Legend Biotech (ADR)
Commercializes CARVYKTI while developing next-generation CAR-T therapies.
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Profile
Commercializes CARVYKTI for multiple myeloma with Janssen and develops autologous, allogeneic, and in-vivo CAR-T programs. The business integrates cell-therapy discovery through commercialization and shares CARVYKTI economics with Janssen outside the PRC.
Commercializes CARVYKTI, a BCMA-directed autologous CAR-T therapy for multiple myeloma, with Janssen. The company integrates discovery, development, manufacturing, and commercialization; its operating footprint spans the United States, China, and Europe.
Its research portfolio covers investigational autologous, allogeneic, and in-vivo CAR-T approaches for blood cancers, solid tumors, and autoimmune diseases. LUCAR-G39D is an allogeneic candidate for B-cell non-Hodgkin lymphoma, while its in-vivo programs use the TaVec platform.
CARVYKTI is the commercial core, and its revenue, costs, and profits are shared equally with Janssen outside the PRC. Manufacturing capacity spans U.S., Chinese, and Belgian operations.
Company facts
Key statistics
Year to date −7.6% · Average volume (30d) 2.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Oppenheimer | Downgrade | Outperform | Perform | $75 | $40 |
| Aug 12, 2026 | Barclays | Reiterate | Overweight | $94 | $78 | |
| Jul 27, 2026 | Raymond James | Reiterate | Outperform | $58 | ||
| Jul 27, 2026 | RBC Capital | Reiterate | Outperform | $63 | $59 | |
| Jul 24, 2026 | UBS | Downgrade | Buy | Neutral | $49 | $28 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | $0.12 | $0.09 | −25.0% | $356.0M | $387.5M | +8.9% | +5.66% |
| May 12, 2026Q1 FY26 | −$0.02 | −$0.15 | −650.0% | $306.5M | $305.1M | −0.5% | +1.45% |
| Mar 10, 2026Q4 FY25 | −$0.17 | −$0.08 | +52.9% | $307.8M | $306.3M | −0.5% | +3.63% |
| Nov 12, 2025Q3 FY25 | −$0.13 | −$0.11 | +15.4% | $309.5M | $272.3M | −12.0% | −0.55% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $195.1M | $255.1M | $272.3M | $306.4M | $305.1M | $387.5M | |
| Gross profit | $123.7M | $157.1M | $157.0M | $182.9M | $129.2M | $250.1M | |
| Operating income | −$50.6M | −$21.9M | −$43.5M | −$20.6M | −$49.8M | $57.7M | |
| Net income | −$100.9M | −$125.4M | −$39.7M | −$30.8M | −$54.3M | $33.2M | |
| Diluted EPS | −$0.55 | −$0.68 | −$0.22 | −$0.17 | −$0.30 | $0.18 | |
| Gross margin | 63.4% | 61.6% | 57.7% | 59.7% | 42.3% | 64.5% | |
| Operating margin | -26.0% | -8.6% | -16.0% | -6.7% | -16.3% | 14.9% |
Fiscal years (4-quarter sums)FY21 $91.2M · FY22 $108.3M · FY23 $285.1M · FY24 $627.2M · FY25 $1.03B
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $964.6M · Total debt $278.2M · Total assets $1.75B · Shareholders' equity $1.23B
Dividends
No dividends on record.
Ownership
Shares outstanding 184.94M · Float 178.18M · 96.4% free float
Insiders — filings are in the shares behind the receipt.
This listing is a depositary receipt and the Form 4 positions here are filed in the shares behind it, a different unit from the share count and in a ratio the filings never state, so no insider percentage is shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 29.09M | 15.73% | 13F | Aug 13, 2026 |
| Deerfield Management Company, L.P. (Series C) | 8.14M | 4.40% | 13F | Aug 14, 2026 |
| Suvretta Capital Management, LLC | 7.07M | 3.82% | 13F | Aug 14, 2026 |
| HHLR Advisors, Ltd. | 5.98M | 3.24% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 4.73M | 2.56% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 30, 2026 | Patrick John Casey | director | −6,000 | $14.80 |
| Jun 25, 2026 | Ying Huang | director, officer: Chief Executive Officer | −5,566 | $14.78 |
| Mar 25, 2026 | Ying Huang | director, officer: Chief Executive Officer | −9,936 | $8.77 |
Peers
- Bristol-Myers Squibb
BCMA CAR-T therapy for relapsed or refractory multiple myeloma
- Pfizer
BCMA bispecific antibody for relapsed or refractory multiple myeloma
- GSK (ADR)
Anti-BCMA regimen for relapsed or refractory multiple myeloma
- Regeneron
BCMA bispecific antibody for relapsed or refractory multiple myeloma
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Legend Biotech (ADR) | $20.20 | +1.64% | $3.68B | — | 42.6 | 2.9 | +51.4% |
| Bristol-Myers Squibb | $66.60 | +0.05% | $136.00B | 14.7 | 10.5 | 2.8 | +5.7% |
| Pfizer | $27.95 | −0.04% | $159.36B | 36.9 | 10.0 | 2.5 | +2.6% |
| GSK (ADR) | $50.57 | −0.51% | $101.82B | 15.8 | 9.2 | 2.2 | +2.7% |
| Regeneron | $793.21 | −0.11% | $81.82B | 19.6 | 13.1 | 5.3 | +16.7% |
| Median | 17.7 | 10.2 | 2.6 | +4.2% |







