Revenue growth reached 56.4% in 2026Q1, though gross margins contracted to 42.3% due to the inherent manufacturing complexity of autologous cell therapies.
| Sales/Revenue | 1.14B | 1.03B | 627.24M | 285.14M | 117M | 68.83M | 75M | 61.8M | 49.13M | 23.59M |
| Revenue Growth % | 56.37% | 64.04% | 119.97% | 143.7% | 70% | -8.23% | 21.36% | 25.78% | 108.24% | - |
| Cost of Goods Sold | 512.66M | 408.1M | 234.58M | 144.21M | 65.36M | 0 | 0 | 0 | 0 | -96K |
| COGS % of Revenue | - | 39.66% | 37.4% | 50.58% | 55.86% | - | - | - | - | -0.41% |
| Gross Profit | 626.21M | 620.8M | 392.66M | 140.93M | 51.64M | 68.83M | 75M | 61.8M | 49.13M | 23.69M |
| Gross Margin % | 54.99% | 60.34% | 62.6% | 49.42% | 44.14% | 100% | 100% | 100% | 100% | 100.41% |
| Gross Profit Growth % | - | 58.1% | 178.62% | 172.9% | -24.97% | -8.23% | 21.36% | 25.78% | 107.4% | - |
| Operating Expenses | 761.94M | 757.3M | 695.9M | 580.41M | 507.26M | 461.11M | 75M | 194.31M | 64.2M | 9.6M |
| OpEx % of Revenue | - | 73.6% | 110.95% | 203.55% | 433.54% | 669.97% | 100% | 314.42% | 130.68% | 40.67% |
| Selling, General & Admin | 359.27M | 341.6M | 284.26M | 200.93M | 174.05M | 149.5M | 72.7M | 32.37M | 3.93M | 1.4M |
| SG&A % of Revenue | - | 33.2% | 45.32% | 70.47% | 148.75% | 217.22% | 96.94% | 52.38% | 8% | 5.94% |
| Research & Development | 398.73M | 414.7M | 413.54M | 382.22M | 335.65M | 313.35M | 232.16M | 161.94M | 60.64M | 8.2M |
| R&D % of Revenue | - | 40.31% | 65.93% | 134.04% | 286.87% | 455.27% | 309.55% | 262.04% | 123.41% | 34.73% |
| Other Operating Expenses | 2M | 1M | -1.91M | -2.73M | -2.43M | -1.74M | -229.87M | 0 | -2K | 0 |
| Operating Income | -135.74M | -136.5M | -303.24M | -439.49M | -455.62M | -392.29M | 0 | -132.51M | -1.53M | 13.78M |
| Operating Margin % | -11.92% | -13.27% | -48.35% | -154.13% | -389.4% | -569.97% | - | -214.42% | -3.12% | 58.41% |
| Operating Income Growth % | - | 54.99% | 31% | 3.54% | -16.14% | - | 100% | -8538.46% | -111.13% | - |
| EBITDA | -96.43M | -107.6M | -279.88M | -419.03M | -437.23M | -378.37M | -298.16M | -129.35M | 149K | 14M |
| EBITDA Margin % | -8.47% | -10.46% | -44.62% | -146.96% | -373.68% | -549.75% | -397.54% | -209.31% | 0.3% | 59.33% |
| EBITDA Growth % | 54.98% | 61.56% | 33.21% | 4.16% | -15.56% | -26.9% | -130.5% | -86912.75% | -98.94% | - |
| D&A (Non-Cash Add-back) | 39.3M | 28.9M | 23.36M | 20.45M | 18.39M | 13.92M | 9.93M | 3.16M | 1.68M | 217K |
| EBIT | -220.37M | -261.2M | -136.52M | -498.32M | -434.93M | -406.3M | -308.09M | -132.51M | -1.53M | 13.84M |
| Net Interest Income | 13.53M | 18.7M | 39.59M | 32.69M | -2.61M | 71K | -1.28M | 4.36M | 6.13M | 0 |
| Interest Income | 35.39M | 40.1M | 61.2M | 54.49M | 8.18M | 971K | 2.93M | 4.58M | 6.21M | 1K |
| Interest Expense | 21.86M | 21.4M | 21.61M | 21.79M | 10.8M | 900K | 4.21M | 223K | 82K | 0 |
| Other Income/Expense | -100.83M | -146.1M | 145.11M | -80.63M | 9.9M | -14.91M | -308.29M | 5.2M | 13.46M | -40K |
| Pretax Income | -236.57M | -282.6M | -158.13M | -520.12M | -445.72M | -407.2M | -308.29M | -127.32M | -1.62M | 13.84M |
| Pretax Margin % | -20.77% | -27.47% | -25.21% | -182.41% | -380.94% | -591.63% | -411.05% | -206.02% | -3.29% | 58.65% |
| Income Tax | 13.61M | 14.2M | 18.89M | -1.86M | 625K | -3.61M | -41.91M | -25.73M | 1.17M | 4.47M |
| Effective Tax Rate % | -5.75% | -5.02% | -11.95% | 0.36% | -0.14% | 0.89% | 13.6% | 20.21% | -72.28% | 32.32% |
| Net Income | -250.18M | -296.8M | -177.03M | -518.25M | -446.35M | -403.58M | -266.37M | -101.59M | -2.78M | 9.37M |
| Net Margin % | -21.97% | -28.85% | -28.22% | -181.75% | -381.48% | -586.38% | -355.16% | -164.39% | -5.67% | 39.69% |
| Net Income Growth % | -14.68% | -67.66% | 65.84% | -16.11% | -10.6% | -51.51% | -162.2% | -3549.07% | -129.73% | - |
| Net Income (Continuing) | -250.18M | -296.8M | -177.03M | -518.25M | -446.35M | -403.58M | -266.37M | -101.59M | -2.78M | 9.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.35 | -1.60 | -0.97 | -2.94 | -2.81 | -2.74 | -2.57 | -1.01 | -0.03 | 0.07 |
| EPS Growth % | -15.16% | -64.95% | 67.01% | -4.63% | -2.55% | -6.61% | -154.46% | -3533.09% | -139.21% | - |
| EPS (Basic) | - | -1.60 | -0.97 | -2.94 | -2.81 | -2.74 | -2.57 | -1.01 | -0.03 | 0.07 |
| Diluted Shares Outstanding | 184.73M | 184.32M | 182.85M | 176.08M | 159.04M | 140.85M | 118.15M | 132.01M | 100.21M | 132.01M |
| Basic Shares Outstanding | 184.73M | 184.32M | 182.85M | 176.08M | 159.04M | 140.85M | 118.15M | 132.01M | 100M | 132.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Concentrated Single Asset Dependency
As reported in financial statements, Legend Biotech achieved a 56.4% year-over-year revenue growth in 2026Q1, reflecting the ongoing commercial expansion of its lead CAR-T therapy, though the top-line trajectory remains sensitive to the irregular timing of milestone payments inherent in the J&J collaboration model.
The company's revenue growth appears to be transitioning from milestone-heavy recognition to more consistent product-based sales as the therapy gains broader clinical adoption. Investors should monitor whether the current growth rate can be sustained as the company moves into earlier lines of treatment, which may require significant market education and infrastructure scaling.
Based on the most recent quarterly data, the company reported a gross margin of 42.3%, a notable contraction from the 60% levels observed in late 2025, suggesting that the individualized nature of autologous cell therapy manufacturing continues to exert significant pressure on unit economics.
The volatility in gross margins implies that the company has not yet achieved the necessary manufacturing efficiencies to stabilize its cost of goods sold. This suggests that until the company successfully transitions to more automated or scalable production processes, margin expansion will likely remain elusive despite top-line growth.
According to recent SEC filings, the company's operating margin of -16.3% in 2026Q1 indicates that operating expenses are currently scaling in tandem with revenue, preventing the realization of meaningful operating leverage as the firm continues to invest heavily in its commercial and clinical infrastructure.
The persistence of negative operating margins suggests that the company is still in a high-investment phase, prioritizing market share capture over immediate profitability. Analysts should evaluate whether the current SG&A spend is effectively driving patient pull-through or if the cost structure is becoming bloated relative to the actual commercial output.
As indicated by the latest income statement, R&D expenditures remain a primary component of the cost structure, consistently consuming a significant portion of gross profit and highlighting the capital-intensive nature of maintaining a competitive edge in the highly specialized BCMA-directed CAR-T therapeutic landscape.
The company's commitment to R&D appears to be a strategic necessity to defend its clinical efficacy lead against emerging competitors. However, this high level of spending warrants further investigation into the long-term return on invested capital, particularly as the company relies heavily on its partnership with Janssen to offset some of these development costs.
Based on the provided financial data, the primary risk to the current narrative is the potential for sustained margin compression, as the company faces both the inherent cost of complex cell therapy manufacturing and the looming threat of more convenient, lower-cost bispecific antibody alternatives.
Short-term investors should be wary of the possibility that the company's reliance on a single asset could lead to significant valuation volatility if competitive pressures or manufacturing bottlenecks intensify. The current financial profile suggests that the market may be underestimating the difficulty of achieving long-term profitability in a market where therapeutic convenience is increasingly prioritized by oncologists.
Quick answers to the most common questions about buying LEGN stock.
For fiscal year 2025, Legend Biotech Corporation (LEGN) reported total revenue of $1.03B. This represents a 4260.9% increase compared to $23.6M in 2017.
Legend Biotech Corporation (LEGN) reported a net loss of $296.8M for the fiscal year ending 2025.
Legend Biotech Corporation (LEGN) reported an operating income of $-136.5M, resulting in an operating profit margin of -13.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Legend Biotech Corporation (LEGN) generated $620.8M in gross profit for the year, representing a gross profit margin of 60.3%. This demonstrates the company's core pricing power and production efficiency.