Legend Biotech Corp is a US-listed company in the biotechnology industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
~$30
Revenue-to-maturity cash-flow model
Base case. Range ~$24–$36 across our lower- and higher-growth cases (25%–35% a year).
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Legend Biotech Corp valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $1.03bn, up 64.0% on a year earlier, slower than the 120.0% growth a quarter earlier. Free-cash-flow margin rose to -12.5% from -349.7% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 5 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $29.60 a share, against a share price of $21.63.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Legend Biotech Corp's trailing-twelve-month revenue grew 64.0% year on year, with a free-cash-flow margin of -12.5%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 78 biotechnology companies we cover. Where it lags: change in growth rate of -55.9pp ranks 146 of 172 biotechnology companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 64.0% (-55.9pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for LEGN from the sources we follow. See filings →
We value Legend Biotech Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$30 ~$24–$36 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$6.8 ~$15–$52 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$25 ~$6.8–$30 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Legend Biotech Corp with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 10, 2026, before the open. Analysts expect revenue of $360m and EPS of $0.01 (range $0.01 to $0.01) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | — | — | $1.4bn | +40% |
| Next | — | — | $1.8bn | +23% |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.28 | $0.32 | +14.3% |
| Dec 2025 | $0.19 | −$0.16 | −184.4% |
| Sept 2025 | −$0.18 | −$0.22 | −18.9% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY18 Q4 | $49.1M |
| FY19 Q4 | $60M |
| FY20 Q4 | $75M |
| FY21 Q4 | $68.8M |
| FY22 Q4 | $117M |
| FY23 Q4 | $285.1M |
| FY24 Q4 | $627.2M |
| FY25 Q4 | $1B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY19 Q4 | 22.1% |
| FY20 Q4 | 25.0% |
| FY21 Q4 | -8.2% |
| FY22 Q4 | 70.0% |
| FY23 Q4 | 143.7% |
| FY24 Q4 | 120.0% |
| FY25 Q4 | 64.0% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY18 Q4 | 583.6% |
| FY19 Q4 | -183.1% |
| FY20 Q4 | -332.3% |
| FY21 Q4 | -349.7% |
| FY22 Q4 | -189.9% |
| FY23 Q4 | -145.0% |
| FY24 Q4 | -25.2% |
| FY25 Q4 | -12.5% |
| Fiscal year | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 49 | 60 | 75 | 69 | 117 | 285 | 627 | 1,029 |
| Gross profit | — | — | 75 | 69 | 52 | 141 | 411 | 632 |
| Operating income | — | — | — | — | — | −528 | −310 | −137 |
| Net income | −3 | −102 | −266 | −404 | −446 | −518 | −177 | −297 |
| Diluted EPS | — | −$1.02 | −$2.26 | −$2.86 | −$2.80 | −$2.94 | −$0.96 | −$1.62 |
| Growth (year on year) | ||||||||
| Revenue | — | +22.1% | +25.0% | −8.2% | +70.0% | +143.7% | +120.0% | +64.0% |
| Margins | ||||||||
| Gross margin | — | — | 100.0% | 100.0% | 44.1% | 49.4% | 65.5% | 61.4% |
| Operating margin | — | — | — | — | — | −185.2% | −49.3% | −13.3% |
| Net margin | −5.7% | −169.4% | −355.2% | −586.4% | −381.5% | −181.8% | −28.2% | −28.8% |
| Free-cash-flow margin | 583.6% | −183.1% | −332.3% | −349.7% | −189.9% | −145.0% | −25.2% | −12.5% |
| Cash flow | ||||||||
| Cash from operations | 308 | −83 | −223 | −198 | −201 | −393 | −144 | −100 |
| Capital spending | 21 | 27 | 26 | 42 | 21 | 20 | 14 | 29 |
| Free cash flow | 287 | −110 | −249 | −241 | −222 | −413 | −158 | −129 |
| Balance sheet | ||||||||
| Cash | 210 | 83 | 456 | 689 | 786 | 1,278 | 287 | 902 |
| Total debt | 0 | — | 0 | 120 | 261 | 281 | 301 | 319 |
| Net debt (negative = net cash) | −210 | −83 | −456 | −568 | −525 | −996 | 15 | −583 |
| Diluted shares | 100m | 100m | 118m | 141m | 159m | 176m | 183m | 184m |
| Last 12 months unless stated | LEGN | KNSA | BBIO | BCRX | ACAD | PTCT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.0bn | $946m | $946m | $941m | $1.1bn | $1.2bn | $56m |
| Revenue growth, last 12 months | 64.0% | 58.2% | 167.3% | 68.7% | 11.8% | −35.1% | 12.6% |
| Revenue growth, 3-year average | — | 56.1% | 364.6% | 45.3% | 27.4% | 13.1% | 13.7% |
| Revenue growth, latest quarter | — | 58.1% | 192.6% | 33.6% | 16.4% | 69.6% | 10.2% |
| Gross margin | 61.4% | 90.2% | 94.3% | 97.8% | 91.1% | 96.0% | 82.9% |
| Operating margin | −13.3% | 13.8% | −38.5% | −33.3% | 7.6% | 12.8% | −189.4% |
| Operating margin, 3-year average | — | 4.4% | −153.6% | −13.1% | 11.1% | 13.8% | −363.5% |
| Net margin | −28.8% | 11.6% | −59.8% | −40.9% | 33.4% | −9.2% | −169.8% |
| Cash from operations / revenue | −9.7% | 21.0% | −39.0% | 40.0% | 14.1% | 0.9% | −168.0% |
| Free-cash-flow margin | −12.5% | 20.8% | −39.1% | 39.7% | 12.8% | 0.2% | −162.4% |
| Free-cash-flow margin, 3-year average | — | 13.6% | −137.4% | 6.7% | 0.8% | 6.4% | −310.0% |
| Stock pay / revenue | — | 4.8% | 16.1% | 7.8% | 5.1% | 7.7% | 20.0% |
| Change in share count | 0.8% | 8.5% | 2.4% | 11.4% | 3.0% | 9.3% | 8.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 64.0% | 12.6% | 49 of 172 |
| Change in growth rate Growth | -55.9pp | -0.1pp | 146 of 172 |
| Gross margin Profitability | 61.4% | 82.4% | 62 of 75 |
| Operating margin Profitability | -13.3% | -189.4% | 50 of 175 |
| Net margin Profitability | -28.8% | -157.3% | 54 of 180 |
| Free-cash-flow margin Cash generation | -12.5% | -145.4% | 51 of 176 |
| Long-term debt as % of assets Balance sheet | 0.0% | 20.6% | 1 of 78 |
| Change in share count Balance sheet | 0.8% | 7.9% | 33 of 156 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| FMR LLC | $840M | 29.1M | 27.7% | ▲ 13.2% |
| Deerfield Management Company, L.P. | $235M | 8.1M | 7.8% | ▲ 5.9% |
| Montanova Capital, LLC | $204M | 7.1M | 6.7% | ▼ 6.7% |
| Hhlr Advisors, Ltd. | $173M | 6.0M | 5.7% | 0.0% |
| Blackrock, Inc. | $137M | 4.7M | 4.5% | ▲ 0.9% |
| Westfield Capital Management Co LP | $128M | 4.4M | 4.2% | ▼ 23.1% |
| Assenagon Asset Management S.A. | $111M | 3.8M | 3.6% | New |
| Goldman Sachs Group Inc | $106M | 3.7M | 3.5% | ▲ 150.1% |
| Point72 Asset Management, L.P. | $88.8M | 3.1M | 2.9% | ▼ 20.8% |
| Kynam Capital Management, LP | $86.7M | 3.0M | 2.9% | ▲ 90.4% |
| Artisan Partners Limited Partnership | $45M | 1.6M | 1.5% | ▼ 30.8% |
| State Street Corp | $43.3M | 1.5M | 1.4% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Legend Biotech Corp's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Sanders Corazon (Corsee) D. Director | September 29, 2026 | Sell | 27,370 | $9.46 | $258,920 |
| Santos Carlos E Chief Financial Officer | September 21, 2026 | Sell | 5,430 | $9.14 | $49,630 |
| Casey Patrick John Director | June 30, 2026 | Sell | 6,000 | $14.80 | $88,800 |
| Huang Ying Chief Executive Officer | June 25, 2026 | Sell | 5,566 | $14.78 | $82,265 |
| Huang Ying Chief Executive Officer | March 25, 2026 | Sell | 9,936 | $8.77 | $87,139 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
