Technical Analysis
ADX at 19.02 indicates no established trend strength, which tempers conviction from directional signals despite divergent indicator readings.
DI+ shows a peak-and-reversal and DI- shows a dip-and-reversal; both patterns point toward bearish directional pressure on recent price action.
MACD sits negative at -0.79 with the signal at -0.78 and a peak-and-reversal pattern, consistent with declining momentum and a near-term bearish bias versus the current valuation.
MRO at -27.02 indicates the price sits below WMDST’s target and suggests a material potential for mean reversion higher; the magnitude of the negative MRO implies notable upward potential if momentum shifts.
RSI at 44.14 and decreasing signals momentum weakening and room to move lower before oversold conditions, which aligns with MACD and directional indicators limiting immediate upside.
Price at $33.37 trades below the 50-day average ($36.75) and the 200-day average ($35.06), while the 12-day EMA ($33.73) and 20-day average ($33.76) trend lower — the moving averages form a resistance band above the current price that would need to be overcome to restore bullish technical control.
Bollinger bands place the close near the lower 1x band ($32.98), implying compressed volatility and a higher probability of short-term mean reversion toward the mid-band if buying interest returns. Volume at 793,467 remains below 10-, 50- and 200-day averages, indicating muted participation on the latest session.
Fundamental Analysis
Company Profile: Legend Biotech develops CAR-T and cell therapies targeting multiple myeloma and other cancers, commercializing CARVYKTI in collaboration with Janssen and maintaining development programs across hematologic and solid tumor indications.
Profitability: EBIT totaled $-119,576,000 and EBITDA $-113,722,000, yielding an EBIT margin of -46.88%. That EBIT margin sits above the industry peer mean of -75.55% and below the industry peer median of 23.76% within an industry peer range low -5,123.44% to high 338.78%.
Revenue and margins: Total revenue reached $255,058,000 with gross profit $157,067,000 and a gross margin of 61.58%. Reported YoY revenue growth shows a decline of -68.75% while the standalone revenue growth metric reads 30.76%; sequential revenue movement reports a marked QoQ increase (572.56%), indicating sizeable period-to-period variability in reported growth rates.
Cash and liquidity: Cash and short-term investments total $967,555,000 and the cash ratio stands at 3.64 with a current ratio of 4.71 and quick ratio 4.57, providing significant runway relative to operating cash outflows given negative operating cash flow of $-13,042,000 and free cash flow $-22,266,000.
Leverage and capital structure: Total debt $387,912,000, net debt $43,678,000, debt-to-equity 0.3746 and debt-to-assets 22.96%. Interest expense remains modest at $5,222,000 and cost of debt approximates 1.10%.
Per-share and market metrics: EPS actual reported at $-0.68 versus estimate $-0.21 (EPS surprise ratio -223.81%). P/B ratio stands at 13.03, above the industry peer mean of 5.14 and above the industry peer median of 6.22 but below the industry peer high of 16.59. EV-to-revenue and PS ratios run elevated (EVR ~50.62; PS ~52.89), reflecting a premium multiple on revenue alongside substantial enterprise value.
Operational investment: R&D expense $98,302,000 and capital expenditures $-9,224,000 reflect continued investment in pipeline and manufacturing scale. Operating margin at -8.58% improved on a year-over-year basis but moved QoQ lower by -82.21%.
Valuation: The current valuation as determined by WMDST classifies the stock as under-valued, while high cash reserves and growing CARVYKTI revenue provide fundamental backing; elevated multiples and loss-making operating results, however, justify close monitoring of profitability improvements and revenue consistency before multiple expansion.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-11 |
| NEXT REPORT DATE: | 2025-11-06 |
| CASH FLOW | Begin Period Cash Flow | $ 441.7 M |
| Operating Cash Flow | $ -13.04 M | |
| Capital Expenditures | $ -9.22 M | |
| Change In Working Capital | $ -36.59 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -175.12 M | |
| End Period Cash Flow | $ 266.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 255.1 M | |
| Forward Revenue | $ 31.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 98.0 M | |
| Depreciation | $ 5.8 M | |
| Depreciation and Amortization | $ 5.9 M | |
| Research and Development | $ 98.3 M | |
| Total Operating Expenses | $ 276.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 157.1 M | |
| EBITDA | $ -113.72 M | |
| EBIT | $ -119.58 M | |
| Operating Income | $ -21.88 M | |
| Interest Income | $ 10.4 M | |
| Interest Expense | $ 5.2 M | |
| Net Interest Income | $ 5.2 M | |
| Income Before Tax | $ -124.80 M | |
| Tax Provision | $ 582.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -125.38 M | |
| Net Income From Continuing Operations | $ -124.80 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.21 | |
| EPS Actual | $ -0.68 | |
| EPS Difference | $ -0.47 | |
| EPS Surprise | -223.81 % | |
| Forward EPS | $ -0.17 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.7 B | |
| Intangible Assets | $ 200.8 M | |
| Net Tangible Assets | $ 834.8 M | |
| Total Current Assets | $ 1.2 B | |
| Cash and Short-Term Investments | $ 967.6 M | |
| Cash | $ 266.6 M | |
| Net Receivables | $ 27.6 M | |
| Inventory | $ 35.6 M | |
| Long-Term Investments | $ 5.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 75.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 265.5 M | |
| Net Debt | $ 43.7 M | |
| Total Debt | $ 387.9 M | |
| Total Liabilities | $ 654.4 M | |
| EQUITY | ||
| Total Equity | $ 1.0 B | |
| Retained Earnings | $ -1.89 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 2.81 | |
| Shares Outstanding | 369.141 M | |
| Revenue Per-Share | $ 0.69 | |
| VALUATION | Market Capitalization | $ 13.5 B |
| Enterprise Value | $ 12.9 B | |
| Enterprise Multiple | -113.536 | |
| Enterprise Multiple QoQ | -29.571 % | |
| Enterprise Multiple YoY | -95.383 % | |
| Enterprise Multiple IPRWA | high: 47.216 median: 14.143 mean: 5.404 low: -68.907 LEGN: -113.536 |
|
| EV/R | 50.622 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.632 | |
| Asset To Liability | 2.582 | |
| Debt To Capital | 0.273 | |
| Debt To Assets | 0.23 | |
| Debt To Assets QoQ | 2.222 % | |
| Debt To Assets YoY | 12308.108 % | |
| Debt To Assets IPRWA | high: 0.995 LEGN: 0.23 mean: 0.194 median: 0.062 low: 0.0 |
|
| Debt To Equity | 0.375 | |
| Debt To Equity QoQ | 5.083 % | |
| Debt To Equity YoY | 12952.265 % | |
| Debt To Equity IPRWA | high: 1.577 LEGN: 0.375 mean: 0.255 median: 0.059 low: -1.039 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 13.028 | |
| Price To Book QoQ | -11.42 % | |
| Price To Book YoY | -19.647 % | |
| Price To Book IPRWA | high: 16.592 LEGN: 13.028 median: 6.22 mean: 5.145 low: -9.599 |
|
| Price To Earnings (P/E) | -54.56 | |
| Price To Earnings QoQ | -63.779 % | |
| Price To Earnings YoY | -89.364 % | |
| Price To Earnings IPRWA | high: 44.732 mean: -9.929 median: -17.204 LEGN: -54.56 low: -73.374 |
|
| PE/G Ratio | -2.104 | |
| Price To Sales (P/S) | 52.894 | |
| Price To Sales QoQ | -31.076 % | |
| Price To Sales YoY | -47.498 % | |
| Price To Sales IPRWA | high: 517.227 mean: 56.301 LEGN: 52.894 median: 19.711 low: 0.25 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -198.827 | |
| Forward PE/G | -7.669 | |
| Forward P/S | 429.033 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.881 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.154 | |
| Asset Turnover Ratio QoQ | 29.987 % | |
| Asset Turnover Ratio YoY | 47.816 % | |
| Asset Turnover Ratio IPRWA | high: 0.388 LEGN: 0.154 mean: 0.115 median: 0.113 low: -0.001 |
|
| Receivables Turnover | 18.249 | |
| Receivables Turnover Ratio QoQ | -68.863 % | |
| Receivables Turnover Ratio YoY | -19.915 % | |
| Receivables Turnover Ratio IPRWA | LEGN: 18.249 high: 6.517 median: 1.422 mean: 1.409 low: 0.012 |
|
| Inventory Turnover | 2.946 | |
| Inventory Turnover Ratio QoQ | 13.221 % | |
| Inventory Turnover Ratio YoY | 19.758 % | |
| Inventory Turnover Ratio IPRWA | LEGN: 2.946 high: 2.442 mean: 0.571 median: 0.415 low: 0.006 |
|
| Days Sales Outstanding (DSO) | 5.0 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -37.835 | |
| Cash Conversion Cycle Days QoQ | 61.41 % | |
| Cash Conversion Cycle Days YoY | 36.914 % | |
| Cash Conversion Cycle Days IPRWA | high: 1258.184 mean: 205.923 median: 205.05 LEGN: -37.835 low: -1350.846 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.259 | |
| CapEx To Revenue | -0.036 | |
| CapEx To Depreciation | -1.603 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.3 B | |
| Net Invested Capital | $ 1.3 B | |
| Invested Capital | $ 1.3 B | |
| Net Tangible Assets | $ 834.8 M | |
| Net Working Capital | $ 984.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 3.645 | |
| Current Ratio | 4.708 | |
| Current Ratio QoQ | -9.467 % | |
| Current Ratio YoY | -2.756 % | |
| Current Ratio IPRWA | high: 25.128 LEGN: 4.708 mean: 3.938 median: 2.52 low: 0.021 |
|
| Quick Ratio | 4.574 | |
| Quick Ratio QoQ | -9.754 % | |
| Quick Ratio YoY | -4.257 % | |
| Quick Ratio IPRWA | high: 14.041 LEGN: 4.574 mean: 2.948 median: 2.158 low: 0.021 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -3.411 | |
| Cost Of Debt | 1.099 % | |
| Interest Coverage Ratio | -22.899 | |
| Interest Coverage Ratio QoQ | 23.196 % | |
| Interest Coverage Ratio YoY | 905.728 % | |
| Interest Coverage Ratio IPRWA | high: 940.414 mean: 46.086 median: 2.742 LEGN: -22.899 low: -1465.352 |
|
| Operating Cash Flow Ratio | -0.505 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 85.377 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.597 % | |
| Revenue Growth | 30.763 % | |
| Revenue Growth QoQ | 572.562 % | |
| Revenue Growth YoY | -68.752 % | |
| Revenue Growth IPRWA | high: 303.4 % LEGN: 30.763 % mean: 20.661 % median: 12.272 % low: -259.856 % |
|
| Earnings Growth | 25.926 % | |
| Earnings Growth QoQ | -105.926 % | |
| Earnings Growth YoY | -169.136 % | |
| Earnings Growth IPRWA | high: 155.0 % LEGN: 25.926 % median: 11.33 % mean: 2.082 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | 61.581 % | |
| Gross Margin QoQ | -2.904 % | |
| Gross Margin YoY | -15.587 % | |
| Gross Margin IPRWA | high: 100.0 % median: 80.103 % mean: 78.053 % LEGN: 61.581 % low: -77.751 % |
|
| EBIT Margin | -46.882 % | |
| EBIT Margin QoQ | -2.789 % | |
| EBIT Margin YoY | 600.359 % | |
| EBIT Margin IPRWA | high: 338.783 % median: 23.755 % LEGN: -46.882 % mean: -75.547 % low: -5123.44 % |
|
| Return On Sales (ROS) | -8.579 % | |
| Return On Sales QoQ | -82.211 % | |
| Return On Sales YoY | 28.16 % | |
| Return On Sales IPRWA | high: 89.247 % median: 28.85 % LEGN: -8.579 % mean: -79.915 % low: -5698.0 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -22.27 M | |
| Free Cash Flow Yield | -0.165 % | |
| Free Cash Flow Yield QoQ | -76.662 % | |
| Free Cash Flow Yield YoY | 511.111 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % median: 0.516 % LEGN: -0.165 % mean: -0.34 % low: -74.318 % |
|
| Free Cash Growth | -78.946 % | |
| Free Cash Growth QoQ | -413.029 % | |
| Free Cash Growth YoY | -48.953 % | |
| Free Cash Growth IPRWA | high: 157.51 % median: 15.936 % mean: 4.562 % LEGN: -78.946 % low: -193.262 % |
|
| Free Cash To Net Income | 0.178 | |
| Cash Flow Margin | -52.607 % | |
| Cash Flow To Earnings | 1.07 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -7.586 % | |
| Return On Assets QoQ | 23.49 % | |
| Return On Assets YoY | 645.187 % | |
| Return On Assets IPRWA | high: 36.544 % median: 1.616 % mean: -1.307 % LEGN: -7.586 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | -8.395 % | |
| Return On Equity (ROE) | -0.121 | |
| Return On Equity QoQ | 22.106 % | |
| Return On Equity YoY | 671.21 % | |
| Return On Equity IPRWA | high: 1.117 median: 0.04 mean: 0.009 LEGN: -0.121 low: -1.572 |
|
| DuPont ROE | -12.212 % | |
| Return On Invested Capital (ROIC) | -7.019 % | |
| Return On Invested Capital QoQ | 25.004 % | |
| Return On Invested Capital YoY | -1016.319 % | |
| Return On Invested Capital IPRWA | high: 53.785 % median: 3.175 % mean: 1.608 % LEGN: -7.019 % low: -71.959 % |
|