Legend Biotech
Legend Biotech, founded in 2014, is a clinical-stage cell therapy company advancing innovative CAR-T treatments, particularly in oncology. With a market capitalization of $6.56 billion and analyst projections of a potential 115.41% upside, the company has gained strong investor attention. Its pipeline includes autologous CAR-T candidates for cancers such as Non-Hodgkin’s Lymphoma and acute lymphoblastic leukemia, supported by strategic collaborations with Janssen Biotech and Novartis.
Legend Biotech reported 36.7% revenue growth but remains unprofitable, posting an EPS of -1.78, ROE of -29.65%, and negative free cash flow of about -$259 million, reflecting its continued R&D investment. The stock trades at $35.56 within a 52-week range of $27.69 to $57.55, with a forward P/E of 49.83, highlighting expectations of future growth. While high-risk, the company represents a compelling play for investors optimistic about CAR-T therapies transforming cancer treatment.
“Legend Biotech is a $6.56B cell therapy company driving innovation in CAR-T oncology with a projected 115% upside.”
CAR-T Cell Therapy: Revolutionizing Cancer Treatment in Modern Oncology
CAR T-cell therapy is an advanced form of immunotherapy that involves genetically reprogramming a patient’s own T-cells to recognize and destroy cancer cells. The process begins by collecting the patient’s T-cells, which are then modified in the laboratory to express chimeric antigen receptors (CARs) — specialized proteins that can identify cancer-specific markers. These engineered cells are multiplied and infused back into the patient’s bloodstream, where they actively seek out and eliminate cancer cells. This innovative therapy is primarily used to treat certain blood cancers, including specific types of leukemia, lymphoma, and multiple myeloma.
CAR-T cell therapy is a personalized immunotherapy that modifies a patient’s T cells to target and destroy cancer cells, especially in certain blood cancers. The patient’s T cells are engineered to express chimeric antigen receptors (CARs), expanded in the lab, and infused back to selectively attack tumors, offering a potent, targeted approach with potential for complete remission.
Projected Market Growth for CAR-T Cell Therapy
The global CAR-T cell therapy market is projected to grow from USD 8.44 billion in 2023 to USD 107.92 billion by 2033, at a CAGR of 30%. Driven by rising cancer prevalence and advancing technologies, CAR-T therapies—engineered T cells targeting tumor antigens—have shown high efficacy in relapsed/refractory B-cell malignancies, with response rates up to 96%. FDA-approved for various hematologic cancers, CAR-T has become a key pillar in modern oncology.
Forecasted market revenue of CAR-T cells (2026- 2030)
Fig 10: Market revenue of CAR-T cells
Market revenue of Legend Biotech
Before 2022, Legend Biotech’s revenue remained relatively modest and uneven, with 2020 showing growth over 2019 but little momentum carried into 2021. Over the past five years, however, the company has demonstrated a steady upward trajectory. In Q2 2025, revenue growth was particularly strong, driven by Carvykti, which recorded net trade sales of USD 439 million, a 136% increase year-over-year. This performance contributed to an impressive 112.46% revenue growth over the last twelve months.
Despite ongoing margin pressures—gross profit stood at just 8.6%—the company improved its operational efficiency, narrowing its operating loss from RMB 41 million to RMB 22 million. While Legend Biotech still reported a net loss of USD 1 million, it achieved an adjusted net income of RMB 10 million. Overall, revenue exceeded expectations by 8.89%, underscoring the company’s strong commercial momentum.
"Legend Biotech’s revenue surged 112% over the past year, fueled by Carvykti’s strong sales, reflecting robust commercial momentum despite margin pressures."
Six-year market revenue of Legend Biotech (2020- Till June 2025)
Fig 11: Market revenue of Legend Biotech
Legend Biotech: A Deep Dive into Its Cell Therapy Pipeline
Legend Biotech is advancing a pipeline centered on innovative cell therapies, with a strong emphasis on chimeric antigen receptor T-cell (CAR-T) technology for both hematologic cancers and solid tumors.
Commercialized Product:
· Carvykti® (ciltacabtagene autoleucel; cilta-cel)
· A BCMA-directed CAR-T therapy co-developed with Johnson & Johnson for multiple myeloma (MM).
· Initially approved in the U.S. (Feb 2022) for adult patients with relapsed or refractory MM after ≥4 prior lines of therapy.
· Label expanded (Apr 2024) for earlier use in patients with ≥1 prior line of therapy who are refractory to lenalidomide.
Clinical highlights:
· CARTITUDE-1: demonstrated durable, long-term remission in heavily pretreated patients
· CARTITUDE-4: showed a significant reduction in risk of progression or death in earlier treatment lines.
Solid Tumor Programs:
· LB2102: Autologous CAR-T targeting DLL3, developed with Novartis, for small-cell lung cancer (SCLC) and large cell neuroendocrine carcinoma (LCNEC). Phase 1 results showed early efficacy with manageable safety.
· LB1908: Autologous CAR-T targeting CLDN18.2 for gastroesophageal cancers. Phase 1 data in advanced gastric, gastroesophageal, and pancreatic cancers indicated encouraging anti-tumor activity with acceptable safety.
· GPC3 Program: Investigating a CAR-T approach targeting GPC3 in non-small cell lung cancer (NSCLC) and other solid tumors.
Next-Generation Cell Therapy Platforms:
· Allogeneic therapies: Developing “off-the-shelf” options, including:
· Allogeneic CAR-T with proprietary non-gene-editing technology
· CAR-γδ T cells derived from gamma-delta T cells
· CAR-NK therapies based on natural killer cells
In vivo CAR-T: Exploring approaches to directly deliver CAR constructs inside the body, potentially simplifying treatment and manufacturing.