Legend Biotech (NASDAQ:LEGN – Get Free Report) released its quarterly earnings data on Tuesday. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.01 by $0.13, Briefing.com reports. The company had revenue of $359.50 million during the quarter, compared to the consensus estimate of $361.46 million. Legend Biotech had a negative return on equity of 0.03% and a negative net margin of 0.02%. Legend Biotech’s revenue for the quarter was up 32.0% on a year-over-year basis. During the same period last year, the company earned ($0.05) EPS.
Here are the key takeaways from Legend Biotech’s conference call:
- CARVYKTI sales grew 36% year over year to $710 million, with U.S. sales up 19% and sales outside the U.S. up 86%. In the U.S., second- and third-line patients made up 50% of apheresis volume, up from 41% in Q1 2026.
- Five-year CARTITUDE-2 results showed that half of the 20 patients in the cohort were alive and progression-free without further anti-myeloma treatment, and overall survival was 69%. Legend said the findings support earlier CARVYKTI use; the company noted the small cohort and that the safety profile remained consistent with prior experience.
- Legend reported Q3 adjusted net income of $55.6 million, compared with an adjusted net loss a year earlier, and gross margin of 58%, better than expected. It reaffirmed its goal of full-year 2026 profitability on an adjusted net income basis and expects Q4 gross margin in the high 50% range.
- The FDA cleared the IND for LB2501, an investigational in vivo CD19/CD20 CAR T therapy. In an early study, the company reported 100% overall and complete response rates among eight patients at dose level 2, with median follow-up of 4.8 months across all 19 patients; further data are planned for ASH.
- Management expects double-digit CARVYKTI sales growth in 2027 but said current consensus is at the high end of its expectations, citing slower-than-anticipated U.S. earlier-line share growth and delays to launches outside the U.S. It also noted increasing competition from bispecific therapies.
Legend Biotech Stock Down 5.1%
Shares of Legend Biotech stock traded down $0.99 during trading hours on Thursday, reaching $18.55. 1,912,659 shares of the stock traded hands, compared to its average volume of 2,415,339. The company has a 50 day moving average price of $19.72 and a 200 day moving average price of $22.13. The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of -1,860.54 and a beta of 0.55. Legend Biotech has a one year low of $16.24 and a one year high of $37.50.
Analyst Upgrades and Downgrades
LEGN has been the subject of several research reports. Royal Bank Of Canada decreased their price objective on shares of Legend Biotech from $56.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday. Raymond James Financial restated an “outperform” rating and issued a $58.00 target price on shares of Legend Biotech in a report on Monday, July 27th. TD Cowen dropped their target price on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a report on Wednesday, August 12th. Morgan Stanley cut their target price on shares of Legend Biotech from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, HC Wainwright reiterated a “buy” rating on shares of Legend Biotech in a research note on Friday, October 30th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Legend Biotech currently has a consensus rating of “Moderate Buy” and an average target price of $50.85.
Get Our Latest Report on Legend Biotech
Top Legend Biotech Stories
Here are a few of the latest stories about LEGN:
- Positive Sentiment: CARVYKTI sales rose 36% in the third quarter, and Legend reported EPS of $0.14, above the $0.01 consensus estimate. The company also reiterated its goal of reaching adjusted profitability in 2026. Legend Biotech Q3 2026 Earnings Call Highlights
- Negative Sentiment: Investors have focused on signs of decelerating U.S. demand for CARVYKTI, a concern that has weighed on the stock despite the quarterly profit. Revenue of $359.5 million was also slightly below the $361.46 million consensus. Investors focus on CARVYKTI demand
- Negative Sentiment: Legend’s revised fourth-quarter gross-margin outlook—now in the high-50% range—may also concern investors about near-term profitability. Legend revises Q4 gross-margin outlook
Insider Activity
In related news, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total value of $258,920.20. Following the transaction, the director owned 52,731 shares of the company’s stock, valued at approximately $498,835.26. This trade represents a 34.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Carlos Santos sold 5,430 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $9.14, for a total transaction of $49,630.20. Following the completion of the transaction, the chief financial officer directly owned 14,246 shares in the company, valued at approximately $130,208.44. The trade was a 27.60% decrease in their position. The SEC filing for this sale provides additional information. 0.02% of the stock is owned by corporate insiders.
Legend Biotech Company Profile
Legend Biotech is a biotechnology company focused on developing cell therapies for cancer, with an emphasis on chimeric antigen receptor (CAR) T-cell treatments. Founded in 2014, the company is headquartered in Somerset, New Jersey, and conducts research and development activities in the United States and China. Its lead product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma. Legend developed the therapy with Janssen, now part of Johnson & Johnson’s Innovative Medicine business, which collaborates on its commercialization.
Featured Stories
- Five stocks we like better than Legend Biotech
- CoreWeave’s Backlog Is Surging—Can the Stock Follow?
- Tesla’s Plan to End Cybertruck Reveals Its Real Priorities
- The Post-Midterm Rally Clock Is Ticking—and These 3 AI Stocks Stand Out
- Hims & Hers Bounced Back 9%, But Its Earnings Reveal a Costly Trade-Off
Receive News & Ratings for Legend Biotech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legend Biotech and related companies with MarketBeat.com's FREE daily email newsletter.
