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

Legend Biotech (NASDAQ:LEGN) posted its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02, Briefing.com reports. The company had revenue of $387.50 million during the quarter, compared to analyst estimates of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The firm’s revenue for the quarter was up 51.9% on a year-over-year basis. During the same quarter last year, the company earned $0.03 EPS.

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

LEGN traded down $0.88 on Monday, reaching $20.94. 1,930,138 shares of the company’s stock were exchanged, compared to its average volume of 2,506,810. The stock’s fifty day moving average price is $24.29 and its 200-day moving average price is $23.34. The stock has a market cap of $3.89 billion, a PE ratio of -83.76 and a beta of 0.37. Legend Biotech has a twelve month low of $16.24 and a twelve month high of $37.50.

Wall Street Analyst Weigh In

A number of research firms have commented on LEGN. TD Cowen reduced their target price on Legend Biotech from $29.00 to $24.00 and set a “hold” rating for the company in a report on Wednesday, August 12th. Barclays lowered their price target on shares of Legend Biotech from $80.00 to $78.00 and set an “overweight” rating on the stock in a report on Wednesday, August 12th. HC Wainwright reissued a “buy” rating and issued a $65.00 price objective on shares of Legend Biotech in a research note on Tuesday, July 28th. Raymond James Financial restated an “outperform” rating and issued a $58.00 price objective on shares of Legend Biotech in a research report on Monday, July 27th. Finally, UBS Group reiterated a “neutral” rating and issued a $28.00 price target (down from $49.00) on shares of Legend Biotech in a report on Monday, July 27th. Eight equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $52.29.

Insider Transactions at Legend Biotech

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the transaction, the chief executive officer owned 241,872 shares of the company’s stock, valued at $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 is available through this link. Company insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC increased its position in shares of Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after purchasing an additional 662 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Legend Biotech in the 2nd quarter valued at about $78,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Legend Biotech during the 3rd quarter worth about $104,000. Public Employees Retirement System of Ohio lifted its stake in Legend Biotech by 31.0% during 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. boosted its holdings in Legend Biotech by 59.2% in the fourth quarter. Macquarie Group Ltd. now owns 6,096 shares of the company’s stock valued at $133,000 after purchasing an additional 2,267 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

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.