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

Legend Biotech (NASDAQ:LEGN) posted its quarterly earnings results on Tuesday. 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. The company had revenue of $387.50 million during the quarter, compared to the consensus estimate of $355.96 million. Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The company’s revenue for the quarter was up 51.9% on a year-over-year basis. During the same period last year, the firm 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 Stock Performance

Legend Biotech stock opened at $21.83 on Wednesday. The company has a market cap of $4.05 billion, a price-to-earnings ratio of -32.10 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 firm has a 50 day moving average price of $26.68 and a 200 day moving average price of $23.15.

Insider Activity

In other news, CEO Ying Huang sold 5,566 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer directly owned 241,872 shares in the company, valued at $3,574,868.16. This represents a 2.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.02% of the stock is owned by corporate insiders.

Institutional Trading of Legend Biotech

A number of institutional investors have recently modified their holdings of LEGN. Suvretta Capital Management LLC grew its stake in shares of Legend Biotech by 73.1% during the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock valued at $143,672,000 after acquiring an additional 2,790,620 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Legend Biotech by 120.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock worth $47,274,000 after acquiring an additional 1,188,449 shares in the last quarter. Davern Capital Partners LP acquired a new position in shares of Legend Biotech in the fourth quarter worth about $22,972,000. Marshall Wace LLP boosted its holdings in Legend Biotech by 4,129.8% in the fourth quarter. Marshall Wace LLP now owns 755,953 shares of the company’s stock valued at $16,434,000 after purchasing an additional 738,081 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in Legend Biotech during the 2nd quarter worth approximately $15,790,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech News Summary

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

• Positive Sentiment: Quarterly earnings and revenue exceeded expectations. Legend Biotech reported adjusted earnings of $0.09 per share, ahead of the $0.07 consensus estimate, while revenue rose 51.9% year over year to $387.5 million versus expectations of $355.96 million. Legend Biotech shares rise 5% as Q2 earnings and revenue beat estimates
• Positive Sentiment: Profitability showed meaningful improvement. Reports described the quarter as Legend Biotech’s first company-wide profitability milestone, with adjusted EPS reportedly about twice the consensus estimate. The improvement may support confidence in the company’s operating leverage and commercialization outlook. Legend Biotech gains on Q2 earnings beat
• Positive Sentiment: Analysts set a $55.29 price target. The target is substantially above the stock’s recent trading level, potentially reinforcing the bullish case if Legend’s growth and earnings trajectory continue. Price targets are expectations rather than guarantees. Analysts set Legend Biotech price target at $55.29
• Neutral Sentiment: Investors remain focused on Carvykti demand and manufacturing. Earnings-call coverage highlights the commercial performance of Carvykti and the company’s ability to expand supply, key factors for sustaining revenue growth. Legend Biotech earnings preview
• Negative Sentiment: The company remains financially unprofitable under standard accounting measures. Legend Biotech reported a negative net margin of 21.98% and negative return on equity of 24.92%, meaning investors will look for adjusted profitability to translate into consistent GAAP earnings. Legend Biotech earnings report

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on LEGN shares. JPMorgan Chase & Co. assumed coverage on Legend Biotech in a research report on Monday, July 13th. They issued a “neutral” rating and a $35.00 price objective on the stock. Benchmark reissued a “buy” rating on shares of Legend Biotech in a research note on Tuesday, July 28th. UBS Group reiterated a “neutral” rating and set a $28.00 price target (down from $49.00) on shares of Legend Biotech in a report on Monday, July 27th. HC Wainwright reissued a “buy” rating and issued a $65.00 price objective on shares of Legend Biotech in a research report on Tuesday, July 28th. Finally, Morgan Stanley decreased their target price on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Eight research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Legend Biotech currently has an average rating of “Hold” and an average price target of $55.14.

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.