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what it is
Legend Biotech makes CARVYKTI, a cell therapy for multiple myeloma, and is pushing other cancer drugs behind it.
how it gets paid
Last year Legend Biotech made $627M in revenue. CARVYKTI U.S. sales was the main engine at $420M, or 67% of sales.
what just happened
$723M in revenue came with a -$0.72 EPS loss, so the market got growth before profit.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
50/100 earnings predictability — expect surprises
-$0.48 fy2024 eps est
$627M fy2024 rev est
n/a operating margin
xvary composite: 59/100 — below average
What they do
Legend Biotech makes CARVYKTI, a cell therapy for multiple myeloma, and is pushing other cancer drugs behind it.
CARVYKTI posted a 50.4-month median progression-free survival, which means the middle patient went 50.4 months before the cancer got worse. That is one infusion versus years of repeated treatment. You also have 1 strategic partner in Janssen, so your go-to-market burden is lighter than a solo biotech's.
How they make money
$627M
annual revenue
CARVYKTI U.S. sales
$420M
+64.0%
CARVYKTI ex-U.S. sales
$140M
+64.0%
Janssen collaboration revenue
$45M
flat
Other license and milestone revenue
$22M
flat
The products that matter
commercial CAR-T therapy
Carvykti
$306M product sales · 49% of revenue
this is the commercial engine that matters. it accounted for $306M of reported revenue and grew 64%. if this keeps climbing, the business looks more real each quarter.
main driver
partner economics and milestone mix
Collaboration Revenue
$321M · 51% of revenue
this was slightly larger than product sales at $321M. it matters because it funds expansion, but it also means more than half of revenue still came from something other than direct therapy demand.
funding layer
pre-commercial development engine
Clinical Pipeline
$949M cash backing it
the pipeline matters because the company ended Dec 2025 with $949M in cash and equivalents while EPS is still estimated at -$0.48. in biotech, cash is time, and time is what lets the next asset exist.
next act
Key numbers
$627M
annual revenue
That is the size of the business right now. For you, it means this is already a real revenue story, not a science fair project.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. That margin is the punchline. The company is still turning sales into a very large operating loss.
$949M
cash pile
Cash matters because it buys time. Legend has enough money to keep the story alive while CARVYKTI does the heavy lifting.
$301M
long-term debt
Debt is modest next to cash, but it still sits there. You own a biotech with a balance sheet, not a zero-liability fairy tale.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 15 / 100
- long-term debt $301M (8% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for LEGN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
$723M in revenue came with a -$0.72 EPS loss, so the market got growth before profit.
Revenue was up 165% vs. prior year. Gross margin hit 61%, which is better than a typical biotech burn machine, but it still did not reach profit.
$723M
revenue
$0.72
eps
61%
gross margin
the number that mattered
Revenue was $723M, up 165% vs. prior year. That is the business getting bigger while the loss still hangs around.
source: company earnings report
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What could go wrong
the #1 risk is Carvykti throughput, adoption, or reimbursement slipping. this company has real revenue now, but the story is still concentrated enough that one therapy can move the whole stock.
med
Carvykti slows before the rest of the pipeline matters
Carvykti product sales were $306M, or 49% of total revenue. If that growth cools, there is not a second commercial asset ready to absorb the disappointment.
This hits the part of the story investors use to justify owning LEGN at all: proof that the launch is turning into a business.
med
collaboration revenue keeps the headline clean
$321M of annual revenue came from collaboration revenue, or 51% of the total. Helpful, yes. But it is not the same as proving durable standalone product economics.
If the mix stays partner-heavy, the market can decide the growth rate looks better than the underlying business quality.
med
profitability arrives later than investors want
EPS is still estimated at -$0.48 and Q4 2025 operating margin was still -6%. Better than before is not the same thing as self-funding.
A slower march to break-even makes the $949M cash balance feel smaller, because biotech cash burn always looks fine until it does not.
$306M in product sales and $321M in collaboration revenue tell two stories at once: demand is real, and dependence is still high. If Carvykti growth cools before margins cross into sustained profitability, the stock can reprice long before the business stabilizes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings update
You want the next report to show two things at once: Carvykti still scaling and margins still improving from -6%. One without the other is only half a win.
trend
product sales versus collaboration mix
Carvykti product sales were 49% of revenue and collaboration revenue was 51%. If direct product sales take the lead and stay there, the story gets sturdier.
risk
manufacturing or reimbursement friction
Cell therapy is physical medicine, not a download. If capacity, logistics, or payer friction shows up, you will see it in sales momentum before you hear a neat explanation.
metric
operating margin
The move from -142% in Q2 2023 to -6% in Q4 2025 is the cleanest proof that scale is helping. If that trend stalls or reverses, the bull case weakens fast.
Analyst rankings
short-term outlook
mixed
target data is thin here. in human-speak, the street does not have one clean script for how fast this scales.
risk profile
volatile
price stability is 15 / 100. in plain english, this stock is built for swings, not sleep.
chart momentum
catalyst-driven
this name trades more on therapy adoption and biotech headlines than on smooth technical trends.
earnings predictability
50/100
halfway predictable means the business is commercial enough to model and still young enough to surprise you.
source: institutional data
Institutional activity
institutional ownership data for LEGN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$18
current price
n/a
target midpoint · n/a from current
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