Legend Biotech Corporation (LEGN)
NASDAQ:LEGN
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Legend Biotech
(NASDAQ:LEGN)
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Rating:56Neutral
Price Target:
$21.50
▲(1.56% Upside)
Action:ReiteratedDate:04/01/26
The score balances strong, confidence-boosting earnings-call guidance and accelerating CARVYKTI commercial traction against still-weak financial quality (net losses and negative free cash flow) and a technically weak price trend. Valuation is constrained by negative earnings and the absence of a dividend.
Positive Factors
Commercial Revenue Growth
Sustained, high single-product sales growth demonstrates durable commercial demand and market adoption for CARVYKTI. This expanding revenue base supports operating leverage, funds R&D and capacity builds, and materially reduces reliance on financings as the company scales toward sustained profitability.
Negative Factors
Negative Cash Flow / Cash Burn
Ongoing negative operating and free cash flow creates persistent funding needs and limits financial flexibility. Even with revenue growth, continued cash burn risks dilution or constrained investments if conversion to sustained positive cash generation lags projected profitability milestones.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial Revenue Growth
Sustained, high single-product sales growth demonstrates durable commercial demand and market adoption for CARVYKTI. This expanding revenue base supports operating leverage, funds R&D and capacity builds, and materially reduces reliance on financings as the company scales toward sustained profitability.
Read all positive factors
Legend Biotech (LEGN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.80B
Dividend YieldN/A
Average Volume (3M)1.43M
Price to Earnings (P/E)―
Beta (1Y)0.70
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. Volume1,676,062
30 Day Avg. Volume1,428,826
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 Cap0.90
Enterprise Value/Revenue3.33
Enterprise Value/Gross Profit5.52
Enterprise Value/Ebitda-14.07
Forecast
1Y Price Target
$53.73Price Target Upside153.80% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)0.24
Revenue Forecast (FY)$1.43B
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 makes money primarily through collaboration and commercialization arrangements related to its lead product, CARVYKTI, and through research and development partnerships. Key revenue streams include: (1) Collaboration revenue: Under i...
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:Mar 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive picture: substantial top-line growth (CARVYKTI sales +66% YoY), improving operating leverage, positive adjusted profitability, strong long-term clinical data (median PFS 50.4 months in a key subgroup), expanding manufacturing capacity and a large treated patient base (>10,000). Key risks highlighted include class-related neurotoxicity that requires effective bridging strategies, higher out-of-spec rates in heavily pretreated patients, competitive/regulatory uncertainty, and the need to convert low current BCMA penetration into broader adoption. On balance, the operational progress, clinical differentiation and financial trajectory outweigh the manageable challenges.Positive Updates
Strong CARVYKTI Sales Growth
CARVYKTI net trade sales were approximately $555 million in Q4 2025, up 66% year-over-year and 6% quarter-over-quarter; U.S. net trade sales were $420 million (up 38% YoY, 6% QoQ) and ex-U.S. sales were $135 million (over threefold YoY, 5% QoQ).
Negative Updates
Delayed Neurotoxicity / Parkinsonism Risk in Class
Delayed neurotoxic events (Parkinsonism) have been observed with CAR-T class therapies; Dr. Sidana's Stanford dataset reported 22 Parkinsonism cases among 761 CARVYKTI-treated patients, 21 of which occurred in patients who did not respond to bridging therapy. Management of this risk requires effective bridging and education.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong CARVYKTI Sales Growth
CARVYKTI net trade sales were approximately $555 million in Q4 2025, up 66% year-over-year and 6% quarter-over-quarter; U.S. net trade sales were $420 million (up 38% YoY, 6% QoQ) and ex-U.S. sales were $135 million (over threefold YoY, 5% QoQ).
Read all positive updates
Company Guidance
Legend guided that it expects sequential CARVYKTI growth across all four quarters of 2026 and is "reasonably confident" in delivering roughly 50% top-line growth year‑over‑year, with CARVYKTI already profitable in 2025 and company‑wide profitability anticipated in 2026. Key capacity and commercial targets include installed annual production capacity of 10,000 doses across the manufacturing network (with plans, alongside J&J, to scale supply toward ~20,000 doses) and a peak sales potential of more than $5 billion. Fourth‑quarter 2025 metrics highlighted CARVYKTI net trade sales of ≈$555M (+66% YoY, +6% QoQ), U.S. sales $420M (+38% YoY, +6% QoQ), ex‑U.S. $135M (>3x YoY, +5% QoQ), company revenue $306M (+64% YoY), gross margin 61% (57% on CARVYKTI product sales), an operating margin improved to –6% (from –142% in Q2’23), revenue CAGR of 77% since Q2’23, adjusted net income of $2.5M (vs. a $59M adjusted loss a year ago) and adjusted diluted EPS $0.01 (vs. –$0.15), cash of $949M, and operating cash outlays of $12M this quarter (vs. $82M LY). Commercial and clinical metrics included more than 10,000 patients treated, 294 global treatment sites in 14 markets (145 U.S. authorized centers with ~1/3 community sites), ~65% of patients treated in lines 2–4, ~50% outpatient prescribing, manufacturing success rates reported at 97% overall (commercial analysis July 2024–Oct 2025 showed 99% success) with 6.5% out‑of‑spec for 1–3 prior lines vs 9.2% for ≥4 prior lines, and operational plans to file 1–2 U.S. INDs and present in‑clinic in vivo data later this year.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
Positive
21.17
Price Trends
18.45
Positive
20.51
Positive
27.76
Negative
Market Momentum
0.47
Negative
67.19
Neutral
86.41
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LEGN, the sentiment is Positive. The current price of 21.17 is above the 20-day moving average (MA) of 18.38, above the 50-day MA of 18.45, and below the 200-day MA of 27.76, indicating a neutral trend. The MACD of 0.47 indicates Negative momentum. The RSI at 67.19 is Neutral, neither overbought nor oversold. The STOCH value of 86.41 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
56 Neutral | $3.80B | -32.35 | -29.22% | ― | 74.91% | 31.54% | |
54 Neutral | ― | -3.29 | -32.44% | ― | 106.27% | -43.90% | |
52 Neutral | $6.00B | -35.39 | -179.05% | ― | 54.92% | 28.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $8.05B | -9.72 | 172.91% | ― | 2609.26% | -17.08% | |
49 Neutral | $9.42B | -49.60 | -254.14% | ― | 65.83% | 28.50% | |
46 Neutral | $9.70B | -24.72 | -165.19% | ― | ― | 18.47% |
* Healthcare Sector Average
LEGN
Legend Biotech
21.17
-11.07
-34.34%
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75.88%
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RYTM
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88.69
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RNA
Atrium Therapeutics, Inc.
14.41
-0.34
-2.31%
ABVX
Abivax SA Sponsored ADR
120.16
113.93
1828.73%
Legend Biotech Corporate Events
Legend Biotech Reports Preliminary Q1 2026 CARVYKTI Sales of About $597 Million
Apr 14, 2026
On April 14, 2026, Legend Biotech reported that CARVYKTI® generated approximately $597 million in net trade sales for the quarter ended March 31, 2026, based on figures supplied by collaboration partner Janssen. The company emphasized that th...
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...
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.