Legend Biotech Corporation (LEGN)

Equity Research Report　|　Industry: Cell Therapy and CAR-T Biopharmaceuticals　|　Report Date: September 13, 2026　|　As of the close on September 11, 2026, U.S. Eastern Time; all amounts are in USD and trading volume is measured in ADSs.

This report was automatically compiled by AI based on publicly available information and is for reference only; it does not constitute investment advice.

1. Executive Summary

Legend Biotech（NASDAQ: LEGN）is currently in a phase of rapid CARVYKTI commercialization growth and accelerating earnings recovery. Revenue in the second quarter of 2026 was USD 387.5 million, up 51.9% year over year, while net profit was USD 33.2 million, compared with a net loss of USD 125.4 million in the same period of 2025. Revenue in the first half of 2026 was USD 692.6 million, up 53.9% year over year, while the net loss narrowed to USD 21.1 million. Collaboration revenue during the period was USD 624.5 million, accounting for approximately 90.2% of first-half revenue, indicating that the company’s current operating performance remains highly dependent on CARVYKTI-related collaboration revenue.

CARVYKTI volume growth, expansion of the sales network and manufacturing economies of scale are the primary growth drivers. In the second quarter of 2026, CARVYKTI net trade sales were approximately USD 657 million, up 50% year over year, and the product had reached 348 treatment centers and 19 markets globally. As of June 30, 2026, the company held USD 672.9 million in cash and cash equivalents and USD 291.7 million in time deposits, totaling approximately USD 964.6 million. Management stated that existing liquidity and expected operating cash flow should support operations and loan repayment requirements for at least the next 12 months.

The improvement in profitability has not yet fully translated into a stable, multi-year record of GAAP profitability. Market consensus estimates revenue of approximately USD 1.42—1.434 billion and a net loss of approximately USD 12.9 million for 2026, followed by revenue of approximately USD 1.811—1.84 billion and net profit of approximately USD 229.6—230 million in 2027. However, these forecasts come from external data platforms and reflect differences in GAAP versus non-GAAP definitions, share-count assumptions and update timing. Meanwhile, the share price closed at USD 18.64 on September 11, 2026, approximately 50.3% below the 52-week high of USD 37.50 and below major short- and long-term moving averages, indicating that the technical picture remains weak.

The company’s valuation is centered on continued CARVYKTI volume growth, improvements in manufacturing capacity and production cycle times, the commercial partnership with Janssen and the delivery of its subsequent pipeline. LB2501 achieved proof of concept in an early Phase 1 study, but the sample size remains limited and is insufficient to establish ultimate efficacy or the probability of regulatory success. The company also faces uncertainty related to the complexity of autologous CAR-T manufacturing, partner concentration, competition from alternative therapies, management transition and European patent litigation.

2. Company Overview

2.1 Basic Information

2.2 Principal Businesses and Product Portfolio

• CARVYKTI commercialization: Primarily collaboration sales revenue, mainly consisting of CARVYKTI sales revenue shared with Legend under the relevant agreement; collaboration revenue was USD 944.8 million in 2025, accounting for approximately 91.8% of total revenue
• Cell therapy research and development: Includes early-stage programs involving autologous CAR-T, allogeneic γδ CAR-T, allogeneic αβ CAR-T, CAR-NK and in vivo CAR-T
• R&D indications: Cover multiple myeloma, non-Hodgkin lymphoma, gastric cancer, esophageal cancer, pancreatic cancer, colorectal cancer, small-cell lung cancer and non-small-cell lung cancer, among others
• Licensing collaborations: In 2023, Legend licensed Novartis certain global development, manufacturing and commercialization rights for cell therapy programs; it received a USD 100 million upfront payment and is eligible to receive up to approximately USD 1.01 billion in clinical, regulatory and commercial milestone payments, plus tiered sales royalties
• Manufacturing and commercialization infrastructure: Cell therapy R&D and manufacturing facilities in the United States, Belgium and China, with continued development of a “vein-to-vein” delivery system

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Legend occupies a relatively high-value-added position in the middle of the biopharmaceutical value chain. Upstream, it relies on patient cell collection, viral vectors, reagents, single-use consumables, specialized equipment and quality-control systems. Midstream, it controls BCMA CAR-T development, individualized cell manufacturing, quality release and cold-chain delivery. Downstream, commercialization is completed through Janssen, hospitals, hematology-oncology centers, authorized treatment centers and payers. Its core economics depend on CARVYKTI volume growth, manufacturing economies of scale, capacity utilization, production cycle times and commercial partnership arrangements.

• Key inputs include patient T-cell collection services, viral vectors, unprocessed cells, cell therapy reagents, single-use consumables, manufacturing equipment and quality-control systems. Major sources of supply mentioned in the annual report include HemaCare, Miltenyi, leukapheresis centers and other suppliers.
• Certain key suppliers do not have long-term supply contracts. Quality, capacity or regulatory issues could affect commercial cGMP manufacturing. The company has not disclosed a supplier-concentration percentage in the traditional sense.
• Under the Raritan supply agreement signed in October 2025 and effective in February 2026, Janssen supplies Legend with lentivirus, unprocessed cells and certain other raw materials at the relevant cost plus an agreed markup.
• Legend has limited bargaining power with respect to ordinary equipment, reagents and cell collection services because the number of qualified suppliers is limited and suppliers must satisfy strict regulatory and quality requirements. Its intellectual property advantages in CAR structure, the BCMA target and manufacturing processes do not mean that it has pricing power over all upstream inputs.
• Outside Greater China, Janssen is the principal commercial seller and customer interface for CARVYKTI. In Greater China, Legend is responsible for regulatory activities and price approvals and recognizes sales.
• The ultimate commercial chain includes Janssen, hospitals, hematology-oncology centers, authorized treatment centers, insurers, government payment systems and other third-party payers. The end patients are those with relapsed or refractory multiple myeloma.
• The company has not disclosed the revenue contribution of its top five customers under the traditional industrial-company framework. This data is unavailable, and no customer-concentration percentage has been provided for cross-checking. Because markets outside Greater China depend on Janssen, actual downstream partner concentration is relatively high, although it cannot be accurately quantified.
• Downstream bargaining dynamics primarily involve pharmaceutical-industry regulation, reimbursement, hospital treatment capacity and clinical adoption rather than annual price reductions of the type seen in the automotive industry. Profitability is also affected by label expansion, payer acceptance of high treatment costs, treatment-center coverage, and competition from other CAR-T therapies, bispecific antibodies and conventional multiple myeloma drugs.
• Outside Greater China, Legend and Janssen generally share development, manufacturing and commercialization costs and profits/losses equally. In Greater China, Legend bears approximately 70% of the relevant costs and retains or bears approximately 70% of pretax profit or loss.
• As of December 31, 2025, trade receivables were USD 13.1 million, and major customers generally had credit terms of 45 to 60 days. Receivables from one to two major customers totaled USD 13.1 million, indicating customer concentration in accounts receivable. Trade payables were USD 83.0 million, substantially higher than trade receivables. Collaboration inventory was USD 32.0 million, including USD 24.1 million of raw materials, USD 1.1 million of work in progress and USD 6.8 million of finished goods, compared with USD 23.9 million in 2024. Based only on balance-sheet items, the company receives some working-capital support from suppliers and collaboration partners. However, payables may also reflect production expansion, equipment purchases and accrued costs, so they cannot be taken as evidence that the company has strong bargaining power over suppliers. In addition, there were Janssen collaboration advances and interest liabilities, with principal of approximately USD 250.0 million and accrued interest of approximately USD 69.1 million at year-end 2025, totaling approximately USD 319.1 million. Janssen is expected to recover these amounts from its share of profits beginning in 2026.
• Revenue and commercialization are highly concentrated in CARVYKTI: collaboration revenue was USD 944.8 million in 2025, accounting for approximately 91.8% of total revenue; commercial sales outside Greater China are also highly dependent on Janssen. The company has not disclosed the revenue contribution of its top five customers, so concentration cannot be quantified using a standard customer-concentration percentage. The above assessment is based on the commercial partnership model, with the specific level of concentration subject to the latest annual report.

Legend occupies a relatively high-value-added position in the middle of the biopharmaceutical value chain. It is neither an upstream resource company nor yet a downstream multi-product brand platform. Current profit improvement primarily depends on CARVYKTI sales growth, manufacturing economies of scale, higher capacity utilization and shorter production cycle times. Over the long term, it will also depend on the commercialization of subsequent pipeline products to reduce reliance on a single core product and Janssen’s commercial channel. The collaboration-business gross margins above are derived metrics calculated from revenue and cost items and are not equivalent to the full end-product gross margin of CARVYKTI.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

All amounts are in USD. The latest disclosed financial statements are the second-quarter and first-half results for the period ended June 30, 2026. Legend Biotech filed Form 6-K on August 11, 2026. Data is primarily from SEC EDGAR. Basic and diluted EPS in the second quarter of 2026 were USD 0.09, compared with a loss per share of USD 0.34 in the same period of 2025. Basic and diluted loss per share in the first half of 2026 was USD 0.06, compared with a loss per share of USD 0.62 in the same period of 2025.

Operating profit in the second quarter of 2026 was USD 57.7 million, compared with an operating loss of USD 21.9 million in the same period of 2025. Operating profit in the first half was USD 7.9 million, compared with an operating loss of USD 73.6 million in the first half of 2025. Collaboration revenue in the second quarter of 2026 was USD 326.1 million, up approximately 48.4% year over year. Licensing and other revenue was USD 61.4 million, compared with USD 35.4 million in the same period of 2025. Collaboration revenue in the first half of 2026 was USD 624.5 million, up approximately 54.1% year over year and accounting for approximately 90.2% of first-half revenue, indicating a high dependence of revenue growth on CARVYKTI-related collaboration revenue. The company reported non-IFRS adjusted net profit of USD 63.1 million in the second quarter of 2026 and adjusted diluted EPS of approximately USD 0.16. Adjusted net profit for the first half was USD 52.8 million, with adjusted diluted EPS of USD 0.14. These metrics exclude depreciation and amortization, share-based compensation, impairment and unrealized foreign-exchange gains and losses, among other items, and are not fully equivalent to IFRS net profit. As of June 30, 2026, cash and cash equivalents were USD 672.9 million and time deposits were USD 291.7 million, totaling approximately USD 964.6 million. Management stated that existing liquidity and expected operating cash flow should support operations and loan repayment requirements for at least the next 12 months. Basic and diluted weighted-average shares for the first half of 2026 were both 372.1 million, while basic weighted-average shares in the second quarter were 374.0 million. For historical full-year figures, revenue was approximately USD 627.3 million and net loss approximately USD 177.0 million in fiscal 2024; revenue was approximately USD 1.029 billion and net loss approximately USD 296.8 million in fiscal 2025.

3.2 Earnings Forecast

Forecast data is aggregated from platforms including StockAnalysis/S&P Global, MarketScreener and Zacks and does not constitute formal company guidance. StockAnalysis marks certain 2027 and 2028 data as “Upgrade” or does not provide complete disclosure. Zacks’ 2026 and 2027 revenue and EPS forecasts are provided by 6 analysts, representing a relatively small sample. Different platforms may use different GAAP and non-GAAP definitions, share-count assumptions and data update schedules. Forecasts should be viewed as aggregated institutional consensus estimates or data-vendor model outputs.

3.3 Valuation and Institutional Ratings

At the close of U.S. trading on September 11, 2026, LEGN traded at USD 18.64, down 2.87% for the day. Financial market data indicated a total market capitalization of approximately USD 6.80 billion. Based on trailing-12-month revenue of approximately USD 1.271 billion as of June 30, 2026, the price-to-sales ratio was approximately 5.35x. Based on institutional 2026 revenue forecasts of USD 1.434 billion, the forward price-to-sales ratio was approximately 4.74x. Based on 2027 non-GAAP EPS of approximately USD 1.05, the forward P/E was approximately 17.8x. Using MarketScreener’s 2027 EPS forecast of USD 0.809, the forward P/E was approximately 23.0x. Because the company remained loss-making on a trailing-12-month basis, current TTM P/E is not representative; Yahoo Finance displayed TTM P/E as blank or not applicable. Certain Yahoo Finance market-capitalization data showed approximately USD 3.7—4.1 billion, which differs materially from the approximately USD 6.8 billion equity value implied by the USD 18.64 share price and approximately 370 million weighted-average shares. Accordingly, the valuation calculation prioritizes exchange market data and SEC share-count information. The market generally expects the company’s revenue to continue growing rapidly in 2026 while GAAP net profit approaches breakeven, followed by revenue of approximately USD 1.8 billion and net profit of approximately USD 230 million in 2027, and net profit approaching USD 400 million in 2028. Overall, the company is in a phase of rapid revenue growth, accelerated profit recovery and market expectations of formal profitability in 2027, but it lacks a stable multi-year record of GAAP profitability. Key valuation drivers include CARVYKTI sales growth, the timing of collaboration-revenue recognition, commercialization and selling expenses, foreign-exchange fluctuations, tax arrangements, pipeline investment and the ability to sustain positive GAAP earnings. Institutional ratings are broadly positive, but price targets range from USD 24 to USD 78, reflecting considerable disagreement and uncertainty regarding the durability of growth, margin improvement, the competitive landscape, litigation and commercialization expenses.

4. Recent News and Announcements

4.1 September 10, 2026: CARVYKTI to Present Long-Term and Real-World Data at the International Myeloma Society Annual Meeting

Legend Biotech announced that it will present updated CARVYKTI clinical-program data at the 23rd International Myeloma Society Annual Meeting, to be held in Glasgow, United Kingdom, from September 23 to 26, 2026. The data will include long-term follow-up from CARTITUDE-2 Cohort A, efficacy and safety data across different lines of multiple myeloma treatment, real-world evidence and post-marketing safety study results. The company disclosed that among a total of 285 patients with relapsed/refractory multiple myeloma treated with CARVYKTI in the CARTITUDE-1 and CARTITUDE-4 studies, the incidence of cytokine release syndrome (CRS) was 84%, including a 4% incidence of Grade 3 or higher CRS under the 2019 ASTCT criteria. This is a preview of clinical-data disclosure rather than a new FDA approval or commercial partnership announcement. Subsequent market impact will depend on the durability of efficacy, survival data, safety and real-world outcomes presented at the meeting. Source: Company announcement（September 10, 2026）, https://legendbiotech.gcs-web.com/news-releases/news-release-details/legend-biotech-present-updated-long-term-and-real-world-evidence

4.2 September 15, 2026: Company to Participate in Morgan Stanley Global Healthcare Conference

The company announced that it will participate in the Morgan Stanley Global Healthcare Conference, scheduled for 2:35 p.m. U.S. Eastern Time on September 15, 2026. As of September 13, 2026, no new formal financial guidance or earnings warning had been identified before the conference. The conference may address CARVYKTI commercialization growth and capacity expansion, progress on LB2501 and LB2102, the company’s 2026 adjusted profitability target and the CEO selection process and strategic priorities. Source: Company investor-relations page, https://legendbiotech.gcs-web.com/investor-relations/

4.3 Second Quarter of 2026: Significant Growth in CARVYKTI Sales and Company Profitability

The company announced unaudited second-quarter 2026 results on August 11, 2026. CARVYKTI net trade sales were approximately USD 657 million, up 50% year over year. Net trade sales in the United States increased 32% year over year, while sales outside the United States increased 128%. CARVYKTI had reached 348 treatment centers and 19 markets globally, with Ireland the latest market expansion. Second-quarter collaboration revenue was USD 326.1 million, compared with USD 219.7 million in the same period of the prior year. Licensing and other revenue was USD 61.4 million, compared with USD 35.4 million in the prior-year period. Operating profit was USD 57.7 million, compared with an operating loss of USD 21.9 million in the prior-year period. Net profit was USD 33.2 million, compared with a net loss of USD 125.4 million. Adjusted net profit was USD 63.1 million, compared with USD 10.1 million in the prior-year period. Cash, cash equivalents and time deposits totaled approximately USD 965 million as of June 30, 2026. The company stated that its existing cash position was expected to support operations beyond 2026 and that it expected to achieve company-level adjusted profitability in 2026. This statement represents management’s outlook and is not an independent institutional forecast or guarantee. Source: Company second-quarter 2026 results announcement and SEC Form 6-K, https://legendbiotech.gcs-web.com/news-releases/news-release-details/legend-biotech-reports-second-quarter-2026-results-and-recent；https://www.sec.gov/Archives/edgar/data/1801198/000180119826000022/legn-20260630.htm

4.4 June 14, 2026: LB2501 Achieves Early Clinical Proof of Concept

The company announced that LB2501, an in vivo CAR-T candidate targeting CD19/CD20, achieved early clinical proof of concept in a Phase 1 study in patients with relapsed/refractory B-cell non-Hodgkin lymphoma. In the higher-dose DL2 group, the overall response rate (ORR) was 100% and the complete response rate (CR) was 83.3%. No dose-limiting toxicities, serious adverse events, ICANS or deaths were reported. Infusion-related reactions and CRS were Grade 1 to 2, and no patient required glucocorticoids for CRS management. These data came from an early Phase 1 study with a limited sample size and cannot be directly equated with definitive efficacy or used to determine the probability of eventual regulatory success. Future factors to monitor include the expanded sample size, follow-up duration, duration of response and changes in CRS and other immune toxicities. Source: Company announcement, https://legendbiotech.gcs-web.com/news-releases/news-release-details/legend-biotech-establishes-clinical-proof-concept-lb2501

4.5 June 2026 Public ADS Offering Completed, with Net Proceeds of Approximately USD 212.4 Million

The company announced the pricing of a public offering on June 17, 2026, consisting of 7,700,000 ADSs, with each ADS representing 2 ordinary shares, at an offering price of USD 29.35 per ADS. The offering was initially expected to generate gross proceeds of approximately USD 226 million. According to subsequently filed SEC documents, the offering closed on June 23, 2026, with 7,700,000 ADSs issued, representing 15,400,000 ordinary shares. Net proceeds after underwriting discounts, commissions and offering expenses were approximately USD 212.4 million. The underwriters’ 30-day over-allotment option for up to 1,155,000 ADSs expired on July 17, 2026, without being exercised. The financing supports CARVYKTI commercialization, manufacturing expansion and pipeline R&D, but the issuance of new ADSs will expand the share base and dilute existing shareholders. SEC disclosures show that issued ordinary shares increased from 369,886,369 as of December 31, 2025 to 387,538,923 as of June 30, 2026. Source: Company pricing announcement, SEC Form 6-K and offering prospectus, https://investors.legendbiotech.com/news-releases/news-release-details/legend-biotech-corporation-announces-pricing-public-offering-1；https://www.sec.gov/Archives/edgar/data/1801198/000180119826000022/R17.htm；https://www.sec.gov/Archives/edgar/data/1801198/000119312526275977/d150521d424b5.htm

4.6 From July 24, 2026: CEO Departure Leaves Company in Interim-CEO Phase

The company announced on July 27, 2026, that Dr. Ying Huang had resigned as CEO and director effective July 24, 2026, and would continue serving as an advisor during August to assist with the transition. Alan Bash, president of the CARVYKTI business unit, was appointed interim CEO, and the board initiated a comprehensive search for a permanent CEO. As of September 13, 2026, the company’s investor-relations page continued to list Alan Bash as interim CEO, and no announcement of a permanent CEO appointment had been identified. The company stated that its strategy remained unchanged, but uncertainty remains regarding the timing of the permanent CEO selection, the candidate’s background and the impact on CARVYKTI commercialization and R&D investment timing. Source: Company CEO transition announcement, https://legendbiotech.gcs-web.com/news-releases/news-release-details/legend-biotech-announces-ceo-transition

4.7 August 14, 2026: Interim CEO Receives Restricted Stock Units

Relevant SEC filings show that Alan Bash received restricted stock units representing 4,908 ordinary shares on August 14, 2026, and filed Form 4 on August 18, 2026. The filing indicates that the transaction code was a grant, with a transaction price of USD 0, and that the post-grant holding was 35,142 ordinary shares. This is a management-compensation and equity-incentive arrangement, not an open-market purchase, and should not be interpreted as management using personal funds to increase its holdings. Source: Company SEC filings list and Form 4 information summary, https://legendbiotech.gcs-web.com/sec-filings；https://insiderfilings.info/filing/LEGN/0001908421-26-000005

4.8 September 24, 2026: Company to Hold Annual General Meeting

The company filed Form 6-K on August 18, 2026, announcing that its annual general meeting would be held at 9:00 a.m. U.S. Eastern Time on September 24, 2026, in Bridgewater, New Jersey. Key proposals include receiving the audited consolidated financial statements for the fiscal year ended December 31, 2025, approving the continued appointment of Ernst & Young LLP as independent auditor for the fiscal year ending December 31, 2026, and re-electing Robin Meng as a Class III director for a three-year term. The record date for ADS holders was August 17, 2026, and the deadline for ADS voting instructions was 9:00 a.m. U.S. Eastern Time on September 21, 2026. No special proposals involving the appointment of a CEO, mergers and acquisitions, repurchase authorization or major capital-structure restructuring had been identified. Source: SEC Form 6-K and annual general meeting proxy statement, https://www.sec.gov/Archives/edgar/data/1801198/000117184326005623/f6k_081826.htm；https://www.sec.gov/Archives/edgar/data/1801198/000117184326005623/exh_991.htm

4.9 As of September 13, 2026: No New FDA Approval or Regulatory Penalty Announcement Identified

As of September 13, 2026, searches of company announcements, SEC disclosures and relevant FDA pages had not identified any new CARVYKTI FDA approval, label expansion, clinical hold, regulatory penalty or new safety warning issued by Legend Biotech in September 2026. The key regulatory background remains CARVYKTI’s existing safety information. The FDA page indicates that the CARVYKTI label previously added a boxed warning related to immune effector cell-associated enterocolitis (IEC-EC). This is not a new September 2026 announcement, but remains a regulatory factor to monitor when assessing CARVYKTI’s commercialization growth and long-term safety. Source: FDA CARVYKTI page and related label-update page, https://www.fda.gov/vaccines-blood-biologics/cellular-gene-therapy-products/carvykti；https://www.fda.gov/safety/medical-product-safety-information/fda-approves-labeling-changes-include-boxed-warning-immune-effector-cell-associated-enterocolitis

4.10 Patent Litigation Remains a Risk Factor, with No Recent Judgment or Settlement Identified

The company disclosed in its 2025 Form 20-F that on January 5, 2026, a wholly owned subsidiary of 2seventy bio filed a patent-infringement action against Legend and its partner Janssen in the Unified Patent Court. The dispute involves intellectual property in the CAR-T field. As of this review, no new significant judgment, settlement or injunction in September 2026 had been identified. Accordingly, this matter currently represents an ongoing litigation risk rather than a newly emerging catalyst. Source: Company 2025 Form 20-F, https://www.sec.gov/Archives/edgar/data/1801198/000180119826000008/legn-20251231.htm

4.11 As of September 13, 2026: No New Buyback, M&A or Large Licensing Transaction Identified

As of September 13, 2026, no new share-repurchase plan, repurchase authorization or repurchase execution announcement had been identified on the company’s investor-relations page or in recent SEC disclosures. No company-level merger, acquisition, asset purchase or asset sale announced in September or August 2026 had been identified. Nor had any new large licensing, acquisition or strategic partnership transaction been identified in September 2026. The most important recent capital transaction remains the issuance of 7,700,000 ADSs in June 2026, which generated approximately USD 212.4 million in net proceeds. Operationally, the company continues to focus on the CARVYKTI partnership with Johnson & Johnson and the development of pipeline programs including LB2501 and LB2102. The above “not identified” conclusions are based on searches of the company’s investor-relations page and public SEC disclosures through September 13, 2026. They do not mean that no future announcement will be issued, nor do they exclude documents not yet indexed by search engines.

5. Share Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

At the close on September 11, 2026, LEGN traded at USD 18.64, declining for four consecutive trading sessions and remaining in a clearly weak range. The share price was below MA5, MA10, MA20, MA50 and MA200, while MACD was negative, indicating that both medium- and short-term trends and momentum were bearish. At the same time, RSI, Williams %R, CCI and the Bollinger Band position indicated the possibility of short-term oversold conditions and a technical rebound. However, indicator values differ considerably across platforms, and oversold conditions do not confirm a bottom. The combination of a price decline and increased volume on September 11 requires close observation of whether support at USD 18.4—18.8 can stabilize and whether any rebound can regain USD 19.9—20.5 with volume confirmation.

5.3 Short-Term Outlook（Next Week; Scenario Analysis for Reference Only）

⚠️ Risk Warning: The following is a subjective scenario analysis based on the September 11, 2026 closing data, historical prices and technical indicators. It does not constitute investment advice or a buy/sell instruction.

① Key Technical Levels

② Scenarios for the Next Week（Subjective Weights, Not Statistical Probabilities）

• Low-level consolidation（relatively higher weight, approximately one-half; a subjective heuristic weight based on the current technical and volume structure, not a statistical probability）: The potential price range is USD 17.8—19.5. Trigger conditions include stabilization near USD 18.4—18.8, volume declining to approximately 1.5—2.5 million ADSs and the closing price no longer setting consecutive new lows. The key observation is whether the price can regain USD 19.0. If the rebound occurs with continued volume contraction, it would more closely resemble a weak technical bounce.
• Further weakness（medium weight, approximately three-tenths; a subjective heuristic weight, not a statistical probability）: The potential price range is USD 16.2—18.4. Trigger conditions include a decisive break below support near USD 18.4, daily volume remaining above 3 million ADSs and the closing price remaining near the intraday low. The potential path would first involve observing USD 17.5—18.0, followed by the area near the 52-week low of USD 16.24. A high-volume decline would indicate that selling pressure has not yet been fully released.
• Strengthening rebound（relatively low weight, approximately two-tenths; a subjective technical judgment, not a statistical probability）: The potential price range is USD 19.5—21.5. Trigger conditions include the share price regaining USD 19.3 and then breaking through USD 19.9—20.5, accompanied by daily volume rising above 3 million ADSs. If the price can close above USD 20.5 for several consecutive sessions, the USD 20.8—22.0 area would warrant further observation. If volume remains below the recent average or the price falls back below USD 18.6, this scenario would weaken.

③ Capital and Liquidity Background

As of September 11, 2026, LEGN’s daily volume was 4.28 million ADSs, approximately 2.1x the 30-day average volume of 2.07 million ADSs. Estimated trading value was approximately USD 79.8 million, while recent daily trading value was broadly approximately USD 17—80 million. The typical recent trading-value range cited in the memorandum was approximately USD 20—50 million. Based on an estimated 194.49 million ADS-equivalent shares, turnover on September 11 was approximately 2.2%. Based on average 30-day volume, average daily turnover was approximately 1.1%, indicating a moderate level rather than extremely low liquidity. However, short-term volatility and slippage risk increase during high-volume declines. Regarding shareholder and institutional data, SEC proxy documents as of August 17, 2026, showed total ordinary shares of 388,976,826, of which approximately 184,208,310 ordinary shares were represented by ADSs. This is a company-level issued-ordinary-share figure and does not equal the ADS free float. Based on data compiled from SEC Form 13F filings, approximately 227 institutions reported holdings of LEGN as of the end of the second quarter of 2026, with tracked institutional holdings valued at approximately USD 2.3—3.0 billion. The ten largest institutions accounted for approximately 69% of the value of reported holdings among tracked institutions, but this does not equal the percentage of total company shares held by the ten largest shareholders. FMR LLC, HHLR Advisors, Suvretta Capital, BlackRock, Deerfield, Westfield Capital and Assenagon appeared among the major institutional holders, indicating relatively high institutional participation and relatively concentrated disclosed holdings. However, this cannot be used to determine real-time net purchases or net inflows. The above 13F data primarily reflects holdings as of June 30, 2026, is subject to a quarterly lag and does not fully disclose short positions, options hedges or certain non-U.S. securities holdings; the structure may have changed.

Potential volume-confirmation signals to monitor: If daily volume remains above 3 million ADSs and the closing price returns to the USD 19.9—20.5 range during the coming week, this could serve as an observation signal for stronger short-term buying support. If volume exceeds 3 million ADSs while the closing price continues to fall below USD 18.4, the pattern would be more consistent with a high-volume decline than with active fund inflows.

④ Key Items to Monitor（Observation Framework Only, Not Trading Instructions）

• Observation framework, not a trading instruction: Monitor whether the first support zone at USD 18.4—18.8 can stabilize. If it breaks, observe USD 17.5—18.0 and the area near USD 16.24.
• Observation framework, not a trading instruction: Monitor whether USD 19.0—19.3 can be recovered and whether USD 19.9—20.5 can form a stronger rebound confirmation with volume support.
• Observation framework, not a trading instruction: Monitor whether volume exceeds 3 million ADSs and coincides with the price regaining USD 19.9.
• Observation framework, not a trading instruction: Given the lag in institutional data, do not equate 13F holdings disclosed as of the end of the second quarter of 2026 directly with the real-time direction of funds during the following week.

The above scenario analysis is based on the September 11, 2026 closing data and calculations using historical prices and technical indicators. Short-term share-price performance will also be affected by news flow, fund flows, broader market conditions, healthcare and biotechnology sector performance and the company’s clinical and commercialization progress. Technical indicators themselves have lagging characteristics and limitations. This analysis does not guarantee actual future performance and does not constitute a buy or sell recommendation. Investors should make independent judgments based on the latest market information and bear their own investment risks.

6. Industry Landscape and Competitor Analysis

6.1 Industry Overview

Legend operates in the CAR-T cell therapy sector, BCMA-targeted multiple myeloma treatment and the broader hematologic oncology market. Entry barriers are high and involve long-term clinical data and regulatory approvals, cGMP cell manufacturing, patient cell collection and transportation, product release, treatment-center networks, safety management and insurance and third-party payment support. Competition is shifting from whether a company can develop CAR-T to efficacy, duration of response, safety, production cycle time, delivery reliability, capacity, treatment-center coverage, price and reimbursement accessibility.

6.2 Competitive Landscape

• CARVYKTI faces competition from other CAR-T products as well as substitute competition from bispecific antibodies, antibody-drug conjugates, monoclonal antibodies, proteasome inhibitors, immunomodulatory drugs and other multiple myeloma immunotherapies.
• Off-the-shelf allogeneic CAR-T, gene-edited cell therapies and in vivo CAR-T may pose challenges in manufacturing cycle time, cost and scalability.
• Autologous CAR-T requires a complete “vein-to-vein” system covering patient cell collection, transportation, individualized manufacturing, quality release, cold-chain logistics and reinfusion. Supply capacity and delivery cycle times directly affect commercialization.
• The industry is also affected by hospital and treatment-center qualifications, payer access, safety issues such as cytokine release syndrome and neurotoxicity, and long-term follow-up requirements.
• The company has not disclosed a directly verifiable global annual CARVYKTI production-capacity figure for 2025. The previously cited annual capacity target of approximately 10,000 doses was a historical target and should not be treated as achieved actual capacity.

6.3 Key Competitors

Legend’s core differentiation comes from its commercialized BCMA autologous CAR-T product CARVYKTI, dual-BCMA-binding structure, global partnership system with Janssen and R&D and manufacturing footprint in the United States, Europe and China. Compared with large pharmaceutical and CAR-T platform companies, its weaknesses include high revenue dependence on CARVYKTI, dependence on Janssen for overseas commercial sales, complex autologous manufacturing processes, constraints on upstream suppliers and manufacturing capacity, and competition from Abecma, bispecific antibodies, off-the-shelf allogeneic CAR-T and in vivo CAR-T. In January 2026, 2seventy bio, a subsidiary of BMS, filed a European patent-infringement action against Legend and Janssen in the Unified Patent Court involving the manufacture, marketing, distribution and sale of CARVYKTI in Europe. The litigation outcome and commercial impact remain uncertain.

7. Risk Factors

• Product and revenue concentration risk: Collaboration revenue in the first half of 2026 was USD 624.5 million, accounting for approximately 90.2% of total revenue. CARVYKTI collaboration revenue accounted for approximately 91.8% of total revenue in 2025. If CARVYKTI sales growth slows or label expansion or patient adoption falls short of expectations, the company’s overall revenue and profitability could be materially affected.
• Commercial-partner concentration risk: Outside Greater China, Janssen is the principal seller and customer interface for CARVYKTI. The company is highly dependent on Janssen’s commercial channels, sales execution and partnership arrangements. Outside Greater China, the parties generally share relevant costs and profits equally. Changes in the pace of collaboration or profit allocation could affect Legend’s revenue recognition and profitability.
• Manufacturing and supply-chain risk: Autologous CAR-T depends on patient cell collection, viral vectors, unprocessed cells, single-use consumables, quality testing, individualized manufacturing and cold-chain delivery. Certain key suppliers do not have long-term supply contracts. Supplier quality, capacity or regulatory problems could affect CARVYKTI manufacturing, release and delivery.
• Safety and regulatory risk: Among the 285 patients in the CARTITUDE-1 and CARTITUDE-4 studies, the incidence of CARVYKTI-treatment-related CRS was 84%, including a 4% incidence of Grade 3 or higher CRS. CARVYKTI’s existing label also includes a boxed warning related to immune effector cell-associated enterocolitis. Adverse long-term follow-up, real-world data or post-marketing safety results could affect clinical adoption, regulatory requirements and commercialization.
• Competition and substitute-therapy risk: CARVYKTI faces competition not only from BMS’s Abecma and other BCMA CAR-T products, but also from bispecific antibodies, antibody-drug conjugates, other multiple myeloma therapies and potential substitutes including off-the-shelf allogeneic CAR-T, gene-edited cell therapies and in vivo CAR-T. If competing products offer advantages in efficacy, safety, manufacturing cycle time, cost or accessibility, CARVYKTI’s market position could weaken.
• Intellectual-property litigation risk: A wholly owned subsidiary of 2seventy bio filed an action against Legend and Janssen in the Unified Patent Court in January 2026 involving the manufacture, marketing, distribution and sale of CARVYKTI in Europe. No new judgment, settlement or injunction has emerged in the currently available data, but the outcome could affect related European commercial activities and cost burdens.
• Management and execution risk: Dr. Ying Huang resigned as CEO and director effective July 24, 2026. Alan Bash is currently serving as interim CEO, and the permanent CEO selection process is ongoing. The management transition could affect CARVYKTI commercialization, capacity expansion, the pace of R&D investment and strategic execution.
• Share dilution and earnings-delivery risk: The company issued 7,700,000 ADSs in June 2026 and raised approximately USD 212.4 million in net proceeds. SEC data shows that issued ordinary shares increased from 369,886,369 at the end of 2025 to 387,538,923 as of June 30, 2026, resulting in potential dilution. At the same time, the company remains loss-making on a trailing-12-month basis. Whether market expectations of near-breakeven results in 2026 and profitability in 2027 are achieved will depend on sales growth, expense control and collaboration-revenue recognition, among other factors.

8. Conclusion and Outlook

Legend’s growth thesis is relatively clear: CARVYKTI has established a commercial-revenue base, first-half 2026 collaboration revenue increased approximately 54.1% year over year, second-quarter operating profit turned positive at USD 57.7 million and first-half operating profit also turned positive at USD 7.9 million. If CARVYKTI sales growth, treatment-center coverage, manufacturing economies of scale and production and delivery capabilities continue, revenue growth and margin improvement could continue to move the company toward breakeven and provide a foundation for expected profitability in 2027.

However, the quality of the company’s operations remains highly concentrated. CARVYKTI collaboration revenue was USD 944.8 million in 2025, accounting for approximately 91.8% of total revenue. Commercial sales outside Greater China primarily depend on Janssen, and beginning in 2026 the company must recover approximately USD 319.1 million of Janssen collaboration advances and accrued interest from its share of profits. Future profitability will depend not only on product sales, but also on collaboration-revenue recognition, selling and commercialization expenses, R&D investment, tax arrangements, foreign-exchange rates and manufacturing-cost control.

Looking ahead, the market expects revenue and net profit to continue growing in 2027—2028, but the wide range of price targets and EPS forecasts reflects disagreement regarding the sustainability of CARVYKTI growth, delivery of GAAP profitability, competition and litigation outcomes. The company has not yet appointed a permanent CEO. Long-term CARVYKTI safety data, real-world evidence, follow-up clinical results for LB2501 and developments in the European patent litigation will be important indicators of whether growth can translate into sustainable operating results.

Data Sources

• legn-20251231
• Our US & EU Operations - Legend Biotech
• Form 6-K for Legend Biotech Corp filed 05/13/2024
• legn-20260630
• Legend Biotech (NasdaqGS:LEGN) Stock Forecast & Analyst Predictions - Simply Wall St
• Legend Biotech (LEGN) Stock Forecast & Analyst Price Targets
• Legend Biotech Corporation: Financial Data Forecasts Estimates and Expectations | LEGN | US52490G1022 | MarketScreener
• https://stage.zacks.com/stock/quote/LEGN/detailed-earning-estimates?icid=SITE_SECTION-SUB_SECTION-quote_nav_tracking-zcom-left_subnav_quote_navbar-detailed_earning_estimates&utm_source=openai
• Legend Biotech Corporation (LEGN) Stock Price, News, Quote & History - Yahoo Finance
• www.sec.gov
• Historical Stock Prices for Legend Biotech Corporation - American Depositary Shares (Nasdaq:LEGN) | FinancialContent
• Legend Biotech (LEGN) Stock Chart and Price History 2026
• Legend Bio Technical Analysis (LEGN) - Investing.com UK
• Historical Stock Prices for Legend Biotech Corporation - American Depositary Shares (Nasdaq:LEGN) | FinancialContent
• LEGN Technical Analysis, Signals & Chart | Legend | SwingTradeBot.com
• LEGN Stock Price and Chart | ChartExchange
• LEGN Institutional Shareholders | InsiderSet

This report was automatically researched, compiled and generated by AI based on publicly available information. Information is current as of the close on September 11, 2026, U.S. Eastern Time; all amounts are in USD and trading volume is measured in ADSs. Information may differ in terms of timeliness, and specific data should be confirmed against the company’s official announcements and authoritative data terminals. This report is provided solely for information and research purposes and does not constitute investment advice. Investors should make independent judgments and bear their own investment risks.