Legend Biotech (NASDAQ:LEGN) Releases Earnings Results

Legend Biotech (NASDAQ:LEGN) issued its earnings results on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02, Briefing.com reports. The company had revenue of $387.50 million for the quarter, compared to the consensus estimate of $355.96 million. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. Legend Biotech’s quarterly revenue was up 51.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.03 earnings per share.

Here are the key takeaways from Legend Biotech’s conference call:

• CARVYKTI net trade sales rose 50% year over year to approximately $657 million, with 10% sequential growth. Earlier-line use continued to expand, with second- through fourth-line treatment accounting for more than 70% of U.S. volume, while international sales grew 128% year over year.
• Legend reported its first quarter of company-wide profitability, including $63 million in adjusted net income, and maintained its outlook for adjusted net income profitability in the second half of 2026. The company ended the quarter with approximately $965 million in cash and no long-term debt.
• Early data for in vivo CAR-T candidate LB2501 showed a 100% objective response rate and an 83.3% complete response rate at the higher dose cohort, with CAR-T cells detectable for up to 116 days and no dose-limiting toxicities reported. Legend plans to file a U.S. IND by year-end and initially conduct the Phase I study itself.
• Gross margin improved to 58% in Q2 but is expected to decline to the lower-50% range in Q3 before recovering to the mid-50% range in Q4, partly due to changing outpatient treatment economics. Management also acknowledged potential competitive pressure from bispecific therapies, although it continues to emphasize CARVYKTI’s one-time treatment and durability advantages.
• Interim CEO Alan Bash characterized the CEO change as a leadership transition rather than a strategy shift, while the board continues a search for a permanent chief executive. Legend also disclosed plans to advance LB2505, an investigational BCMA-targeted in vivo CAR-T therapy in China, subject to the company’s collaboration agreement with Johnson & Johnson.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $21.52 on Friday. Legend Biotech has a 12 month low of $16.24 and a 12 month high of $37.50. The business’s 50 day simple moving average is $22.72 and its 200-day simple moving average is $23.53. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of -86.08 and a beta of 0.40.

Insider Transactions at Legend Biotech

In other news, CEO Ying Huang sold 5,566 shares of the stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the completion of the sale, the chief executive officer owned 241,872 shares of the company’s stock, valued at $3,574,868.16. This represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.02% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC raised its holdings in shares of Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after buying an additional 662 shares during the period. Raymond James Financial Inc. purchased a new position in Legend Biotech in the 2nd quarter worth approximately $78,000. Harvest Fund Management Co. Ltd acquired a new stake in Legend Biotech in the third quarter valued at approximately $104,000. Public Employees Retirement System of Ohio grew its position in Legend Biotech by 31.0% in the third quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock valued at $124,000 after acquiring an additional 900 shares in the last quarter. Finally, Macquarie Group Ltd. raised its stake in shares of Legend Biotech by 59.2% during the fourth quarter. Macquarie Group Ltd. now owns 6,096 shares of the company’s stock valued at $133,000 after purchasing an additional 2,267 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on LEGN shares. Weiss Ratings upgraded Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. JPMorgan Chase & Co. assumed coverage on shares of Legend Biotech in a research note on Monday, July 13th. They issued a “neutral” rating and a $35.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $65.00 price objective on shares of Legend Biotech in a report on Friday. UBS Group restated a “neutral” rating and set a $28.00 target price (down from $49.00) on shares of Legend Biotech in a research report on Monday, July 27th. Finally, Oppenheimer downgraded shares of Legend Biotech from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $75.00 to $40.00 in a research report on Wednesday, August 12th. Eight analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Legend Biotech currently has an average rating of “Hold” and a consensus target price of $53.43.

Legend Biotech Company Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.