Legend Biotech Corp
LEGNHealthcare|Biotechnology|USA
$27.08
-0.32 (-1.17%)
Tangible Book
$5.02
Financials
Financial Snapshot
Market Cap
$5.24B
Enterprise Value
$445.3M
Revenue (TTM)
$1.14B
Net Income (TTM)
$-250.2M
Cash & Equivalents
—
Net Cash/Share
$1.11
Free Cash Flow (TTM)
$-115.8M
Operating CF (TTM)
$-81.7M
Debt/Equity
0.4
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$20.4M
Monthly Burn
$6.8M
Est. Runway
—
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $216.2M | $158.9M | $505.7M | $882.4M | $1.03B | $1.31B | $1.12B | $948.6M | $834.6M | |
| Operating Cash Flow | $307.7M | $-83.1M | $-223.0M | $-198.5M | $-201.3M | $-393.3M | $-144.0M | $-100.2M | $-81.7M | |
| Free Cash Flow | $286.7M | $-122.2M | $-253.3M | $-243.9M | $-223.6M | $-416.0M | $-158.1M | $-128.8M | $-115.8M | |
| Capital Expenditure | $-21.0M | $-39.2M | $-30.3M | $-45.4M | $-22.3M | $-22.7M | $-14.1M | $-28.6M | $-34.1M | |
| Financing Cash Flow | $2.5M | $14.7M | $618.9M | $626.7M | $378.0M | $791.4M | $5.7M | $-300.0K | $-2.1M |
R&D Spending
R&D (TTM)
$398.5M
R&D Intensity
35.0%
R&D Growth YoY
-3.9%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.1M | $57.3M | $75.0M | $68.8M | $117.0M | $285.1M | $627.3M | $1.03B | $1.14B | |
| R&D Expense | $60.6M | $161.9M | $232.2M | $313.3M | $335.6M | $382.2M | $413.5M | $414.7M | $398.5M | |
| R&D % of Revenue | 123.4% | 282.8% | 309.5% | 455.3% | 286.9% | 134.1% | 65.9% | 40.3% | 35.0% | |
| SG&A | $3.9M | $32.4M | $72.7M | $149.5M | $174.0M | $201.0M | $284.3M | $341.6M | $359.3M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.1M | $57.3M | $75.0M | $68.8M | $117.0M | $285.1M | $627.3M | $1.03B | $1.14B | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $65.4M | $144.2M | $234.6M | $408.1M | $512.7M | |
| Gross Profit | $49.1M | $57.3M | $75.0M | $68.8M | $51.6M | $140.9M | $392.7M | $620.8M | $626.2M | |
| R&D | $60.6M | $161.9M | $232.2M | $313.3M | $335.6M | $382.2M | $413.5M | $414.7M | $398.5M | |
| SG&A | $3.9M | $32.4M | $72.7M | $149.5M | $174.0M | $201.0M | $284.3M | $341.6M | $359.3M | |
| Operating Income | $-15.1M | $-135.4M | $-226.8M | $-392.3M | $-455.6M | $-528.1M | $-309.5M | $-136.5M | $-135.7M | |
| Interest Expense | $-82.0K | $-223.0K | $-195.0K | $-900.0K | $-10.8M | $-21.8M | $-21.6M | $-21.4M | $-21.8M | |
| Pretax Income | $-1.6M | $-130.4M | $-308.3M | $-407.2M | $-445.7M | $-520.2M | $-158.1M | $-282.6M | $-236.6M | |
| Net Income | $-2.8M | $-133.0M | $-266.4M | $-403.6M | $-446.3M | $-518.3M | $-177.0M | $-296.8M | $-250.2M | |
| EPS (Diluted) | -0.03 | -1.33 | -2.26 | -2.86 | -2.80 | -2.94 | -0.96 | -1.62 | -1.36 | |
| EBITDA | $149.0K | $-124.9M | $-298.2M | $-392.4M | $-416.5M | $-479.9M | $-115.1M | $-232.3M | $-175.3M | |
| Shares Out. (M) | 100.21 | 100.21 | 118.15 | 140.85 | 159.04 | 176.08 | 182.85 | 184.32 | 185.10 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $210.2M | $83.4M | $455.7M | $688.9M | $786.0M | $1.28B | $286.7M | $901.9M | $646.4M | |
| Marketable Securities | $6.0M | $75.6M | $50.0M | $193.5M | $239.6M | $31.0M | $835.9M | $46.7M | $188.2M | |
| Total Current Assets | $327.0M | $207.1M | $593.9M | $949.9M | $1.10B | $1.50B | $1.28B | $1.25B | $1.08B | |
| Total Assets | $429.0M | $287.7M | $722.1M | $1.12B | $1.33B | $1.85B | $1.67B | $1.73B | $1.60B | |
| Total Current Liabilities | $159.2M | $127.8M | $115.6M | $229.2M | $297.8M | $216.4M | $277.7M | $636.4M | $509.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $120.5M | $260.9M | $281.3M | $301.2M | $0.00 | $0.00 | |
| Total Liabilities | $420.4M | $410.6M | $124.3M | $353.5M | $586.7M | $597.2M | $629.6M | $731.6M | $629.0M | |
| Stockholders' Equity | $8.6M | $-122.9M | $597.8M | $765.9M | $744.3M | $1.25B | $1.04B | $1.00B | $967.7M | |
| Retained Earnings | $5.7M | $-127.3M | $-116.5M | $-520.1M | $-966.5M | $-1.48B | $-1.66B | $-1.96B | $-2.01B |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $307.7M | $-83.1M | $-223.0M | $-198.5M | $-201.3M | $-393.3M | $-144.0M | $-100.2M | $-81.7M | |
| Capital Expenditure | $-21.0M | $-39.2M | $-30.3M | $-45.4M | $-22.3M | $-22.7M | $-14.1M | $-28.6M | $-34.1M | |
| Free Cash Flow | $286.7M | $-122.2M | $-253.3M | $-243.9M | $-223.6M | $-416.0M | $-158.1M | $-128.8M | $-115.8M | |
| Investing Cash Flow | $-102.3M | $-58.7M | $-24.2M | $-195.0M | $-77.1M | $92.9M | $-850.6M | $709.6M | $285.0M | |
| Financing Cash Flow | $2.5M | $14.7M | $618.9M | $626.7M | $378.0M | $791.4M | $5.7M | $-300.0K | $-2.1M | |
| Issuance of Stock | $0.00 | $0.00 | $462.1M | $623.4M | $377.6M | $583.7M | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $2.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-219.0K | $-7.9M | $-2.6M | $-1.4M | $-2.6M | $-3.8M | $-4.0M | $-3.6M | $-4.1M | |
| Stock Based Comp. | $704.0K | $1.3M | $4.8M | $20.2M | $34.3M | $47.7M | $68.9M | $64.6M | $68.0M | |
| Net Change in Cash | $208.1M | $-126.8M | $372.3M | $233.2M | $97.1M | $491.7M | $-991.0M | $615.2M | $204.7M |
Dilution Tracker
Shares outstanding grew 31.4% over 5 years — significant dilution
Shares Outstanding
185M
5-Year Share Growth
+31.4%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 100.21 | 100.21 | 118.15 | 140.85 | 159.04 | 176.08 | 182.85 | 184.32 | 185.10 | |
| YoY Change % | — | 0.0% | 17.9% | 19.2% | 12.9% | 10.7% | 3.8% | 0.8% | 0.4% | |
| Stock Issuance | $0.00 | $0.00 | $462.1M | $623.4M | $377.6M | $583.7M | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $704.0K | $1.3M | $4.8M | $20.2M | $34.3M | $47.7M | $68.9M | $64.6M | $68.0M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 44.1% | 49.4% | 62.6% | 60.3% | 55.0% | |
| Operating Margin % | -30.7% | -236.4% | -302.4% | -570.0% | -389.4% | -185.2% | -49.3% | -13.3% | -11.9% | |
| Net Margin % | -5.7% | -232.2% | -355.2% | -586.4% | -381.5% | -181.8% | -28.2% | -28.8% | -22.0% | |
| EBITDA Margin % | 0.3% | -218.1% | -397.5% | -570.1% | -356.0% | -168.3% | -18.3% | -22.6% | -15.4% | |
| FCF Margin % | 583.4% | -213.5% | -337.7% | -354.3% | -191.1% | -145.9% | -25.2% | -12.5% | -10.2% | |
| ROE % | -32.2% | 0.0% | -112.2% | -59.2% | -59.1% | -51.9% | -15.4% | -29.1% | -24.9% | |
| ROA % | -0.6% | -37.1% | -52.8% | -43.8% | -36.4% | -32.6% | -10.1% | -17.4% | -15.0% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S4.39
Historical2.95 / 52.00 / 121.06
Industry Med.9.51
P/B5.20
Historical3.10 / 8.59 / 35.56
Industry Med.2.93
EV/EBITDA-27.34
Historical-56.59 / -19.19 / -8.41
Industry Med.13.14
EV/Revenue4.21
Historical2.50 / 46.70 / 113.64
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$5.02
Net Current Assets
$2.440
Net-Net Working Capital
$1.21
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 0.00 | 0.00 | 44.35 | 95.32 | 67.83 | 37.16 | 9.48 | 3.89 | 4.39 | |
| PB Ratio | 0.00 | 0.00 | 6.27 | 9.39 | 11.07 | 8.75 | 5.74 | 4.01 | 5.20 | |
| EV/EBITDA | 0.00 | 0.00 | -10.88 | -16.39 | -18.00 | -20.77 | -45.21 | -15.01 | -27.34 | |
| EV/Revenue | 0.00 | 0.00 | 43.24 | 93.41 | 64.09 | 34.95 | 8.30 | 3.39 | 4.21 |
Analyst Estimates & Quality
Altman Z-Score
3.93
Safe
Piotroski F-Score
3
Weak
Beneish M-Score
-2.53
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $1,435M | $1,827M | $2,120M |
| Net Income | $13M | $293M | $493M |
| EPS | 0.10 | 0.91 | 1.14 |
| Book Value per Share | 6.62 | 7.86 | 10.33 |
| Operating Cash Flow per Share | 0.37 | 1.57 | 3.04 |
| Operating CF | $68.49M | $290.61M | $562.70M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Single segment | $1.03B |
By Geography
| Segment | 2025 |
|---|---|
| United States of America | $803.6M |
| China | $26.6M |
| Outside the United States of America | $198.7M |