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

Legend Biotech (NASDAQ:LEGN) released 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 firm had revenue of $387.50 million during the quarter, compared to the consensus estimate of $355.96 million. During the same period in the previous year, the firm earned $0.03 earnings per share. Legend Biotech’s 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 Down 3.9%

Legend Biotech stock opened at $18.57 on Friday. The stock has a 50 day moving average of $19.83 and a 200-day moving average of $23.54. The stock has a market cap of $3.60 billion, a P/E ratio of -74.28 and a beta of 0.57. Legend Biotech has a 52 week low of $16.24 and a 52 week high of $37.50.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Morgan Stanley set a $65.00 target price on Legend Biotech in a report on Friday, September 4th. Raymond James Financial restated an “outperform” rating and issued a $58.00 price target on shares of Legend Biotech in a report on Monday, July 27th. JPMorgan Chase & Co. started coverage on Legend Biotech in a report on Monday, July 13th. They issued a “neutral” rating and a $35.00 price target for the company. Barclays lowered their target price on Legend Biotech from $78.00 to $74.00 and set an “overweight” rating for the company in a research note on Friday, September 11th. Finally, TD Cowen lowered their price objective on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating for the company in a research report on Wednesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.79.

Insiders Place Their Bets

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

Legend Biotech Company Profile

Legend Biotech Corporation (NASDAQ: LEGN) is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. Its research centers on chimeric antigen receptor T-cell (CAR-T) therapies, which use genetically modified immune cells to recognize and attack cancer cells.

The company’s leading product is Carvykti (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.