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Legend Biotech

LEGN Rare disease Lead: Approved 3 Biotech Distilled articles ↓ 33 filings & releases ↓ Cash $902M (Dec 31, 2025) ↓ 3 verdicts ↓
Oncology Cell

Market cap $4.55B 194.5M shares (vendor count, Nov 7, 2026) × $23.40 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2026-03-20

Catalyst timeline

4 trackedQuarter catalyst calendar →
  1. Legend Biotech corporate update2026Legend Biotech corporate update, 2026, routine
  2. LB2501 interim2H 2026LB2501 interim, 2H 2026, notable
  3. anito-cel Arcellx PDUFA dateDec 23, 2026anito-cel Arcellx PDUFA date, Dec 23, 2026, thesis-defining
  4. Janssen Funding Advance corporate update~1Q 2027Janssen Funding Advance corporate update, ~1Q 2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (17 active programs)

Technology platforms

TaVec

Proprietary in vivo cell engineering platform using an engineered, replication-incompetent lentiviral vector designed to selectively transduce T cells in vivo, enabling off-the-shelf CAR-T generation directly within the patient; focus area: B-cell malignancies including B-cell non-Hodgkin lymphoma

Targets: CD19, CD20

Capital (as filed)

Cash
$902M cash and cash equivalents · Dec 31, 2025 (20-F)
Operating cash flow
−$25.1M annual ÷ 4, year to Dec 31, 2025 (20-F)
As stated in coverage
$965M cash per the update of Aug 11, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (3)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (3 calls)

Every verdict Biotech Distilled has published on Legend Biotech, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-07-29 Watch Legend Biotech (LEGN) — Scientific Deep Dive for CARVYKTI® (cilta-cel) and Pipeline Products Best-in-class science but half-owned economics, collapsing collaboration gross margin, J&J clawback, BMS European litigation, and all near-term catalysts belonging to a competitor make this a watch until the Q2 margin line and December PDUFA resolve.
  2. 2026-08-12 Speculative buy speculative UPDATE: Legend Biotech (LEGN) - The Margin Line Answers Back Q2 collaboration gross margin snapped back to 58.3% validating the one-time explanation, the J&J clawback is two-thirds retired, and ~$965M cash provides runway, but an interim CEO, live UPC litigation, and the December 23 anito-cel PDUFA keep conviction speculative and sizing staged.
  3. 2026-09-16 Speculative buy speculative UPDATE: Legend Biotech (LEGN) - They Hired a Commercial Operator Permanent CEO hire retires the governance overhang and brings commercial expertise for the anito-cel fight, but the UPC litigation against the European franchise and the December 23 competitor PDUFA remain unresolved, keeping the position speculative and staged.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (33)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jul 28, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

4 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)