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Legend Biotech
(NASDAQ:LEGN)
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Rating:54Neutral
Price Target:
$21.00
▼(-5.49% Downside)
Action:Reiterated
Date:08/11/26
The score is driven primarily by weak financial quality today (ongoing losses and negative free cash flow) and bearish technicals (price below major moving averages with negative MACD). These are partially offset by a strong earnings-call outlook pointing to accelerating CARVYKTI sales and guidance for sustained adjusted profitability in 2H 2026.
Positive Factors
Commercial revenue growth & CARVYKTI momentum
Sustained, high single-digit sequential and 50% YoY CARVYKTI sales growth alongside rapid geographic rollout (348 sites, 19 markets) indicate durable commercial adoption. Earlier-line uptake (>70% in lines 2–4 U.S.) expands addressable market, supporting multi‑quarter revenue scaling and predictable collaboration income.
Negative Factors
Persistent negative operating and free cash flow
Despite revenue scale, the business continues to burn cash on an operating basis and deliver negative free cash flow, implying dependence on financing or partner funding. Continued cash burn could force dilution or constrain R&D/commercial investment if sales or margins weaken, limiting long‑term financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial revenue growth & CARVYKTI momentum
Sustained, high single-digit sequential and 50% YoY CARVYKTI sales growth alongside rapid geographic rollout (348 sites, 19 markets) indicate durable commercial adoption. Earlier-line uptake (>70% in lines 2–4 U.S.) expands addressable market, supporting multi‑quarter revenue scaling and predictable collaboration income.
Read all positive factors
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 (LEGN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.84B
Dividend YieldN/A
Average Volume (3M)2.29M
Price to Earnings (P/E)―
Beta (1Y)0.76
Revenue Growth56.70%
EPS Growth-13.77%
CountryUS
Employees3,100
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.36
Shares Outstanding193,439,790
10 Day Avg. Volume2,372,592
30 Day Avg. Volume2,292,559
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)4.00
Price to Sales (P/S)3.89
P/FCF Ratio-23.85
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$48.07Price Target Upside116.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)<0.01
Revenue Forecast (FY)$1.44B
Legend Biotech Business Overview & Revenue Model
Company Description
Legend Biotech Corporation, through its subsidiaries, operates as a biopharmaceutical company that discovers, develops, manufactures, and commercializes novel cell therapies for oncology and other indications in the United States, China, and Europ...
How the Company Makes Money
Legend Biotech primarily makes money through collaboration-based revenue tied to its partnership with Janssen (Johnson & Johnson) for the development and commercialization of its lead CAR-T therapy for multiple myeloma. Key revenue streams include...
Legend Biotech Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum for CARVYKTI (50% YoY sales growth to ~$657M, double-digit sequential growth), a milestone move to company-wide profitability with improving operating margins, robust liquidity (~$965M) and encouraging early in vivo and DLL3 clinical data (notably LB2501 dose cohort results). Management emphasized disciplined cost control and a clear financial plan while pursuing an IND for LB2501 by year-end. Key near-term challenges include leadership transition, gross margin volatility due to outpatient mix, a materially higher tax expense, ongoing competition from bispecific agents and the early-stage nature of some in vivo data. On balance, the positives (strong sales, profitability milestone, cash runway, and promising clinical readouts) materially outweigh the identified risks.Positive Updates
Record Global CARVYKTI Sales and Rapid Growth
CARVYKTI worldwide net trade sales ~ $657M in Q2 2026, up 50% year-over-year and +10% sequentially vs Q1; U.S. sales +32% YoY (U.S. QoQ +9%); ex-U.S. sales +128% YoY (ex-U.S. QoQ +13%). Global treatment footprint expanded to ~348 sites with >150 authorized treatment centers (≈40% community hospitals). Management cites increasing adoption in earlier lines (2L–4L now >70% of U.S. volume).
Negative Updates
Leadership Transition and Potential Near-Term Uncertainty
CEO Ying Huang stepped down and an Interim CEO was appointed; Board is conducting a search for a permanent CEO. Management stated this is a leadership, not strategy, transition, but executive change introduces typical near-term execution and perception risks.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Global CARVYKTI Sales and Rapid Growth
CARVYKTI worldwide net trade sales ~ $657M in Q2 2026, up 50% year-over-year and +10% sequentially vs Q1; U.S. sales +32% YoY (U.S. QoQ +9%); ex-U.S. sales +128% YoY (ex-U.S. QoQ +13%). Global treatment footprint expanded to ~348 sites with >150 authorized treatment centers (≈40% community hospitals). Management cites increasing adoption in earlier lines (2L–4L now >70% of U.S. volume).
Read all positive updates
Company Guidance
The Company guided to sustained adjusted-net‑income profitability for the second half of 2026 (maintaining Q3/Q4 profitability), citing Q2 adjusted net income of roughly $63 million (about $0.16 per diluted share), total revenue up 52% year‑over‑year, and CARVYKTI global net trade sales of ~$657 million (50% YoY growth; +10% sequentially), with U.S. sales +32% YoY (+9% QoQ) and ex‑U.S. +128% YoY (+13% QoQ). Management expects Q3 gross margin on net product sales in the lower‑50% range and a rebound to the mid‑50% range in Q4 (Q2 was 58%, Q1 was 41%), with a longer‑term gross‑margin target near 75%; they also flagged outpatient mix (~60% of volume) and >70% of volume now in lines 2–4. Other financials/guidance included a tax rate in the high‑20% range going forward, income tax expense of $22.3 million in Q2, cash of ~$965 million (including ~$212 million net proceeds from a June equity offering), no long‑term debt, revenue CAGR of 74% since Q2 2023, operating margin of +15% in Q2 (vs. −142% in Q2 2023), total operating expenses +7% YoY, R&D −2% YoY, SG&A +19% YoY, and an IND filing for LB2501 targeted by year‑end.Legend Biotech Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.14B | 1.03B | 627.24M | 285.14M | 117.00M | 68.83M |
| Gross Profit | 626.21M | 620.80M | 392.66M | 140.93M | 51.64M | 68.83M |
| EBITDA | -181.07M | -232.30M | -113.16M | -477.87M | -416.54M | -392.38M |
| Net Income | -250.18M | -296.80M | -177.03M | -518.25M | -446.35M | -403.58M |
Balance Sheet | ||||||
| Total Assets | 1.60B | 1.73B | 1.67B | 1.85B | 1.33B | 1.12B |
| Cash, Cash Equivalents and Short-Term Investments | 834.63M | 948.60M | 1.12B | 1.31B | 1.03B | 882.39M |
| Total Debt | 389.31M | 413.70M | 350.60M | 328.67M | 284.53M | 122.97M |
| Total Liabilities | 629.02M | 731.60M | 629.61M | 597.24M | 586.65M | 353.52M |
| Stockholders Equity | 967.73M | 1.00B | 1.04B | 1.25B | 744.31M | 765.94M |
Cash Flow | ||||||
| Free Cash Flow | -236.36M | -168.04M | -158.14M | -416.00M | -223.56M | -243.87M |
| Operating Cash Flow | -175.24M | -100.47M | -144.03M | -393.28M | -201.28M | -198.47M |
| Investing Cash Flow | 286.20M | 711.48M | -850.54M | 92.79M | -77.09M | -194.98M |
| Financing Cash Flow | -2.17M | -300.79K | 5.70M | 791.49M | 377.98M | 626.66M |
Legend Biotech Technical Analysis
Neutral
22.22
Price Trends
26.76
Negative
24.97
Negative
24.09
Negative
Market Momentum
-1.71
Negative
46.83
Neutral
89.99
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LEGN, the sentiment is Neutral. The current price of 22.22 is above the 20-day moving average (MA) of 20.93, below the 50-day MA of 26.76, and below the 200-day MA of 24.09, indicating a neutral trend. The MACD of -1.71 indicates Negative momentum. The RSI at 46.83 is Neutral, neither overbought nor oversold. The STOCH value of 89.99 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $7.95B | -36.28 | -159.87% | ― | 58.67% | -11.45% | |
55 Neutral | $10.77B | -10.60 | 163.98% | ― | -21.07% | -41.03% | |
54 Neutral | $3.84B | -15.19 | -24.91% | ― | 56.70% | -13.77% | |
52 Neutral | $11.18B | -22.77 | -165.19% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $11.57B | -57.54 | -255.60% | ― | 56.87% | 25.87% | |
45 Neutral | $209.37M | -4.58 | -29.67% | ― | ― | ― |
* Healthcare Sector Average
LEGN
Legend Biotech
21.83
-15.16
-40.98%
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Legend Biotech Corporate Events
Legend Biotech Swings to Profit as CARVYKTI Sales Surge and Pipeline Delivers Key Milestones
Aug 11, 2026
Legend Biotech reported unaudited results for the quarter and six months ended June 30, 2026, highlighting a sharp expansion in CARVYKTI revenue and global reach, now spanning 348 sites in 19 markets after a launch in Ireland. Second-quarter colla...
Legend Biotech Details Compensation Package for Interim CEO Alan Bash
Aug 6, 2026
Legend Biotech disclosed that its board appointed Alan Bash as interim chief executive officer and interim principal executive officer effective July 24, 2026, while he continues to serve as president of the CARVYKTI business unit. The move comes ...
Legend Biotech Names CARVYKTI President Alan Bash Interim CEO After Ying Huang Resigns
Jul 27, 2026
Legend Biotech reported a leadership transition in late July 2026, marking a significant change at the top of the cell therapy specialist. On July 22, 2026, Chief Executive Officer Ying Huang resigned as CEO and board member, effective July 24, 20...
Legend Biotech Prices $226 Million ADS Offering to Bolster Cell Therapy Expansion
Jun 22, 2026
Legend Biotech, a leading cell therapy specialist known for its CAR-T product CARVYKTI for multiple myeloma, is expanding its role as an integrated cell therapy developer and commercializer from its U.S. base. The company aims to leverage its coll...
Legend Biotech Unveils Strong First-in-Human Data for In Vivo CAR-T LB2501 at EHA 2026
Jun 15, 2026
On June 15, 2026, Legend Biotech reported first-in-human clinical proof-of-concept data for LB2501, its investigational in vivo CD19/CD20 dual-targeting CAR-T therapy, in relapsed or refractory B-cell non-Hodgkin lymphoma, presented at the EHA 202...
Legend Biotech to Present Strong First-in-Human In Vivo CAR-T Data for LB2501 at EHA 2026
Jun 2, 2026
Legend Biotech said on June 2, 2026, that it will showcase initial Phase 1 data for LB2501, its investigational in vivo CD19/CD20 dual‑targeting CAR‑T therapy, in a late‑breaking oral session at the European Hematology Associatio...
Legend Biotech Showcases First-in-Human LB2102 Data and Strengthens CARVYKTI Profile at ASCO 2026
Jun 1, 2026
On June 1, 2026, Legend Biotech reported first‑in‑human Phase 1 data at ASCO 2026 for LB2102, a DLL3‑targeted CAR‑T for relapsed or refractory small cell lung cancer and large‑cell neuroendocrine carcinoma, showing a ...
Legend Biotech to Showcase New CAR-T Data at ASCO 2026
May 22, 2026
On May 21, 2026, Legend Biotech announced that it will deliver multiple presentations at the American Society of Clinical Oncology Annual Meeting in Chicago from May 29 to June 2, 2026, spotlighting preliminary Phase 1 data for LB2102, its investi...
Legend Biotech Q1 2026 Results Show CARVYKTI-Fueled Revenue Surge and Narrowing Losses
May 12, 2026
Legend Biotech reported unaudited results for the quarter ended March 31, 2026, highlighting rapid commercial momentum for its multiple myeloma therapy CARVYKTI, which drove collaboration revenue up 61% year on year to $298.4 million and total rev...
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.