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

Legend Biotech (NASDAQ:LEGN) posted its earnings results on Tuesday. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02, Briefing.com reports. Legend Biotech had a negative return on equity of 9.23% and a negative net margin of 7.21%.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 prior year, the company earned $0.03 EPS. The company’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 Price Performance

Legend Biotech stock opened at $20.65 on Thursday. The firm has a market capitalization of $3.84 billion, a P/E ratio of -82.60 and a beta of 0.37. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $38.35. The company’s 50-day moving average is $26.38 and its 200 day moving average is $23.16.

Insider Activity

In other 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 transaction of $82,265.48. Following the transaction, the chief executive officer owned 241,872 shares of the company’s stock, valued at approximately $3,574,868.16. This represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On Legend Biotech

Large investors have recently bought and sold shares of the business. Parallel Advisors LLC increased its stake in Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after purchasing an additional 662 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Legend Biotech during the second quarter valued at $78,000. Harvest Fund Management Co. Ltd bought a new position in shares of Legend Biotech in the third quarter worth about $104,000. Public Employees Retirement System of Ohio grew its holdings in shares of Legend Biotech by 31.0% in the third quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock worth $124,000 after purchasing an additional 900 shares during the last quarter. Finally, Macquarie Group Ltd. increased its stake in Legend Biotech by 59.2% in the 4th quarter. Macquarie Group Ltd. now owns 6,096 shares of the company’s stock worth $133,000 after buying an additional 2,267 shares during the period. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on LEGN shares. Weiss Ratings upgraded shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, July 30th. Barclays decreased their target price on shares of Legend Biotech from $80.00 to $78.00 and set an “overweight” rating on the stock in a research report on Wednesday. TD Cowen dropped their price target on Legend Biotech from $29.00 to $24.00 and set a “hold” rating for the company in a research report on Wednesday. Oppenheimer cut Legend Biotech from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $75.00 to $40.00 in a research note on Wednesday. Finally, Benchmark restated a “buy” rating on shares of Legend Biotech in a research report on Tuesday, July 28th. Eight equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Legend Biotech has an average rating of “Hold” and an average target price of $52.29.

Key Headlines Impacting Legend Biotech

Here are the key news stories impacting Legend Biotech this week:

• Positive Sentiment: Q2 results exceeded expectations. Legend Biotech reported adjusted EPS of $0.09 versus the $0.07 consensus estimate and revenue of $387.5 million versus estimates of $356.0 million. Revenue rose 51.9% year over year, while the quarter marked the company’s first reported period of company-wide profitability, supporting the stock’s initial advance. Legend Biotech shares rise as Q2 earnings and revenue beat estimates
• Positive Sentiment: Carvykti and the broader pipeline remain potential growth drivers. Investor commentary is increasingly focused on demand for the company’s cell therapies, manufacturing expansion and the potential contribution from pipeline programs, which could support longer-term revenue growth beyond its current commercial products. Legend’s Pipeline Is Starting To Matter
• Neutral Sentiment: Analyst views remain divided. The average price target cited for Legend Biotech was approximately $55.29, and RBC maintained an outperform rating with a $58 target. However, these optimistic targets coexist with more cautious revisions, indicating substantial disagreement over the company’s growth outlook and valuation. Analysts Set Legend Biotech Price Target
• Negative Sentiment: CEO departure and competitive pressures have triggered caution. Oppenheimer downgraded the stock’s outlook following the exit of former CEO Ying Huang, who is moving to lead K2 Therapeutics, while also citing increasing competition in the cell-therapy market. Legend Biotech downgraded at Oppenheimer
• Negative Sentiment: Several firms reduced price targets. TD Cowen lowered its target to $24 from $29 and assigned a hold rating, while Oppenheimer cut its target to $40 from $75 and maintained market perform. These reductions signal concern that execution, competition and leadership uncertainty may offset the strong quarterly results.

About Legend Biotech

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.