Legend Biotech (NASDAQ:LEGN) Issues Quarterly Earnings Results

Legend Biotech (NASDAQ:LEGN) released its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.02, Briefing.com reports. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The company had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. During the same quarter in the prior year, the firm posted $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 Stock Down 0.6%

NASDAQ LEGN opened at $18.53 on Tuesday. The firm has a market cap of $3.59 billion, a PE ratio of -74.12 and a beta of 0.40. Legend Biotech has a 52 week low of $16.24 and a 52 week high of $37.50. The business’s fifty day simple moving average is $21.56 and its 200-day simple moving average is $23.61.

Insider Activity

In related news, CEO Ying Huang sold 5,566 shares of the company’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 value of $82,265.48. Following the sale, the chief executive officer owned 241,872 shares in the company, valued at $3,574,868.16. This represents a 2.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.02% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Weiss Ratings raised shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, September 1st. HC Wainwright reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Legend Biotech in a research note on Friday, September 4th. Oppenheimer downgraded shares of Legend Biotech from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $75.00 to $40.00 in a research report on Wednesday, August 12th. Raymond James Financial restated an “outperform” rating and set a $58.00 price objective on shares of Legend Biotech in a report on Monday, July 27th. Finally, Barclays dropped their target price on shares of Legend Biotech from $78.00 to $74.00 and set an “overweight” rating on the stock in a report on Friday. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, 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.