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Legend Biotech
(NASDAQ:LEGN)
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Rating:53Neutral
Price Target:
$23.00
▲(8.64% Upside)
Action:Reiterated
Date:06/19/26
The score is held back primarily by persistent losses and ongoing cash burn despite strong revenue growth and decent balance-sheet leverage. The latest earnings call improves the outlook with clear commercial momentum, strong manufacturing performance, and guidance toward adjusted profitability and margin recovery, but technical signals are mixed and valuation support is limited due to negative earnings and no dividend.
Positive Factors
Revenue scale & gross profitability
Rapid, durable revenue scale driven by CARVYKTI provides a stable commercial base to fund operations and R&D. Sustained ~54% gross margins give structural capacity to absorb commercialization and manufacturing costs, support reinvestment, and improve operating leverage as sales broaden globally.
Negative Factors
Persistent negative cash flow
Consistent negative operating and free cash flow means the company remains reliant on external financing or collaboration inflows to sustain growth and R&D. Over a multi‑quarter horizon this raises dilution or funding‑cost risk if commercial scaling or milestone receipts slow, constraining long‑term capital allocation flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue scale & gross profitability
Rapid, durable revenue scale driven by CARVYKTI provides a stable commercial base to fund operations and R&D. Sustained ~54% gross margins give structural capacity to absorb commercialization and manufacturing costs, support reinvestment, and improve operating leverage as sales broaden globally.
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
$4.22B
Dividend YieldN/A
Average Volume (3M)2.48M
Price to Earnings (P/E)―
Beta (1Y)0.68
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. Volume1,780,322
30 Day Avg. Volume2,483,178
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
$54.85Price Target Upside159.09% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)0.02
Revenue Forecast (FY)$1.43B
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 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 Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum and operational performance—notably robust CARVYKTI sales growth (52% YoY), improved manufacturing metrics (99% success, 29-day turnaround), deeper earlier-line penetration (41% vs 29% YoY), a solid cash position (~$835M), and a clear path to adjusted profitability in 2026. These positives are tempered by a near-term gross margin hit (41% vs 57% prior quarter) from one-time manufacturing ramp costs, an adjusted net loss still present in Q1, event-driven uncertainty around pivotal readouts (CARTITUDE-5/6), and early-stage clinical risk for the In Vivo programs where safety/efficacy data are not yet disclosed. On balance, the highlights (strong growth, manufacturing execution, expanding pipeline, balance sheet strength, path to profitability) outweigh the lowlights, supporting a constructive view of the company's near- to mid-term outlook.Positive Updates
Strong CARVYKTI Sales Growth
CARVYKTI net trade sales of approximately $597 million in Q1 2026, representing 52% year-over-year growth (36% U.S. YoY; >200% ex-U.S. YoY) and 8% sequential growth vs Q4 2025.
Negative Updates
Quarterly Gross Margin Compression
Gross margin on net product sales fell to 41% in Q1 from 57% in Q4 2025 (a 16 percentage-point decline) due primarily to one-time expenses tied to ramping expanded Raritan site and Tech Lane facility; company expects gross margin >50% in Q2 as scale is realized.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong CARVYKTI Sales Growth
CARVYKTI net trade sales of approximately $597 million in Q1 2026, representing 52% year-over-year growth (36% U.S. YoY; >200% ex-U.S. YoY) and 8% sequential growth vs Q4 2025.
Read all positive updates
Company Guidance
Legend guided that it expects company‑wide adjusted profitability in 2026 (Q1 adjusted net loss was $11M, $0.03 per diluted share vs. a year‑ago adjusted loss of $27M, $0.07), with gross margin recovering from Q1’s 41% to >50% in Q2 and continued margin improvement and sequential quarter‑over‑quarter revenue growth through the year. Key supporting metrics: Q1 CARVYKTI net trade sales ≈ $597M (52% YoY; U.S. +36% YoY; ex‑U.S. >200% YoY; +8% sequential), total revenue $305M (collaboration revenue ~$298M; license/other ~$7M), manufacturing success rate 99% with median turnaround ~29 days and >95% on‑time order releases, availability in 18 global markets and 300+ treatment sites (148 U.S. authorized centers, ~1/3 community), cash ≈ $835M with no long‑term debt, R&D $86M and SG&A $90M. Pipeline guidance includes filing 1–2 U.S. INDs in 2026, potential initial In Vivo NHL data around mid‑year, and event‑driven readouts for CARTITUDE‑5/6 in 2026–2027.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
Negative
21.17
Price Trends
29.30
Negative
24.68
Negative
25.09
Negative
Market Momentum
-1.78
Positive
28.16
Positive
2.84
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 21.17 is below the 20-day moving average (MA) of 27.43, below the 50-day MA of 29.30, and below the 200-day MA of 25.09, indicating a bearish trend. The MACD of -1.78 indicates Positive momentum. The RSI at 28.16 is Positive, neither overbought nor oversold. The STOCH value of 2.84 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 |
|---|---|---|---|---|---|---|---|
60 Neutral | $12.20B | -61.66 | -260.01% | ― | 63.88% | 35.18% | |
54 Neutral | $7.28B | -34.06 | -203.25% | ― | 58.67% | -11.45% | |
53 Neutral | $4.22B | -16.37 | -24.91% | ― | 56.70% | -13.77% | |
52 Neutral | $10.00B | -11.74 | 139.66% | ― | 450.60% | -28.90% | |
52 Neutral | $11.91B | -24.68 | -165.19% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $208.00M | -4.55 | -29.67% | ― | ― | ― |
* Healthcare Sector Average
LEGN
Legend Biotech
22.26
-19.33
-46.48%
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106.60
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RNA
Atrium Therapeutics, Inc.
12.15
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ABVX
Abivax SA Sponsored ADR
136.65
126.70
1273.37%
Legend Biotech Corporate Events
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.