Legend Biotech Corporation

LEGN

Biotechnology · Healthcare

Price

$21.82

+0.56 (+2.63%)

Market Cap

$4.04B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+30.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 140.9M (2021) → 184.3M (2025)

Winston Score History

The full picture

Legend Biotech is a biotechnology company that develops cell therapies to treat blood cancers. Its main product is Carvykti (ciltacabtagene autoleucel), a CAR-T therapy approved in the United States and Europe for multiple myeloma, a cancer of plasma cells in the bone marrow. Legend developed Carvykti in partnership with Johnson & Johnson's Janssen unit, which handles much of the commercialization.

The company earns money through royalties and milestone payments from its partnership with Janssen, as well as a share of Carvykti product sales. Legend is headquartered in Somerset, New Jersey, with manufacturing operations in China and the United States. CAR-T therapies are complex and difficult to replicate, which gives Legend some competitive protection, but the company is still unprofitable as it invests heavily in manufacturing capacity and clinical trials. The key growth driver is expanding Carvykti's use into earlier lines of multiple myeloma treatment, though manufacturing scale and competition from other cell therapies remain significant risks.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+51.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+126.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$415M/ year

→ Flat (+0% vs prior year)

40.3% of revenue

2.2x the sector average (18%)

Steady R&D investment year-over-year

Insider Activity

3.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$965M cash & investments at current burn rate

Strong grower

Legend Biotech Corporation is growing revenue at 52% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

64.5%

Premium pricing power — 64.5% gross margin

Profit after running costs

Operating Margin

14.9%

Healthy — 14.9% operating margin

Return on the money invested

ROCE

-4.1%

Weak — -4.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+59.5%

Fast-growing sales (+59.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-18.5%

Burning cash (-18.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.13

Conservative — low debt load (0.13)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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