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

Legend Biotech (NASDAQ:LEGN) issued its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, beating 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 business had revenue of $387.50 million for the quarter, compared to analysts’ expectations of $355.96 million. During the same quarter in the previous year, the firm posted $0.03 EPS. The business’s revenue for the quarter 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 Stock Performance

LEGN stock opened at $19.06 on Friday. The company has a market capitalization of $3.69 billion, a PE ratio of -76.24 and a beta of 0.40. Legend Biotech has a one year low of $16.24 and a one year high of $37.50. The company’s 50 day moving average price is $20.31 and its two-hundred day moving average price is $23.58.

Analyst Ratings Changes

A number of research firms recently weighed in on LEGN. Raymond James Financial reaffirmed an “outperform” rating and set a $58.00 target price on shares of Legend Biotech in a report on Monday, July 27th. Weiss Ratings cut Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 16th. Barclays lowered their price target on Legend Biotech from $78.00 to $74.00 and set an “overweight” rating on the stock in a report on Friday, September 11th. Morgan Stanley set a $65.00 price target on Legend Biotech in a research report on Friday, September 4th. Finally, Royal Bank Of Canada decreased their price objective on shares of Legend Biotech from $59.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Eight research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Legend Biotech currently has an average rating of “Hold” and an average price target of $53.14.

Insider Transactions at Legend Biotech

In other news, CFO Carlos Santos sold 5,430 shares of the firm’s stock in a transaction dated 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 approximately $130,208.44. This trade represents a 27.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.02% of the stock is currently owned by insiders.

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.