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LEGN

Legend Biotech Corporation

LEGN

Legend Biotech Corporation • NASDAQ
$27.71 ▲ 0.76% (+0.21)
Market Cap $2.55 B
52w High $45.30
52w Low $25.71
Dividend Yield 0%
P/E -21.65
Volume 371.98K
Outstanding Shares 92.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $272.33M ▲ $200.476M ▲ $-39.689M ▲ -14.574% ▲ $-0.42 ▲ $-33.194M ▲
Q2-2025 $255.058M ▲ $178.948M ▲ $-125.38M ▼ -49.157% ▲ $-1.36 ▼ $-113.722M ▼
Q1-2025 $195.053M ▲ $174.356M ▼ $-100.916M ▼ -51.738% ▼ $-1.1 ▼ $-88.87M ▼
Q4-2024 $186.522M ▲ $186.995M ▲ $26.284M ▲ 14.092% ▲ $0.28 ▲ $52.459M ▲
Q3-2024 $160.205M $174.786M $-125.321M -78.225% $-1.36 $-109.91M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $992.591M ▲ $1.713B ▲ $701.688M ▲ $1.011B ▼
Q2-2025 $967.555M ▼ $1.69B ▲ $654.375M ▲ $1.036B ▲
Q1-2025 $1.005B ▼ $1.616B ▼ $597.9M ▼ $1.018B ▼
Q4-2024 $1.123B ▼ $1.67B ▼ $629.608M ▲ $1.041B ▼
Q3-2024 $1.212B $1.736B $619.718M $1.116B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-39.073M ▲ $28.801M ▲ $-20.001M ▲ $670K ▲ $12.307M ▲ $23.796M ▲
Q2-2025 $-124.798M ▼ $-13.042M ▲ $-165.525M ▼ $-990K ▼ $-175.116M ▼ $-22.266M ▲
Q1-2025 $-99.13M ▼ $-103.754M ▼ $256.64M ▲ $667K ▲ $154.953M ▲ $-105.756M ▼
Q4-2024 $40.511M ▲ $-82.078M ▼ $-87.842M ▼ $-333K ▼ $-172.528M ▼ $-84.456M ▼
Q3-2024 $-120.886M $-75.822M $329.077M $4.245M $258.024M $-77.887M

Five-Year Company Overview

Income Statement

Income Statement Legend Biotech is still very much in the “investment and build‑out” stage. Revenue has grown quickly from a very low base, helped by the ramp of its lead therapy, but the business remains far from break‑even. Gross profit has turned positive and improved meaningfully in recent years, which is a healthy sign that the core product economics are getting better as volumes and experience increase. However, operating losses remain sizable because research, clinical development, and commercialization costs are still heavy. Net losses have narrowed somewhat most recently, but the company is still dependent on outside funding and partnerships rather than internally generated profits. Overall, the income statement tells the story of a biotech moving from pure R&D toward commercialization, but not yet at a scale where revenues cover its cost base.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a growing biotech. Total assets have expanded over time as the company has invested in manufacturing capacity, R&D capabilities, and its partnership infrastructure. Shareholders’ equity has generally trended higher, reflecting capital raised and the value of these investments, even though ongoing losses weigh on retained earnings. Cash levels jumped materially a year ago and have since come down as the company has funded operations and expansion. Debt has increased but remains moderate compared with total assets and equity, suggesting leverage is being used, but not aggressively. Overall, the company appears to have a reasonable capital cushion for a clinical‑stage to early commercial biotech, but it will likely need to keep managing its cash position carefully as it scales.

Cash Flow

Cash Flow Legend Biotech consistently uses cash rather than generates it. Operating cash flow has been negative for several years, reflecting high spending on trials, manufacturing build‑out, and commercialization alongside still‑emerging revenue. The most recent year shows some improvement in operating cash burn, but it remains meaningfully negative. Capital spending has been relatively modest compared with many manufacturing‑heavy industries, but is still an additional cash outflow on top of operating needs. Free cash flow is therefore negative and has been for all reported years. This cash profile is typical for an innovative biotech in growth mode, but it means the company’s runway, access to capital markets, and partner funding remain key factors to watch.

Competitive Edge

Competitive Edge Legend Biotech occupies a strong and improving position in a highly specialized niche: cell therapies for cancer, particularly multiple myeloma. Its flagship CAR‑T therapy, Carvykti, has shown very compelling clinical outcomes and is often viewed as one of the strongest options in its class, which can drive physician and patient preference. A major advantage is its global partnership with Janssen (part of Johnson & Johnson), which provides commercialization muscle, manufacturing expertise, and shared financial resources. The company has also invested heavily in manufacturing capacity in the U.S., Europe, and China, addressing one of the biggest bottlenecks in cell therapy: scaling production reliably and quickly. At the same time, competition in multiple myeloma and broader oncology is intense, with large pharma companies and other biotechs working on rival CAR‑T and next‑generation therapies. Pricing pressures, reimbursement dynamics, and manufacturing complexity are ongoing risks. Still, Legend’s combination of a differentiated lead product, strong partner, and manufacturing footprint gives it a notable edge within its focused area.

Innovation and R&D

Innovation and R&D Legend Biotech is clearly innovation‑driven. Its lead product, Carvykti, uses a dual‑binding design that appears to translate into strong and durable responses for multiple myeloma patients, and long‑term outcome data have been particularly impressive. This design, together with a solid intellectual property portfolio, underpins much of the company’s current value. Beyond Carvykti, Legend is investing in a broad pipeline: off‑the‑shelf allogeneic CAR‑T therapies, gamma‑delta T‑cell approaches, and CAR‑NK cell therapies. These platforms aim to make treatments faster to deliver, potentially safer, and more scalable. The collaboration with Novartis around DLL3‑targeted CAR‑T therapies for difficult lung cancers adds another layer of external validation and technical depth. The planned new R&D facility in Philadelphia further signals a long‑term commitment to discovery and development. The flip side is that this strategy is capital‑intensive and high‑risk: clinical setbacks, regulatory challenges, or slower‑than‑hoped adoption in new indications could affect returns on this R&D spend. Overall, though, Legend’s innovation engine appears robust and well aligned with some of the most promising areas in oncology.

Summary

Legend Biotech looks like a classic high‑potential, high‑risk cell therapy company that is transitioning from pure R&D into early commercial scale. On the positive side, revenue is ramping from a strong lead product, gross margins are moving in the right direction, the balance sheet is still supportive, and the company benefits from a powerful partnership with Janssen and a growing global manufacturing base. On the risk side, the company remains loss‑making and cash‑consuming, with future progress dependent on continued uptake of Carvykti, successful expansion into earlier treatment lines, and advancement of a complex, costly pipeline. Competition in oncology and cell therapy is fierce, and execution in manufacturing, regulatory interactions, and reimbursement will be critical. Overall, Legend Biotech stands out for its differentiated CAR‑T technology and ambitious innovation plans, but its financial profile still reflects an early‑stage biotech investing heavily today in hopes of much larger, longer‑term rewards.

NEWS

November 13, 2025 · 12:08 PM UTC

Legend Biotech Celebrates Official Opening of New State-of-the-Art Cell Therapy Research and Development Facility in Philadelphia

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November 3, 2025 · 11:05 AM UTC

Legend Biotech Announces 10 Presentations at the 67th American Society of Hematology (ASH) Annual Meeting

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October 29, 2025 · 8:00 AM UTC

Legend Biotech to Host Investor Conference Call on Third Quarter 2025 Results

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