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

Legend Biotech (NASDAQ:LEGN) posted its quarterly earnings results on Tuesday. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.13, Briefing.com reports. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. The business had revenue of $359.50 million for the quarter, compared to analysts’ expectations of $361.46 million. During the same period in the prior year, the company posted ($0.05) EPS. The business’s revenue for the quarter was up 32.0% on a year-over-year basis.

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 Trading Down 5.9%

Shares of NASDAQ LEGN traded down $1.21 during midday 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 company has a market capitalization of $3.72 billion, a P/E ratio of -77.04 and a beta of 0.55. Legend Biotech has a 52-week low of $16.24 and a 52-week high of $37.50. The stock has a 50 day moving average price of $19.75 and a 200-day moving average price of $22.12.

Top Legend Biotech Stories

Here are a few of the latest stories about LEGN:

• 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
• Positive Sentiment: Legend reported five-year follow-up data showing half of patients in a CARVYKTI study cohort remained alive and progression-free without additional anti-myeloma treatment. The company also received FDA clearance to begin an investigational study of its LB2501 in vivo CAR-T therapy. Company results and recent highlights
• 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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on LEGN shares. HC Wainwright reissued a “buy” rating on shares of Legend Biotech in a research note on Friday, October 30th. Oppenheimer lowered their price target 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. Benchmark reissued a “buy” rating on shares of Legend Biotech in a research note on Tuesday, July 28th. Barclays dropped their price objective on shares of Legend Biotech from $68.00 to $61.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Weiss Ratings upgraded Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Nine 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. Based on data from MarketBeat.com, Legend Biotech presently has an average rating of “Moderate Buy” and an average target price of $50.85.

Insider Activity at Legend Biotech

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 transaction of $258,920.20. Following the sale, the director owned 52,731 shares in the company, valued at approximately $498,835.26. This trade represents a 34.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Carlos E. Santos sold 5,430 shares of Legend Biotech 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 sale, the chief financial officer directly owned 14,246 shares of the company’s stock, valued at $130,208.44. The trade was a 27.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.02% of the company’s stock.

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.