Legend Biotech Corp
LEGN evidence brief
What we can confirm
- Market Cap:
- $3.60B
What it means
What to watch
Prepared research question
What matters most for LEGN—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · LEGN
Legend Biotech Corp (LEGN) is a global cell therapy company focused on developing and commercializing CAR-T therapies, anchored by its approved multiple myeloma treatment CARVYKTI (ciltacabtagene autoleucel).
Key risk: Single-product revenue concentration
Market Cap
$3.60B
Cash Runway
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Lead Asset
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Next Catalyst
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Financial data as of Dec 31, 2025.
Tracking 9 clinical trials for Legend Biotech Corp.
Legend Biotech Corp (LEGN) is a global cell therapy company focused on developing and commercializing CAR-T therapies, anchored by its approved multiple myeloma treatment CARVYKTI (ciltacabtagene autoleucel).
- CARVYKTI net trade sales were approximately $1.9 billion for full year 2025 [news · 2026-03-10].
- Cash and equivalents were $901.9M as of 2025-12-31 [sec].
- Over 10,000 patients have been treated with CARVYKTI as of early 2026 [news · 2026-01-12].
- Five-year overall survival rate for CARVYKTI in CARTITUDE-2 Cohort A was 69.2% [news · 2026-09-25].
- First clinical proof-of-concept achieved for LB2501, an in vivo CD19/CD20 dual-targeting CAR-T, with 100% ORR and 83.3% CR at higher dose level [news · 2026-08-11].
What works
- CARVYKTI net trade sales grew 50% year-over-year in Q2 2026 to approximately $657 million, indicating strong commercial momentum [news · 2026-08-11].
- The company has a fortress balance sheet with approximately $901.9M in cash as of 2025-12-31, providing a long runway for R&D and operations [sec].
- Expanded manufacturing capacity with the Raritan facility, now the largest cell therapy manufacturing site in the U.S. [news · 2026-01-12].
- Early pipeline candidates (LB2501, LB2102) show clinical proof-of-concept in solid tumors and lymphoma, diversifying beyond multiple myeloma [news · 2026-08-11].
What to weigh
- CARVYKTI is the sole approved product, creating concentration risk if competition or regulatory changes affect its market [news · 2026-06-01].
- The company has not yet achieved profitability; profitability was expected in 2026 but not yet confirmed as of the latest financials [news · 2026-01-12].
- Long-term share price performance has been mixed despite operational milestones, suggesting market skepticism about valuation [news · 2026-04-22].
- Dependence on a single therapy (CARVYKTI) for nearly all revenue leaves the company exposed to any setbacks in that program [news · 2026-03-10].
From the filings
Quoted directly from source documents.
CARVYKTI net trade sales for full year 2025 were approximately $1.9 billion.
“CARVYKTI® (ciltacabtagene autoleucel; cilta-cel) net trade sales of approximately $555 million and $1.9 billion for the fourth quarter and full year 2025, respectively”
News · March 10, 2026
Five-year overall survival rate for CARVYKTI in CARTITUDE-2 Cohort A was 69.2%.
“Five-year overall survival rate was 69.2%, adding to growing long-term evidence supporting the curative potential of CARVYKTI in earlier-line RRMM”
News · September 25, 2026
LB2501 achieved 100% ORR and 83.3% CR at higher dose level in relapsed/refractory B-cell non-Hodgkin lymphoma.
“Achieved first clinical proof-of-concept for LB2501, an investigational in vivo CD19/CD20 dual‑targeting CAR-T therapy with 100% ORR and 83.3% CR at the higher dose level (DL2) in patients with relapsed or refractory B-cell non-Hodgkin lymphoma”
News · August 11, 2026
Catalyst timeline
- 2019-01-23 · Phase 2 Start: LCAR-B38M CAR-T for RRMM — Initiation of a Phase 2 study of a BCMA-directed CAR-T in Chinese subjects with relapsed/refractory multiple myeloma.
- 2023-04-18 · Phase 1 Start: Claudin 18.2-targeted CAR-T for solid tumors — First-in-human dose escalation and expansion study for a Claudin 18.2-targeted CAR-T in gastric, GEJ, esophageal, and pancreatic adenocarcinoma.
- 2023-07-26 · Phase 1 Start: DLL3-directed CAR-T for small cell lung cancer — First-in-human study of a DLL3-directed CAR-T in extensive stage small cell lung cancer.
- 2025-06-17 · Phase 1 Start: (candidate not fully specified in chunk) — Initiation of a Phase 1 study for an undisclosed pipeline candidate.
Risks & what to watch (3)›
Key risks
- Single-product revenue concentration — Nearly all revenue depends on CARVYKTI; any competitive or regulatory setback could severely impact the company [news · 2026-06-01].
- Profitability not yet achieved — Despite strong sales growth, the company had not yet reached profitability as of early 2026 [news · 2026-01-12].
- Mixed long-term share performance — Operational milestones have not consistently translated into share price gains, indicating market uncertainty [news · 2026-04-22].
What to watch
- CARVYKTI sales trajectory and margin expansion as the company aims for profitability in 2026 [news · 2026-01-12].
- Regulatory decisions on label expansion for CARVYKTI, especially MRD-driven guidance [news · 2026-01-23].
- Clinical progress of pipeline candidates LB2501 (in vivo CAR-T) and LB2102 (solid tumor CAR-T) [news · 2026-08-11].
- Manufacturing scale-up and cost efficiency at the expanded Raritan facility [news · 2026-01-12].
Sources: Catalysts · News · Generated October 12, 2026 · How we verify sources →
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Evidence & data
Regulatory
Financials
Short Interest
as of May 21, 2026- % of float
- 23.4%
- Days to cover
- 7.7
- Shares short
- 16,995,758
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
LEGN short interestFrequently asked questions
What is the AI investment thesis for Legend Biotech Corp?
Legend Biotech Corp (LEGN) is a global cell therapy company focused on developing and commercializing CAR-T therapies, anchored by its approved multiple myeloma treatment CARVYKTI (ciltacabtagene autoleucel).
Who is the CEO of Legend Biotech Corp?
Mr. Alan S. Bash is the chief executive officer of Legend Biotech Corp (LEGN).
Where is Legend Biotech Corp headquartered?
Legend Biotech Corp (LEGN) is headquartered in Somerset, NJ, United States.
What therapeutic areas does Legend Biotech Corp focus on?
Legend Biotech Corp develops therapies across Oncology, Gene Therapy, Immunology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.