Legend Biotech Corp (LEGN)

Price$19.11Cached quoteAs of 2026-09-26 01:53 UTC

AI: Undervalued

Price checkThe shares look undervalued if CARVYKTI keeps growing and recent profitability proves durable.

The latest quote values Legend at about $4.1 billion. After subtracting roughly $965 million of cash and time deposits and the $156 million Johnson & Johnson funding balance, but before lease obligations, investors are paying about $3.3 billion for the operating business. Revenue over the latest twelve months is about $1.27 billion, so that value is roughly 2.6 times revenue. With second-quarter revenue up 52% and operating income—profit before financing and taxes—turning positive, the multiple looks low enough for Undervalued, provided growth and margins persist.

Big pictureCARVYKTI has pushed growth toward profitability, but cash generation is not yet consistently positive.

Revenue rose from $285 million in 2023 to $627 million in 2024 and $1.03 billion in 2025, while operating cash use improved from $393 million to $144 million to $100 million. Free cash flow means cash left after operations and capital spending; it was still about negative $129 million in 2025. In the first half of 2026, revenue reached $693 million and operating income turned positive, yet operating cash flow remained negative $106 million. Second-quarter profit also included a $56 million milestone, so durability is not fully proven.

Business strengthA large liquid balance and fast CARVYKTI adoption provide meaningful protection while the pipeline matures.

Legend held about $965 million of cash and time deposits at June 2026 against $521 million of total liabilities, including $156 million of current collaboration funding and no traditional long-term borrowings. CARVYKTI net trade sales reached about $657 million in the second quarter, up 50%, across 348 sites and 19 markets. The balance-sheet strength partly reflects equity funding, however: ordinary shares climbed from about 266 million in 2020 to nearly 388 million by June 2026, and the June offering alone added 15.4 million shares.

What could change the storyThe thesis improves with durable CARVYKTI margins and weakens sharply if competition or leadership changes slow growth.

CARVYKTI remains Legend’s only approved product, so the current valuation depends heavily on its sales curve and on keeping the recent operating profit without one-time milestones. A late-July UBS downgrade cited expected competition from Gilead’s anito-cel, while the abrupt chief-executive transition added execution uncertainty. LB2501 could diversify the story, but its lymphoma evidence is still early. The bullish case strengthens with several quarters of positive operating cash flow and CARVYKTI growth above roughly 30%; it weakens if growth falls to single digits or margins reverse.

AI: News

Second-quarter profit arrivesSecond-quarter revenue jumped and the company posted its first quarterly operating profit, strengthening the earnings case.

On August 11, Legend reported second-quarter revenue of $387.5 million, up from $255.1 million a year earlier. Operating income was $57.7 million versus a $21.9 million loss, and net income was $33.2 million. CARVYKTI net trade sales rose 50% to about $657 million. Shares traded about 6% higher around the release. The improvement matters because it shows commercial scale can cover research and selling costs, although a $56 million milestone boosted the quarter.

Chief executive steps downYing Huang’s sudden departure added leadership uncertainty just as CARVYKTI became the company’s main profit engine.

Legend announced on July 27 that Ying Huang had resigned as chief executive and left the board, with CARVYKTI business head Alan Bash becoming interim chief executive while a permanent search began. The company said the resignation did not reflect a disagreement over operations, accounting, or controls. Shares fell about 14% that day, showing how much investors valued leadership continuity. The business impact is uncertain, but the transition raises execution risk during rapid CARVYKTI expansion and pipeline development.

June equity offeringA June share sale strengthened liquidity but diluted existing owners shortly after the stock’s pipeline-driven rally.

On June 17, Legend priced 7.7 million American depositary shares, each representing two ordinary shares. The deal added 15.4 million ordinary shares, roughly 4% of the pre-offering share count, and later produced about $212 million of net proceeds. The underwriters’ option for additional shares expired unused. The cash materially improved liquidity, but existing owners received a smaller percentage claim on future profits. That trade-off matters because Legend had already relied heavily on equity funding throughout its development years.

LB2501 early proofVery early LB2501 lymphoma results showed striking responses, creating a credible second growth option beyond CARVYKTI.

In mid-June, Legend disclosed Phase 1 data from 12 lymphoma patients treated with LB2501, which is designed to create cancer-targeting T cells inside the body. All six patients at the higher dose responded, and five had complete responses; no dose-limiting toxicities, serious adverse events, or deaths were reported. Because only 12 patients were treated, the result is promising rather than conclusive. Confirmation in larger studies could materially reduce the company’s dependence on CARVYKTI.

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Revenue

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2025

Net income

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2025

Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	$1.03B	$627.2M	$285.1M	$117.0M	$68.8M	$75.0M	$60.0M	$49.1M
Gross profit	$631.8M	$410.8M	$140.9M	$51.6M	$68.8M	$75.0M	—	—
Gross margin	61.41%	65.50%	49.43%	44.14%	100.00%	100.00%	—	—
Research & development	$414.7M	$413.5M	$382.2M	$335.6M	$313.3M	$232.2M	$161.9M	$60.6M
Operating expenses	$768.3M	$720.3M	$669.0M	$507.3M	—	—	—	—
Operating income	−$136.5M	−$309.5M	−$528.1M	−$455.6M	—	—	—	—
Operating margin	−13.27%	−49.34%	−185.21%	−389.40%	—	—	—	—
EBITDA	−$127.1M	−$296.9M	−$515.5M	−$416.5M	—	—	—	—
EBITDA margin	−12.35%	−47.33%	−180.78%	−356.00%	—	—	—	—
Net income	−$296.8M	−$177.0M	−$518.3M	−$446.3M	−$403.6M	−$266.4M	−$101.6M	−$2.8M
Net profit margin	−28.85%	−28.22%	−181.77%	−381.48%	−586.38%	−355.16%	−169.37%	−5.67%
Basic EPSper basic share	-$0.81	-$0.48	-$1.47	-$1.40	-$1.43	-$1.13	-$0.51	-$0.01
Diluted EPSper diluted share	-$0.81	-$0.48	-$1.47	-$1.40	-$1.43	-$1.13	-$0.51	-$0.01

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of LEGN
Holder	Shares held
FMR LLC	29.09M
DEERFIELD MANAGEMENT COMPANY, L.P.	8.14M
MONTANOVA CAPITAL, LLC	7.07M
HHLR ADVISORS, LTD.	5.98M
BlackRock, Inc.	4.73M
WESTFIELD CAPITAL MANAGEMENT CO LP	4.43M
Assenagon Asset Management S.A.	3.83M
GOLDMAN SACHS GROUP INC	3.66M
Point72 Asset Management, L.P.	3.08M
Kynam Capital Management, LP	3M
Artisan Partners Limited Partnership	1.56M
STATE STREET CORP	1.5M
Capital International Investors	1.42M
MORGAN STANLEY	1.39M
Soleus Capital Management, L.P.	1.21M
Davern Capital Partners, LP	1.19M
Driehaus Capital Management LLC	1.16M
RENAISSANCE TECHNOLOGIES LLC	1M
Ghisallo Capital Management LLC	1M
MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC	917.27K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)2$169.4K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 25, 2026Form 4	Huang YingChief Executive Officer	SellOrdinary Shares	5.6K	$14.78	$82.3K	241.9K
Mar 25, 2026Form 4	Huang YingChief Executive Officer	SellOrdinary Shares	9.9K	$8.77	$87.1K	247.4K

Review ownership filings at SEC.gov ↗

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Legend Biotech Corp (LEGN)

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