| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 23 | — | 17.8x | Bottom tier | |
Growth | 94 | 59.5% | 7.1% | Top tier | |
Quality | 39 | -6.0% | 4.5% | Bottom tier | |
Safety | 42 | — | 2.6x | Around median | |
Capital Return | 74 | — | 2.12% | Top tier | |
Momentum | 26 | -45.1% | 2.9% | Bottom tier | |
Sentiment | 35 | 4 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Legend Biotech Corporation develops CAR-T cell therapies, with its commercial business centered on CARVYKTI for the treatment of multiple myeloma, alongside a portfolio that includes autologous and allogeneic therapies and in vivo CAR-T platforms. The company generates revenue from its collaboration with J&J, with CARVYKTI revenue recognized under a profit-sharing analysis, while working to expand its use into earlier lines of therapy and additional markets and treatment centers. The portfolio includes LB2501 for non-Hodgkin lymphoma, LB2505 for multiple myeloma, and LB2102 for small cell lung cancer and large cell neuroendocrine carcinoma.
In Q2 FY2026, revenue rose 52% year over year to $387.5 million, exceeding estimates of $362.81 million, and the company reported IFRS net income of $33.2 million and adjusted net income of $63 million. This was the first quarter of company-wide profitability, and the operating margin turned positive at 15% versus negative 9% in Q2 FY2025. Gross profit margin on net product sales also reached 58%, compared with 41% in Q1 FY2026, with the Q2 FY2026 result benefiting by a few temporary percentage points related to the reversal of manufacturing expansion costs.
Global commercial net sales of CARVYKTI reached approximately $657 million in Q2 FY2026, representing growth of 50% year over year and 10% sequentially. Sales increased 32% annually in the United States and 128% outside it, and second- through fourth-line therapies accounted for more than 70% of U.S. volume, while outpatient treatments approached 60% of the mix. By August 11, 2026, CARVYKTI was available through more than 150 authorized centers in the United States, approximately 40% of which were community hospitals, and through 348 treatment sites globally across 19 markets following its launch in Ireland.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is "Buy," with an average price target of $57.22 and a wide range between $28 and $78, while the average is above the 52-week range high of $37.5. No meaningful price-to-earnings ratio is available because of the FY2025 net loss of $296.8 million, so the valuation depends heavily on the sustainability of the profitability that emerged in Q2 FY2026, continued CARVYKTI growth, and the success of early-stage clinical programs.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
CARVYKTI is the primary commercial driver through Legend Biotech's collaboration with J&J and sales-related profit sharing. Its global commercial sales reached $657 million in Q2 FY2026, up 50% annually, while Legend Biotech's total revenue was $387.5 million. The two figures differ because the company's revenue is recognized according to its profit-sharing analysis and exchange rates, rather than as the full amount of global commercial sales.
Q2 FY2026 delivered the first quarter of company-wide profitability, with IFRS net income of $33.2 million and adjusted net income of $63 million. The operating margin was 15% versus negative 9% in Q2 FY2025, with revenue growing 52% and operating expenses increasing only 7%. On the August 11, 2026 call, management expected adjusted profitability to continue in Q3 and Q4 FY2026, with potential volatility due to changing margins.
Global commercial net sales of CARVYKTI increased 50% annually and 10% sequentially in Q2 FY2026. Growth came from increased use of the therapy in earlier lines, with second- through fourth-line therapies representing more than 70% of U.S. volume, in addition to 128% annual sales growth outside the United States. By August 11, 2026, the network had expanded to more than 150 authorized U.S. centers and 348 treatment sites globally across 19 markets.
LB2501 is an in vivo CAR-T therapy targeting CD19 and CD20 for the treatment of relapsed or refractory non-Hodgkin lymphoma. In phase 1 data presented in June 2026, the second dose level achieved a 100% objective response rate and an 83.3% complete response rate among six patients, with no dose-limiting toxicity, serious events, or deaths. The company plans to submit a U.S. IND application in Q4 FY2026 and begin a self-managed U.S. clinical program, but the sample size and follow-up remain limited.
Cash, cash equivalents, and time deposits totaled approximately $965 million as of June 30, 2026, and the company had no long-term debt. The public offering completed in June 2026 added approximately $212 million in net proceeds to support LB2501, the in vivo CAR-T platform, and manufacturing expansion. At the same time, the company was repaying a collaboration loan with J&J with approximately $300 million in principal plus interest and expected to fully settle the obligation during FY2026.
The primary business risk is the dependence of revenue growth on CARVYKTI, alongside competition from bispecific therapies such as TECVAYLI and TALVEY. Management also expected gross profit margin on net product sales to decline to the low-50% range in Q3 FY2026 after reaching 58% in Q2 FY2026. The LB2501 platform remains clinically early, while the wide range of analyst targets between $28 and $78 reflects substantial disagreement over the outlook for commercial and clinical success.
