Legend Biotech (NASDAQ:LEGN) Releases Earnings Results, Beats Estimates By $0.13 EPS

Legend Biotech (NASDAQ:LEGN) posted its quarterly earnings data on Tuesday. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 7.21% and a negative return on equity of 8.71%. The company’s quarterly revenue was up 32.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($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 Performance

Shares of NASDAQ:LEGN traded down $1.21 during trading on Wednesday, reaching $19.20. 2,003,131 shares of the stock were exchanged, compared to its average volume of 2,408,475. The firm’s 50-day moving average price is $19.75 and its 200 day moving average price is $22.12. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of -77.04 and a beta of 0.55. Legend Biotech has a 12-month low of $16.24 and a 12-month high of $37.50.

Recent Legend Biotech Headlines

Investors following LEGN have been watching these headlines:

• Positive Sentiment: Third-quarter EPS was $0.14, above the $0.01 consensus estimate. CARVYKTI net sales rose 36% year over year to about $710 million, supporting the company’s growth story. Legend Biotech third-quarter results
• Neutral Sentiment: The company had approximately $853 million in cash, cash equivalents and time deposits at quarter-end, and is targeting adjusted profitability in 2026. Profitability target and margin outlook
• Negative Sentiment: Morgan Stanley, Oppenheimer, RBC and Barclays all lowered their price targets. Their ratings range from market perform to overweight/outperform, so the cuts signal more cautious expectations rather than a broad move to outright bearish ratings. Morgan Stanley rating information

Insider Activity at Legend Biotech

In other news, CFO Carlos E. Santos sold 5,430 shares of the stock in a transaction on Monday, September 21st. The shares were sold at an average price of $9.14, for a total value of $49,630.20. Following the completion of the sale, the chief financial officer owned 14,246 shares of the company’s stock, valued at $130,208.44. This represents a 27.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total transaction of $258,920.20. Following the completion of the sale, the director directly owned 52,731 shares of the company’s stock, valued at $498,835.26. The trade was a 34.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.02% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on LEGN. Oppenheimer decreased their target price on shares of Legend Biotech from $40.00 to $25.00 and set a “market perform” rating on the stock in a research report on Wednesday. Barclays dropped their price target on shares of Legend Biotech from $68.00 to $61.00 and set an “overweight” rating for the company in a research report on Wednesday. HC Wainwright reiterated a “buy” rating on shares of Legend Biotech in a report on Friday, October 30th. Weiss Ratings upgraded shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. Finally, Benchmark reissued a “buy” rating on shares of Legend Biotech in a research note on Tuesday, July 28th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $50.85.

About Legend Biotech

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.