Revenue growth accelerated to 51.9% YoY in 2026Q2, driving a dramatic shift to a 14.9% operating margin, though gross margin volatility (42.3% to 73.0% over ten quarters) suggests ongoing scaling challenges.
Legend Biotech Corporation (LEGN) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 1.27B | 1.03B | 627.24M | 285.14M | 117M | 68.83M | 75M | 61.8M | 49.13M | 23.59M |
| Revenue Growth % | 59.54% | 64.04% | 119.97% | 143.7% | 70% | -8.23% | 21.36% | 25.78% | 108.24% | - |
| Cost of Goods Sold | 552.07M | 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 | 719.24M | 620.8M | 392.66M | 140.93M | 51.64M | 68.83M | 75M | 61.8M | 49.13M | 23.69M |
| Gross Margin % | 56.57% | 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 | 775.4M | 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 | 375.02M | 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 | 396.43M | 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 | -56.15M | -136.5M | -303.24M | -439.49M | -455.62M | -392.29M | 0 | -132.51M | -1.53M | 13.78M |
| Operating Margin % | -4.42% | -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 | -20.31M | -107.6M | -279.88M | -419.03M | -437.23M | -378.37M | -298.16M | -129.35M | 149K | 14M |
| EBITDA Margin % | -1.6% | -10.46% | -44.62% | -146.96% | -373.68% | -549.75% | -397.54% | -209.31% | 0.3% | 59.33% |
| EBITDA Growth % | 89.51% | 61.56% | 33.21% | 4.16% | -15.56% | -26.9% | -130.5% | -86912.75% | -98.94% | - |
| D&A (Non-Cash Add-back) | 35.85M | 28.9M | 23.36M | 20.45M | 18.39M | 13.92M | 9.93M | 3.16M | 1.68M | 217K |
| EBIT | -43.09M | -261.2M | -136.52M | -498.32M | -434.93M | -406.3M | -308.09M | -132.51M | -1.53M | 13.84M |
| Net Interest Income | 8.1M | 18.7M | 39.59M | 32.69M | -2.61M | 71K | -1.28M | 4.36M | 6.13M | 0 |
| Interest Income | 24.92M | 40.1M | 61.2M | 54.49M | 8.18M | 971K | 2.93M | 4.58M | 6.21M | 1K |
| Interest Expense | 16.82M | 21.4M | 21.61M | 21.79M | 10.8M | 900K | 4.21M | 223K | 82K | 0 |
| Other Income/Expense | -118K | -146.1M | 145.11M | -80.63M | 9.9M | -14.91M | -308.29M | 5.2M | 13.46M | -40K |
| Pretax Income | -56.27M | -282.6M | -158.13M | -520.12M | -445.72M | -407.2M | -308.29M | -127.32M | -1.62M | 13.84M |
| Pretax Margin % | -4.43% | -27.47% | -25.21% | -182.41% | -380.94% | -591.63% | -411.05% | -206.02% | -3.29% | 58.65% |
| Income Tax | 35.33M | 14.2M | 18.89M | -1.86M | 625K | -3.61M | -41.91M | -25.73M | 1.17M | 4.47M |
| Effective Tax Rate % | -62.79% | -5.02% | -11.95% | 0.36% | -0.14% | 0.89% | 13.6% | 20.21% | -72.28% | 32.32% |
| Net Income | -91.6M | -296.8M | -177.03M | -518.25M | -446.35M | -403.58M | -266.37M | -101.59M | -2.78M | 9.37M |
| Net Margin % | -7.21% | -28.85% | -28.22% | -181.75% | -381.48% | -586.38% | -355.16% | -164.39% | -5.67% | 39.69% |
| Net Income Growth % | 71.84% | -67.66% | 65.84% | -16.11% | -10.6% | -51.51% | -162.2% | -3549.07% | -129.73% | - |
| Net Income (Continuing) | -91.6M | -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) | -0.47 | -1.60 | -0.97 | -2.94 | -2.81 | -2.74 | -2.57 | -1.01 | -0.03 | 0.07 |
| EPS Growth % | 71.19% | -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 | 193.8M | 184.32M | 182.85M | 176.08M | 159.04M | 140.85M | 118.15M | 132.01M | 100.21M | 132.01M |
| Basic Shares Outstanding | 187M | 184.32M | 182.85M | 176.08M | 159.04M | 140.85M | 118.15M | 132.01M | 100M | 132.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Geopolitical & single-asset dependency
Robust Growth Driven by Commercial Uptake
Revenue growth has been consistently strong, accelerating from 158.7% YoY in 2024Q1 to 51.9% in 2026Q2, indicating successful commercial execution and expanding market penetration for Carvykti.
The sustained high growth rate, despite a large base, suggests the therapy is gaining traction in its approved indications. The recent 51.9% YoY growth in 2026Q2, following a 56.4% increase in 2026Q1, indicates the momentum is being maintained as the label expands. This trajectory appears to be driven by increasing patient volume rather than one-time milestones, which is a positive indicator for the durability of the revenue stream.
Gross Margin Volatility Amid Scaling
Gross margin has shown significant volatility, ranging from 41.8% to 73.0% over the past ten quarters, with the most recent 2026Q2 figure of 64.5% suggesting a stabilization at a healthy level for a complex cell therapy.
The wide swings in gross margin, such as the drop to 42.3% in 2026Q1 followed by a rebound, likely reflect the lumpy nature of manufacturing costs and the mix between high-margin milestone payments and lower-margin product sales. The current 64.5% margin is above the peer median but below the 73.0% peak, indicating that while pricing power exists, the variable cost structure of autologous therapy remains a key constraint on profitability.
Emerging Operating Leverage in 2026
A dramatic shift occurred in 2026Q2, where operating income turned positive at $57.7M (14.9% margin) for the first time in the dataset, suggesting the revenue base is beginning to scale over the fixed cost structure.
This inflection point is significant, as operating losses had been substantial in prior quarters. The improvement appears driven by both revenue growth and a moderation in R&D and SG&A spending relative to sales. However, the sustainability of this leverage is questionable, as 2026Q1 saw a return to a -16.3% operating margin, indicating that cost discipline and revenue timing remain critical variables.
Net Income Distorted by Non-Operating Items
Reported net income is highly volatile and often diverges from operating performance, as seen in 2025Q2 where a $125.4M net loss occurred despite a $157.1M gross profit, suggesting significant non-operating charges or accounting adjustments.
The disconnect between operating and net income lines, such as the $26.3M net profit in 2024Q4 on a -$74.4M operating loss, points to material non-operating items, likely related to the GenScript relationship or fair value adjustments. Investors should focus on operating metrics for core business performance, as the bottom line is heavily influenced by factors outside of Carvykti's commercial execution.
R&D and SG&A as Primary Cost Drivers
R&D and SG&A expenses have been the dominant cost centers, each consistently exceeding $80M per quarter, with R&D peaking at $113.1M in 2025Q3, reflecting the high investment required to support the pipeline and commercial launch.
The combined R&D and SG&A burden has historically overwhelmed gross profit, leading to operating losses. The recent moderation in these costs as a percentage of revenue in 2026Q2 is a positive development for margin expansion. However, the absolute level of spending remains high, and any acceleration in pipeline investment or commercial build-out could quickly erode the nascent operating leverage.
Margin Sustainability and Competitive Threat
The strongest challenge to the income statement narrative is the sustainability of the 2026Q2 profitability, as the business model faces inherent margin pressure from complex manufacturing and emerging competition from easier-to-administer bispecific antibodies.
While 2026Q2 showed positive operating income, the history of volatile margins and deep losses suggests this may not be a durable trend. The core risk is that the convenience advantage of bispecifics could force pricing concessions or limit volume growth, compressing the gross margin that is essential to covering the high fixed-cost base. Furthermore, the lack of formal guidance in the latest report adds uncertainty to the forward margin trajectory.