LEGN

MKT CAP:$4B

Legend Biotech Corporation

Market Cap

$4B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$25.93+$4.42 (+20.55%)

Apr 22, 2026

Company Details

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development of novel cell therapies for oncology and other indications in the United States, China, and internati...

CEO

Ying Huang

IPO Date

Jun 5, 2020

Website

www.legendbiotech.com

Key Metrics TTM

Revenue

$753M

+357.1% YoY

Net Income

-$278M

EPS (Diluted)

-$1.52

Free Cash Flow

-$206M

Revenue / Share

$4.07

Gross Margin

56.8%

Operating Margin

-33.5%

Net Margin

-37.0%

FCF Margin

-27.4%

P/S

5.9x

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 10, 2026

$1.0BEPS -$1.61

Q4 2025

Mar 10, 2026

$308MEPS -$0.17

Q2 2025

Aug 11, 2025

$255MEPS -$0.68

Q1 2024

May 13, 2024

$94M+158.7%EPS -$0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$12M	$12M	-$56M
Q3 20	$12M	$12M	-$67M
Q4 20	$41M	$41M	-$59M
Q1 21	$14M	-$57M	-$150M
Q2 21	$21M	$21M	-$89M
Q3 21	$17M	$17M	-$87M
Q4 21	$39M	$39M	-$117M
Q1 22	$41M	-$40M	-$155M
Q3 22	$27M	-$103M	-$249M
Q4 22	$28M	-$580.0K	-$129M
Q1 23	$36M	$723.0K	-$124M
Q2 23	$73M	-$55M	-$200M
Q3 23	$96M	$47M	-$93M
Q1 24	$94M	$39M	-$118M
Q2 25	$255M	$157M	-$22M
Q4 25	$308M	$184M	-$20M

Valuation

Quarter	P/S	P/E
Q2 20	35.1x	—
Q3 20	35.1x	—
Q4 20	25.5x	—
Q1 21	23.6x	—
Q2 21	32.0x	—
Q3 21	36.5x	—
Q4 21	40.8x	—
Q1 22	23.4x	—
Q3 22	25.7x	—
Q4 22	28.5x	—
Q1 23	31.1x	—
Q2 23	38.0x	—
Q3 23	25.3x	—
Q1 24	17.4x	—
Q2 25	6.3x	—
Q4 25	2.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	-$57M	-$68M
Q3 20	-$64M	-$71M
Q4 20	-$56M	-$68M
Q1 21	-$27M	-$42M
Q2 21	-$58M	-$86M
Q3 21	-$45M	-$57M
Q4 21	-$70M	-$73M
Q1 22	-$79M	-$91M
Q3 22	-$72M	-$74M
Q4 22	-$50M	-$57M
Q1 23	-$139M	-$143M
Q2 23	-$98M	-$104M
Q3 23	-$61M	-$66M
Q1 24	$16M	$9M
Q2 25	-$13M	-$22M
Q4 25	-$106M	-$127M

Capital Expenditures

Quarter	CapEx
Q2 20	$11M
Q3 20	$7M
Q4 20	$12M
Q1 21	$15M
Q2 21	$29M
Q3 21	$13M
Q4 21	$3M
Q1 22	$12M
Q3 22	$2M
Q4 22	$8M
Q1 23	$4M
Q2 23	$6M
Q3 23	$5M
Q1 24	$6M
Q2 25	$9M
Q4 25	$21M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	+15.4%	+201.3%
Q3 20	-29.5%	+63.3%
Q4 20	+95.0%	+23.0%
Q1 21	+13.0%	+183.4%
Q2 21	+79.6%	+61.9%
Q3 21	+36.7%	+31.2%
Q4 21	-5.4%	+55.8%
Q1 22	+189.0%	+19.7%
Q3 22	+31.3%	+152.6%
Q4 22	+62.2%	+50.7%
Q1 23	-6.8%	+2.4%
Q2 23	+77.4%	+39.0%
Q3 23	+250.9%	-31.8%
Q1 24	+240.1%	+35.6%
Q2 25	+601.9%	+73.1%
Q4 25	+319.5%	+19.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$363.0K	3.1%
Q3 20	$1M	8.2%
Q4 20	$3M	7.4%
Q1 21	$2M	16.2%
Q2 21	$8M	38.6%
Q3 21	$7M	40.6%
Q4 21	$5M	13.3%
Q1 22	$6M	13.7%
Q3 22	$10M	37.4%
Q4 22	$9M	32.5%
Q1 23	$7M	19.5%
Q2 23	$16M	21.3%
Q3 23	$12M	12.9%
Q1 24	$19M	19.9%
Q2 25	$19M	7.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 20	$54M	$5M	$10M	—
Q3 20	$64M	$6M	$9M	—
Q4 20	$67M	$9M	$24M	—
Q1 21	$71M	$9M	$13M	—
Q2 21	$83M	$9M	$17M	—
Q3 21	$72M	$12M	$20M	—
Q4 21	$87M	$17M	$53M	—
Q1 22	$81M	$13M	$21M	—
Q3 22	$105M	$23M	$19M	—
Q4 22	$81M	—	—	$47M
Q1 23	$85M	$22M	$18M	—
Q2 23	$96M	$28M	$21M	—
Q3 23	$96M	—	—	$44M
Q1 24	$101M	$32M	$24M	—
Q2 25	$98M	$33M	$48M	—
Q4 25	$102M	—	—	$102M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$378M	$413M	$791M
Q2 22	$380M	$403M	$783M
Q3 22	$786M	$54M	$840M
Q4 22	$786M	$240M	$1.0B
Q1 23	$660M	$190M	$850M
Q2 23	$1.2B	$282M	$1.5B
Q3 23	$963M	$460M	$1.4B
Q4 23	$1.3B	$31M	$1.3B
Q1 24	$898M	$405M	$1.3B
Q2 24	$201M	$1.1B	$1.3B
Q3 24	$459M	$753M	$1.2B
Q4 24	$287M	$836M	$1.1B
Q1 25	$442M	$564M	$1.0B
Q2 25	$267M	$701M	$968M
Q3 25	$279M	$714M	$993M
Q4 25	$902M	$47M	$949M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	108M	-16.7%	+7.5%
Q3 20	132M	+22.6%	+31.9%
Q4 20	132M	+0.1%	+32.1%
Q1 21	67M	-49.7%	-48.5%
Q2 21	139M	+108.1%	+28.5%
Q3 21	145M	+4.7%	+9.7%
Q4 21	147M	+1.1%	+10.8%
Q1 22	154M	+5.3%	+131.8%
Q3 22	157M	+1.7%	+13.3%
Q4 22	159M	+1.3%	+9.7%
Q1 23	165M	+3.9%	+12.7%
Q2 23	175M	+6.1%	+13.5%
Q3 23	182M	+3.7%	+15.8%
Q1 24	182M	+0.1%	+14.4%
Q2 25	184M	+1.2%	+11.4%
Q4 25	185M	+0.3%	+5.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	—	—
Q3 20	—	—
Q4 20	$46.7K	882
Q1 21	$16.2K	882
Q2 21	$23.6K	882
Q3 21	$19.3K	882
Q4 21	$36.4K	1K
Q1 22	$38.6K	1K
Q3 22	$25.5K	1K
Q4 22	$19.9K	1K
Q1 23	$26.1K	1K
Q2 23	$52.8K	1K
Q3 23	$69.1K	1K
Q1 24	$52.2K	2K
Q2 25	$98.1K	3K
Q4 25	$106.1K	3K

Revenue / Employee