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

Legend Biotech (NASDAQ:LEGN) issued its earnings results on Tuesday. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.13, Briefing.com reports. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%. The firm had revenue of $359.50 million for the quarter, compared to analysts’ expectations of $361.46 million. During the same quarter last year, the firm earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 32.0% compared to the same quarter last year.

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 5.5%

Shares of NASDAQ:LEGN traded down $1.12 on Wednesday, reaching $19.29. 2,557,708 shares of the company’s stock were exchanged, compared to its average volume of 2,408,946. Legend Biotech has a fifty-two week low of $16.24 and a fifty-two week high of $37.50. The business’s 50-day moving average is $19.75 and its two-hundred day moving average is $22.12. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of -77.20 and a beta of 0.55.

Analysts Set New Price Targets

LEGN has been the topic of a number of research reports. UBS Group restated a “buy” rating and issued a $65.00 price objective on shares of Legend Biotech in a report on Monday, September 28th. Raymond James Financial restated an “outperform” rating and issued a $58.00 price target on shares of Legend Biotech in a report on Monday, July 27th. HC Wainwright reaffirmed a “buy” rating on shares of Legend Biotech in a research report on Friday, October 30th. Oppenheimer decreased their price objective on shares of Legend Biotech from $40.00 to $25.00 and set a “market perform” rating for the company in a research note on Wednesday. Finally, Morgan Stanley dropped their price objective 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. Nine 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. According to data from MarketBeat.com, Legend Biotech presently has a consensus rating of “Moderate Buy” and an average target price of $50.85.

Insider Transactions at Legend Biotech

In other Legend Biotech news, Director Corazon (Corsee) D. Sanders sold 27,370 shares of Legend Biotech stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total value of $258,920.20. Following the completion of the transaction, the director directly owned 52,731 shares in the company, valued at $498,835.26. The trade was a 34.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Carlos E. Santos sold 5,430 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 14,246 shares of the company’s stock, valued at $130,208.44. This trade represents a 27.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.02% of the stock is owned by corporate insiders.

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
• 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: Investors focused on reports of decelerating U.S. demand for CARVYKTI. Fourth-quarter gross margin is now expected in the high-50% range, while quarterly revenue of $359.5 million came in slightly below the roughly $361.5 million consensus. Article on CARVYKTI demand concerns

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.