Healthcare · Biotechnology
Price
$28.69
Market Cap
$5.3B
Employees
2,900
Beta
0.35
Avg Volume
2,706,287
CEO
Ying Huang
Business Description
Legend Biotech Corporation, through its subsidiaries, operates as a biopharmaceutical company that discovers, develops, manufactures, and commercializes novel cell therapies for oncology and other indications in the United States, China, and Europe. Its lead product candidate is ciltacabtagene autoleucel, or cilta-cel, which is a chimeric antigen receptor (CAR-T) therapy for the treatment of multiple myeloma (MM). The company also has a portfolio of earlier-stage autologous CAR-T product candidates targeting various cancers, including acute lymphoblastic leukemia, gastric cancer, esophageal cancer, pancreatic cancer, colorectal cancer, small cell lung cancer, and non-small cell lung cancer. In addition, it develops allogeneic gamma delta CAR-T and allogeneic CAR-NK product candidates targeting B-cell maturation antigen (BCMA) for MM, which are in investigator-initiated Phase 1 clinical trials in China. The company has a collaboration and license agreement with Janssen Biotech, Inc. for the development and commercialization of cilta-cel, as well as a license agreement with Novartis Pharma AG for the development, manufacture, and commercialization of CAR-T cell therapies targeting delta-like ligand protein 3. Legend Biotech Corporation was founded in 2014 and is headquartered in Somerset, New Jersey.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-17.93
Stock Price: $28.69
EPS (Diluted): -1.60
EPS (Diluted): -1.60
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
4.00
Stock Price: $28.69
Total Equity: $1.00B
Shares: 184,320,585
Total Equity: $1.00B
Shares: 184,320,585
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-15.15
Market Cap: $5.31B
Total Debt: $319.10M
Cash: $901.90M
EBITDA: -$232.30M
Total Debt: $319.10M
Cash: $901.90M
EBITDA: -$232.30M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$3.5B
Market Cap: $5.31B
Total Debt: $319.10M
Cash: $901.90M
Total Debt: $319.10M
Cash: $901.90M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
3.89
Stock Price: $28.69
Revenue: $1.03B
Shares: 184,320,585
Revenue: $1.03B
Shares: 184,320,585
EV/Sales (Total value vs revenue — works when P/E can't)
API3.42
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
60.3%
Gross Profit: $620.80M
Revenue: $1.03B
Revenue: $1.03B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-13.3%
Operating Income: -$136.50M
Revenue: $1.03B
Revenue: $1.03B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-28.8%
Net Income: -$296.80M
Revenue: $1.03B
Revenue: $1.03B
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
-29.6%
Net Income: -$296.80M
Total Equity: $1.00B
Total Equity: $1.00B
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
-34.2%
Operating Income: -$136.50M
Tax Rate: -5.0%
Equity: $1.00B
Total Debt: $319.10M
Cash: $901.90M
Tax Rate: -5.0%
Equity: $1.00B
Total Debt: $319.10M
Cash: $901.90M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.96
Current Assets: $1.25B
Current Liabilities: $636.40M
Current Liabilities: $636.40M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.32
Short-Term Debt: $319.10M
Long-Term Debt: $0.00
Total Debt: $319.10M
Total Equity: $1.00B
Long-Term Debt: $0.00
Total Debt: $319.10M
Total Equity: $1.00B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$5.58
Revenue: $1.03B
Shares: 184,320,585
Shares: 184,320,585
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$5.44
Total Equity: $1.00B
Shares: 184,320,585
Shares: 184,320,585
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.91
Operating CF: -$100.47M
CapEx: -$67.58M
Shares: 184,320,585
CapEx: -$67.58M
Shares: 184,320,585
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $28.69
Stock Price: $28.69
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$296.80M
Net Income: -$296.80M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares LEGN against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 5:03pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $68.8M | $117.0M | $285.1M | $627.2M | $1.0B |
| Cost of Revenue | $0 | $65.4M | $144.2M | $234.6M | $408.1M |
| Gross Profit | $68.8M | $51.6M | $140.9M | $392.7M | $620.8M |
| Operating Expenses | $461.1M | $507.3M | $580.4M | $695.9M | $757.3M |
| Operating Income | -$392.3M | -$455.6M | -$439.5M | -$303.2M | -$136.5M |
| Net Income | -$403.6M | -$446.3M | -$518.3M | -$177.0M | -$296.8M |
| EBITDA | -$392.4M | -$416.5M | -$477.9M | -$113.2M | -$232.3M |
| EPS | $-2.74 | $-2.81 | $-2.94 | $-0.97 | $-1.60 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 5:03pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $688.9M | $786.0M | $1.3B | $286.7M | $901.9M |
| Total Current Assets | $949.9M | $1.1B | $1.5B | $1.3B | $1.2B |
| Total Assets | $1.1B | $1.3B | $1.8B | $1.7B | $1.7B |
| Current Liabilities | $229.2M | $297.8M | $216.4M | $277.6M | $636.4M |
| Long-Term Debt | $120.5M | $260.9M | $281.3M | $301.2M | $0 |
| Total Liabilities | $353.5M | $586.7M | $597.2M | $629.6M | $731.6M |
| Total Equity | $765.9M | $744.3M | $1.3B | $1.0B | $1.0B |
| Retained Earnings | -$520.1M | -$966.5M | -$1.5B | -$1.7B | -$2.0B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 5:03pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$198.5M | -$201.3M | -$393.3M | -$144.0M | -$100.5M |
| Capital Expenditure | -$45.4M | -$22.3M | -$22.7M | -$14.1M | -$67.6M |
| Free Cash Flow | -$243.9M | -$223.6M | -$416.0M | -$158.1M | -$168.0M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $233.2M | $97.1M | $491.7M | -$991.0M | $615.1M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 10:05pm (10h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$1.8B $1.5B – $2.0B
|
$2.1B $2.1B – $2.1B
|
$2.5B $2.2B – $2.7B
|
$2.8B $2.5B – $3.1B
|
| EBITDA |
-$1.2B -$1.4B – -$1.1B
|
-$1.4B -$1.5B – -$1.4B
|
-$1.7B -$1.8B – -$1.5B
|
-$1.9B -$2.1B – -$1.7B
|
| Net Income |
$133.5M $36.9M – $230.2M
|
$271.7M $206.0M – $337.4M
|
$277.2M $239.7M – $310.6M
|
$386.4M $334.1M – $433.0M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 5:03pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +70.0% | +143.7% | +120.0% | +64.0% |
| Gross Profit Growth | -25.0% | +172.9% | +178.6% | +58.1% |
| Operating Income Growth | -16.1% | +3.5% | +31.0% | +55.0% |
| Net Income Growth | -10.6% | -16.1% | +65.8% | -67.7% |
| EBITDA Growth | -6.2% | -14.7% | +76.3% | -105.3% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for LEGN — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30