Legend Biotech (NASDAQ:LEGN) Announces Quarterly Earnings Results

Legend Biotech (NASDAQ:LEGN) released its quarterly earnings data on Tuesday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01), FiscalAI reports. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The business had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. During the same period in the previous year, the company earned ($0.07) EPS. Legend Biotech’s revenue was up 56.5% on a year-over-year basis.

Here are the key takeaways from Legend Biotech’s conference call:

• CARVYKTI posted strong Q1 net trade sales of about $597 million, up 62% year over year and 8% sequentially, with growth coming from both the U.S. and international markets.
• Management said CARVYKTI adoption is moving earlier in the treatment course, with second- and third-line patients representing 41% of U.S. apheresis volume in Q1 versus 29% a year ago, and expects this mix shift to continue.
• The company said manufacturing execution remained strong, citing a 99% manufacturing success rate and roughly 29-day turnaround time, although Q1 gross margin fell to 41% due to ramp-up costs at expanded facilities. Management expects gross margin to return above 50% in Q2.
• Legend reiterated it expects company-wide adjusted profitability in 2026, and Q1 adjusted net loss narrowed to $11 million as revenue scaled and operating leverage improved.
• The pipeline is advancing, with in vivo CAR-T programs entering phase I, including LB2501 for CD19/CD20 in non-Hodgkin’s lymphoma and a BCMA program in autoimmune disease; the company expects to share initial lymphoma data around mid-year.

Legend Biotech Stock Performance

Shares of LEGN traded up $1.70 during midday trading on Tuesday, hitting $27.28. 2,826,759 shares of the stock traded hands, compared to its average volume of 2,354,684. The firm has a market capitalization of $5.05 billion, a PE ratio of -33.81 and a beta of 0.29. The business’s 50 day moving average price is $20.49 and its two-hundred day moving average price is $22.73. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $45.30.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on LEGN shares. Rothschild & Co Redburn lowered Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target on the stock. in a research report on Thursday, February 12th. Truist Financial downgraded shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Barclays dropped their target price on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating on the stock in a report on Wednesday, February 4th. Morgan Stanley lowered their price objective on shares of Legend Biotech from $50.00 to $49.00 and set an “overweight” rating for the company in a research report on Wednesday, March 11th. Finally, Royal Bank Of Canada cut their target price on shares of Legend Biotech from $66.00 to $62.00 and set an “outperform” rating on the stock in a report on Wednesday, March 11th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $58.31.

Insider Buying and Selling

In other Legend Biotech news, CEO Ying Huang sold 9,936 shares of the firm’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total transaction of $87,138.72. Following the transaction, the chief executive officer owned 247,438 shares of the company’s stock, valued at approximately $2,170,031.26. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Suvretta Capital Management LLC boosted its position in shares of Legend Biotech by 73.1% in the 4th quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock valued at $143,672,000 after purchasing an additional 2,790,620 shares during the period. Goldman Sachs Group Inc. lifted its stake in Legend Biotech by 120.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after buying an additional 1,188,449 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Legend Biotech by 4.6% in the third quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock worth $53,251,000 after buying an additional 72,371 shares during the period. State Street Corp boosted its holdings in shares of Legend Biotech by 31.0% in the fourth quarter. State Street Corp now owns 1,516,368 shares of the company’s stock worth $32,966,000 after buying an additional 359,246 shares during the period. Finally, Davern Capital Partners LP purchased a new position in shares of Legend Biotech in the fourth quarter worth approximately $22,972,000. 70.89% of the stock is owned by institutional investors and hedge funds.

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.