Legend Biotech (NASDAQ:LEGN) Issues Earnings Results

Legend Biotech (NASDAQ:LEGN) posted its quarterly earnings data on Tuesday. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.13, Briefing.com reports. The business had revenue of $359.50 million during the quarter, compared to the consensus estimate of $361.46 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%. During the same period in the prior year, the business posted ($0.05) earnings per share. Legend Biotech’s quarterly revenue was up 32.0% on a year-over-year basis.

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

• CARVYKTI sales grew 36% year over year to $710 million, with U.S. sales up 19% and sales outside the U.S. up 86%. In the U.S., second- and third-line patients made up 50% of apheresis volume, up from 41% in Q1 2026.
• Five-year CARTITUDE-2 results showed that half of the 20 patients in the cohort were alive and progression-free without further anti-myeloma treatment, and overall survival was 69%. Legend said the findings support earlier CARVYKTI use; the company noted the small cohort and that the safety profile remained consistent with prior experience.
• Legend reported Q3 adjusted net income of $55.6 million, compared with an adjusted net loss a year earlier, and gross margin of 58%, better than expected. It reaffirmed its goal of full-year 2026 profitability on an adjusted net income basis and expects Q4 gross margin in the high 50% range.
• The FDA cleared the IND for LB2501, an investigational in vivo CD19/CD20 CAR T therapy. In an early study, the company reported 100% overall and complete response rates among eight patients at dose level 2, with median follow-up of 4.8 months across all 19 patients; further data are planned for ASH.
• Management expects double-digit CARVYKTI sales growth in 2027 but said current consensus is at the high end of its expectations, citing slower-than-anticipated U.S. earlier-line share growth and delays to launches outside the U.S. It also noted increasing competition from bispecific therapies.

Legend Biotech Stock Down 5.8%

Shares of NASDAQ LEGN traded down $1.18 during midday trading on Wednesday, hitting $19.23. The stock had a trading volume of 2,591,228 shares, compared to its average volume of 2,411,581. The company has a market cap of $3.73 billion, a P/E ratio of -76.66 and a beta of 0.55. Legend Biotech has a 52 week low of $16.24 and a 52 week high of $37.50. The business’s 50 day moving average is $19.75 and its 200-day moving average is $22.12.

Insiders Place Their Bets

In other news, CFO Carlos Santos sold 5,430 shares of the company’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $9.14, for a total transaction of $49,630.20. Following the transaction, the chief financial officer directly owned 14,246 shares of the company’s stock, valued at $130,208.44. This represents a 27.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the firm’s stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total transaction of $258,920.20. Following the sale, the director directly owned 52,731 shares in the company, valued at approximately $498,835.26. The trade was a 34.17% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.02% of the company’s stock.

Legend Biotech News Roundup

Investors following LEGN have been watching these news items:

• Positive Sentiment: Legend reported five-year follow-up data showing half of patients in a CARVYKTI study cohort remained alive and progression-free without additional anti-myeloma treatment. The company also received FDA clearance to begin an investigational study of its LB2501 in vivo CAR-T therapy. Company results and recent highlights
• Negative Sentiment: Investors focused on reports of decelerating U.S. demand for CARVYKTI. Fourth-quarter gross margin is now expected in the high-50% range, while quarterly revenue of $359.5 million came in slightly below the roughly $361.5 million consensus. Article on CARVYKTI demand concerns
• Negative Sentiment: Morgan Stanley, Oppenheimer, RBC and Barclays all lowered their price targets. Their ratings range from market perform to overweight/outperform, so the cuts signal more cautious expectations rather than a broad move to outright bearish ratings. Morgan Stanley rating information

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on LEGN shares. Barclays cut their price objective on shares of Legend Biotech from $68.00 to $61.00 and set an “overweight” rating on the stock in a research report on Wednesday. Morgan Stanley cut their target price on Legend Biotech from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday. UBS Group reaffirmed a “buy” rating and issued a $65.00 price target on shares of Legend Biotech in a report on Monday, September 28th. TD Cowen lowered their price target on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a report on Wednesday, August 12th. Finally, Weiss Ratings raised Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $50.85.

Legend Biotech Company Profile

Legend Biotech is a biotechnology company focused on developing cell therapies for cancer, with an emphasis on chimeric antigen receptor (CAR) T-cell treatments. Founded in 2014, the company is headquartered in Somerset, New Jersey, and conducts research and development activities in the United States and China. Its lead product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma. Legend developed the therapy with Janssen, now part of Johnson & Johnson’s Innovative Medicine business, which collaborates on its commercialization.