Legend Biotech (NASDAQ:LEGN) Announces Earnings Results, Beats Expectations By $0.02 EPS

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

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 Trading Up 0.2%

Shares of Legend Biotech stock opened at $17.61 on Friday. Legend Biotech has a 12-month low of $16.24 and a 12-month high of $37.50. The stock has a market cap of $3.41 billion, a PE ratio of -70.44 and a beta of 0.40. The company has a 50-day moving average of $20.76 and a two-hundred day moving average of $23.53.

Insider Activity at Legend Biotech

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $65.00 target price on shares of Legend Biotech in a report on Friday, September 4th. Royal Bank Of Canada dropped their price target on Legend Biotech from $59.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Weiss Ratings cut Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday. TD Cowen decreased their price objective on Legend Biotech from $29.00 to $24.00 and set a “hold” rating for the company in a research report on Wednesday, August 12th. Finally, JPMorgan Chase & Co. assumed coverage on Legend Biotech in a research note on Monday, July 13th. They issued a “neutral” rating and a $35.00 target price on the stock. Eight equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $53.14.

About Legend Biotech

Legend Biotech Corporation (NASDAQ: LEGN) is a global biotechnology company focused on developing, manufacturing and commercializing novel cell therapies for the treatment of cancer and other serious diseases. The company’s work centers primarily on chimeric antigen receptor T-cell (CAR-T) therapies designed to harness a patient’s immune system to recognize and attack cancer cells.

Legend Biotech’s lead product is CARVYKTI (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.