Legend Biotech (LEGN) Stock Forecast & Price Target

Legend Biotech is supported by CARVYKTI’s strong commercial momentum, with Q2 global sales of $657M, collaboration profits of $326M, and U.S. demand increasingly driven by earlier-line use, where 2L-4L patients now comprise about 70% of volume and community hospitals represent roughly 40% of treatment centers. Its outlook is further strengthened by operational progress, including approximately four-week turnaround, effective bridging that helps more patients reach infusion, and company-wide adjusted profitability of $63M for the first time, backed by $965M in cash. The pipeline also adds upside through the in vivo CAR-T platform, with LB2501 on track for U.S. IND in Q4:26 and LB2505 advancing in China, while CARVYKTI’s 50.4-month median PFS remains a key durability advantage over emerging competition.

Legend Biotech is weighed down by a negative risk/reward profile because its valuation is heavily dependent on CARVYKTI’s expansion in earlier-line multiple myeloma, yet management commentary points to intensifying competition from bispecifics and anito-cel that could slow penetration. The firm’s DCF-based analysis implies an EV of approximately $11.9B, but that estimate assumes continued CARVYKTI momentum while key pipeline assets LB1908 and LB2102 carry only 25% and 30% probabilities of approval, respectively. Despite resolved supply constraints, concerns about delayed neurotoxicity, enterocolitis, J&J execution risk, and the need for further label expansions leave revenue durability and long-term growth uncertain.