and negative factors
Positive Factors
Negative Factors
Leading product adoption (CARVYKTI sales)
Sustained, rapid commercialization of CARVYKTI establishes a durable revenue base and market leadership in BCMA CAR‑T. Broad patient uptake and >10k treated signal repeatable demand, strengthening long‑term collaboration economics with Janssen and underpinning future revenue visibility.
Read all positive factors
Legend Biotech (LEGN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.11B
Dividend YieldN/A
Average Volume (3M)1.61M
Price to Earnings (P/E)―
Beta (1Y)0.67
Revenue Growth74.91%
EPS Growth31.54%
CountryUS
Employees2,600
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.08
Shares Outstanding184,955,640
10 Day Avg. Volume1,156,051
30 Day Avg. Volume1,610,097
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)4.00
Price to Sales (P/S)3.88
P/FCF Ratio-23.85
Enterprise Value/Market Cap0.84
Enterprise Value/Revenue2.54
Enterprise Value/Gross Profit4.21
Enterprise Value/Ebitda-10.75
Forecast
1Y Price Target
$54.71Price Target Upside212.78% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)0.24
Revenue Forecast (FY)$1.44B
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....
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 Janss...
Legend Biotech Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down earnings by different business areas, highlighting which segments are driving growth and where there may be challenges or opportunities.
Breaks down earnings by different business areas, highlighting which segments are driving growth and where there may be challenges or opportunities.
Data provided by:
The Fly
The FlyLegend Biotech Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The earnings call reflects a largely positive outlook driven by significant sales growth of CARVYKTI, successful international expansion, and advancements in clinical trials and manufacturing capacity. However, challenges like managing neurotoxicity and achieving profitability remain.Positive Updates
Significant Increase in CARVYKTI Sales
CARVYKTI net trade sales were approximately $524 million, marking an 84% increase year-over-year, with a CAGR of 111% since launch.
Negative Updates
Challenges with Neurotoxicity
Studies suggest prophylactic dexamethasone does not reduce the risk of delayed neurotoxicity with CARVYKTI, indicating the need for effective bridging therapy to manage high tumor burden.
Read all updates
Q3-2025 Updates
Positive
Negative
Significant Increase in CARVYKTI Sales
CARVYKTI net trade sales were approximately $524 million, marking an 84% increase year-over-year, with a CAGR of 111% since launch.
Read all positive updates
Company Guidance
During the third quarter of 2025, Legend Biotech reported significant milestones, including CARVYKTI net trade sales of approximately $524 million, marking an 84% year-over-year increase. The company has treated over 9,000 patients with CARVYKTI, solidifying it as the strongest CAR-T launch to date. In the U.S., 60% of CARVYKTI's utilization is in earlier line settings, contributing to its leadership in the market. Legend Biotech highlighted the importance of treating patients in earlier lines due to improved progression-free survival (PFS) and overall survival (OS) benefits. The FDA approved an update to CARVYKTI’s label to include an OS benefit, based on Phase III CARTITUDE-4 study results. The company is focusing on expanding its manufacturing capacity to meet the growing demand, with plans to reach an annualized manufacturing capacity of 10,000 doses. Legend Biotech expects CARVYKTI to achieve profitability by the end of 2025 and aims for company-wide profitability in 2026, excluding unrealized foreign exchange gains or losses.Legend Biotech Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
62
Positive
Cash Flow
38
Negative
| 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
Negative
17.49
Price Trends
18.52
Negative
22.18
Negative
28.90
Negative
Market Momentum
-0.47
Positive
37.10
Neutral
17.47
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 17.49 is below the 20-day moving average (MA) of 18.25, below the 50-day MA of 18.52, and below the 200-day MA of 28.90, indicating a bearish trend. The MACD of -0.47 indicates Positive momentum. The RSI at 37.10 is Neutral, neither overbought nor oversold. The STOCH value of 17.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LEGN.
Legend Biotech Risk Analysis
Legend Biotech disclosed 117 risk factors in its most recent earnings report. Legend Biotech reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Legend Biotech Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | ― | -3.29 | -32.44% | ― | 106.27% | -43.90% | |
52 Neutral | $3.11B | -32.35 | -29.22% | ― | 74.91% | 31.54% | |
52 Neutral | $8.00B | -49.60 | -254.14% | ― | 65.83% | 28.50% | |
52 Neutral | $5.18B | -35.39 | -179.05% | ― | 54.92% | 28.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $7.70B | -9.72 | 172.91% | ― | 2609.26% | -17.08% | |
46 Neutral | $8.15B | -24.72 | 5077.65% | ― | ― | 18.47% |
* Healthcare Sector Average
LEGN
Legend Biotech
16.80
-18.26
-52.08%
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13.23
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-10.31%
ABVX
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102.47
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1493.62%
Legend Biotech Corporate Events
Legend Biotech Posts 2025 CARVYKTI Profitability and Tops 10,000 Patients Treated
Mar 10, 2026
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 b...
Legend Biotech Names Veteran Finance Executive Gareth Kung to Board and Audit Chair Role
Feb 6, 2026
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 t...
Legend Biotech Reshapes Board, Appoints GenScript Chairman Robin Meng as Director
Jan 23, 2026
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 dire...
Legend Biotech Announces Preliminary Q4 2025 CARVYKTI Sales of Approximately $555 Million
Jan 21, 2026
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 partn...
Legend Biotech Signals 2026 Profitability Push and CARVYKTI Expansion in Updated J.P. Morgan Presentation
Jan 14, 2026
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 p...
Legend Biotech Marks 10,000 CARVYKTI Patients and Ramps Up Cell Therapy Capacity Ahead of 2026 Profit Push
Jan 12, 2026
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 glob...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.