Legend Biotech (NASDAQ:LEGN) announces earnings results. August 11, 2026 Key points. * Legend Biotech beat quarterly expectations: EPS was $0.09 versus the $0.06 consensus, while revenue rose 51.9% year over year to $387.5 million, above estimates of $355.96 million. * CARVYKTI continued strong growth, with net trade sales up 50% year over year to approximately $657 million and international sales increasing 128%. The company also reported its first quarter of company-wide profitability, including $63 million in adjusted net income. * Pipeline developments were positive: LB2501 showed a 100% objective response rate in an early higher-dose cohort, and Legend plans to file a U.S. IND by year-end, though management warned of near-term gross-margin pressure and competition from bispecific therapies. * Five stocks to consider instead of Legend Biotech. Legend Biotech (NASDAQ:LEGN - Get Free Report) posted its quarterly earnings data on Tuesday. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.03, Briefing.com reports. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The business had revenue of $387.50 million during the quarter, compared to analysts' expectations of $355.96 million. During the same period in the previous year, the business earned $0.03 earnings per share. The business's revenue was up 51.9% compared to the same quarter last year. Here are the key takeaways from Legend Biotech's conference call: * CARVYKTI net trade sales rose 50% year over year to approximately $657 million, with 10% sequential growth. Earlier-line use continued to expand, with second- through fourth-line treatment accounting for more than 70% of U.S. volume, while international sales grew 128% year over year. * Legend reported its first quarter of company-wide profitability, including $63 million in adjusted net income, and maintained its outlook for adjusted net income profitability in the second half of 2026. The company ended the quarter with approximately $965 million in cash and no long-term debt. * Early data for in vivo CAR-T candidate LB2501 showed a 100% objective response rate and an 83.3% complete response rate at the higher dose cohort, with CAR-T cells detectable for up to 116 days and no dose-limiting toxicities reported. Legend plans to file a U.S. IND by year-end and initially conduct the Phase I study itself. * Gross margin improved to 58% in Q2 but is expected to decline to the lower-50% range in Q3 before recovering to the mid-50% range in Q4, partly due to changing outpatient treatment economics. Management also acknowledged potential competitive pressure from bispecific therapies, although it continues to emphasize CARVYKTI's one-time treatment and durability advantages. * Interim CEO Alan Bash characterized the CEO change as a leadership transition rather than a strategy shift, while the board continues a search for a permanent chief executive. Legend also disclosed plans to advance LB2505, an investigational BCMA-targeted in vivo CAR-T therapy in China, subject to the company's collaboration agreement with Johnson & Johnson. Legend Biotech trading up 5.0%. LEGN stock traded up $1.04 during midday trading on Tuesday, hitting $21.70. 876,108 shares of the company's stock were exchanged, compared to its average volume of 2,490,348. Legend Biotech has a 1-year low of $16.24 and a 1-year high of $38.35. The stock has a market capitalization of $4.03 billion, a PE ratio of -31.81 and a beta of 0.37. The business has a 50-day simple moving average of $26.97 and a two-hundred day simple moving average of $23.14. Insiders place their bets. In other news, CEO Ying Huang sold 5,566 shares of the firm's stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the completion of the transaction, the chief executive officer owned 241,872 shares of the company's stock, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.02% of the stock is currently owned by corporate insiders. Institutional investors weigh in on Legend Biotech. A number of hedge funds have recently added to or reduced their stakes in LEGN. Virtu Financial LLC purchased a new position in Legend Biotech in the 4th quarter valued at approximately $298,000. Invesco Ltd. raised its stake in shares of Legend Biotech by 4.4% in the fourth quarter. Invesco Ltd. now owns 13,710 shares of the company's stock valued at $298,000 after acquiring an additional 581 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Legend Biotech by 8.6% in the fourth quarter. Mackenzie Financial Corp now owns 25,487 shares of the company's stock valued at $548,000 after acquiring an additional 2,026 shares in the last quarter. Ikarian Capital LLC purchased a new position in Legend Biotech in the fourth quarter valued at $4,933,000. Finally, Virtus Investment Advisers LLC boosted its holdings in Legend Biotech by 161.2% in the fourth quarter. Virtus Investment Advisers LLC now owns 30,617 shares of the company's stock valued at $666,000 after purchasing an additional 18,895 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds. Wall Street analyst weigh in. Several analysts have recently issued reports on LEGN shares. Morgan Stanley dropped their target price on shares of Legend Biotech from $49.00 to $48.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 13th. TD Cowen upped their price target on shares of Legend Biotech to $29.00 and gave the stock a "hold" rating in a research report on Wednesday, May 13th. Raymond James Financial reaffirmed an "outperform" rating and issued a $58.00 price target on shares of Legend Biotech in a research note on Monday, July 27th. JPMorgan Chase & Co. started coverage on Legend Biotech in a research note on Monday, July 13th. They set a "neutral" rating and a $35.00 price objective for the company. Finally, Weiss Ratings raised Legend Biotech from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, July 30th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $55.29. About Legend Biotech. Legend Biotech NASDAQ: LEGN is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson. The company's lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)-directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Continue following MarketBeat Before you consider Legend Biotech, you'll want to hear this. 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Legend Biotech achieves profitability and breakthroughs in cell therapy with Q2 2026 results. 11 August 2026, 7:35 AM First-Ever quarterly profit and major pipeline progress highlight Q2. Legend Biotech's second quarter of 2026 marked a major inflection point: the company posted its first-ever quarterly profit, driven by a surge in global CARVYKTI(R) sales, expansion into new markets, and significant milestones in its innovative cell therapy pipeline. The financial and clinical progress underscores the company's momentum as it advances toward company-wide profitability and sector leadership. CARVYKTI(R) drives robust revenue Growth across global markets. Net trade sales of CARVYKTI(R) soared 50% versus Q2 2025 to $657 million, fueled by launches in new territories - including Ireland, Legend's 19th global market. U.S. net sales grew 32% year-over-year, with ex-U.S. markets notching a remarkable 128% increase. CARVYKTI(R) is now available at 348 global sites, reflecting an accelerating trajectory for patient access and commercial reach. | Region | Q2 2026 Net Sales ($M) | YOY Growth (%) | Global Sites | | U.S. 472.0 | 32 | 348 | | Rest of World | 185.0 | 128 | | Total | 657.0 | 50 | - | Pipeline shows clinical momentum: 100% ORR for LB2501 at high dose. Legend notched its first clinical proof-of-concept for LB2501, an innovative in vivo CD19/CD20 dual-targeting CAR-T therapy. At the higher dose level, 100% overall response rate (ORR) and 83.3% complete response (CR) were observed in relapsed/refractory B-cell non-Hodgkin lymphoma - without serious adverse events or dose-limiting toxicities. This early data demonstrates the potential for a new generation of CAR-T therapies with improved safety and in vivo production. The company also reported encouraging first-in-human results for LB2102, targeting DLL3 in small-cell lung cancer and large-cell neuroendocrine carcinoma. At higher doses, the therapy achieved a 28.6% ORR and a 78.6% disease control rate (DCR), showing durable responses in heavily pretreated patients. Profitability achieved as operating metrics show substantial improvement. For the first time, Legend posted net income: $33.2 million (Q2 2026), reversing a $125.4 million net loss in the same period last year. Adjusted net income (removing non-cash/exchange effects) reached $63.1 million, up from $10.1 million a year prior. The turnaround reflects higher gross profits from CARVYKTI(R), milestone payments, and improved operating leverage. | Metric | Q2 2026 ($M) | Q2 2025 ($M) | YOY Change ($M) | | Net Income (Loss) | 33.2 | (125.4) | 158.6 | | Adjusted Net Income | 63.1 | 10.1 | 53.0 | | Operating Income (Loss) | 57.7 | (21.9) | 79.6 | | Total Revenue | 387.5 | 255.1 | 132.4 | The bottom-line resurgence was accompanied by a robust balance sheet: $965 million in cash and time deposits as of June 30, 2026 - thanks in part to a successful $212 million public offering of American Depositary Shares. The company estimates this financial runway extends beyond 2026, cushioning research, expansion, and future launches. Research spend reflects clinical advances, while cost controls improve leverage. Research and development expenses declined slightly to $96.0 million, as dosing phases of key trials concluded, while commercial and distribution costs climbed with expanded CARVYKTI(R) access and revenue. Administrative expenses remained stable year-over-year, reflecting tight operational control despite expanding global operations. Durable Growth across hematology and oncology portfolio. New CARTITUDE program results continue to support durable efficacy and a consistent safety profile for CARVYKTI(R) in multiple myeloma, including sustained progression-free and overall survival benefits and low rates of severe adverse events. Legend's expanding clinical and commercial footprint across a variety of blood cancers and solid tumors speaks to a maturing, diversified pipeline with real-world momentum. Key takeaway: positioned for long-term value as profitability arrives. Legend Biotech's surge to quarterly profitability, growing CAR-T portfolio, and strengthened cash position confirm the company's transition from rapid innovator to sustainable market leader. Investors and industry watchers may want to focus on upcoming clinical readouts from LB2501, rollout progress for CARVYKTI(R), and whether Legend can deliver multi-quarter profitability - a milestone not just for the firm, but for the cell therapy sector itself. Contact Information: If you have feedback or concerns about the content, please feel free to reach out to Market Chameleon via email at [email protected]. About the Publisher - Marketchameleon.com: Marketchameleon is a comprehensive financial research and analysis website specializing in stock and options markets. Market Chameleon leverage extensive data, models, and analytics to provide valuable insights into these markets. Its primary goal is to assist traders in identifying potential market developments and assessing potential risks and rewards. NOTE: Stock and option trading involves risk that may not be suitable for all investors. Examples contained within this report are simulated and may have limitations. 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Legend Biotech's CEO Ying Huang resigned abruptly on 24 July, with the company stating his departure was not due to any disagreement. Alan Bash, president of Legend's Carvykti Business Unit, will serve as interim CEO whilst a search for a permanent replacement is underway. Separately, Sarepta Therapeutics appointed Michael Severino as its new CEO following a five-month search. Severino, formerly president of AbbVie and CEO of Tessera Therapeutics, brings over 25 years of biopharma experience. He replaces Doug Ingram, who announced his retirement in February for personal reasons. The leadership changes come as Legend faces competition for its blockbuster CAR-T therapy Carvykti, whilst Sarepta recently implemented a 36% workforce reduction amid challenges with its DMD gene therapy Elevidys.