Legend Biotech (LEGN) Stock Forecast & Price Target

Legend Biotech is benefiting from CARVYKTI’s durable clinical profile, with 60.5-month median PFS, 69.2% five-year OS, and 10 of 20 CARTITUDE-2 Cohort A patients still alive and progression-free without further therapy after ≥5 years, which supports earlier-line adoption and a higher competitive bar. Financially, the franchise is scaling rapidly, as Q2 global sales reached $657M with $326M in collaboration profits, US sales of $472M were up 32% year over year, and company-wide adjusted profitability of $63M plus $965M cash provide meaningful operating leverage and runway. The outlook is further strengthened by expanding treatment-center access, rising 2L-4L penetration now near 70% of volume, and an emerging in vivo pipeline that could extend the platform beyond CARVYKTI.

Legend Biotech is facing a negative outlook because its valuation depends heavily on CARVYKTI uptake in earlier-line multiple myeloma while competition from bispecifics and anito-cel could slow penetration and pressure demand. The company also faces execution and supply risks within the J&J partnership, uncertain label expansion prospects, and early-stage pipeline assets with only 25% PoA for LB1908 and 30% for LB2102, limiting near-term diversification. Although CARVYKTI remains differentiated, management’s own lowering of global sales estimates to $2.66B in FY26 and $3.28B in FY27 underscores that growth may be less robust than the market expects.