Legend Biotech (LEGN) | Financial Analysis & Statements
Legend Biotech Corporation Mid-cap Healthcare
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
306.4M
Gross Profit
182.9M
59.70%
Operating Income
-20.6M
-6.72%
Net Income
-30.8M
-10.06%
EPS (Diluted)
$-0.16
Balance Sheet Metrics
Total Assets
1.7B
Total Liabilities
731.6M
Shareholders Equity
1.0B
Debt to Equity
0.73
Cash Flow Metrics
Operating Cash Flow
-32.2M
Free Cash Flow
-24.6M
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
Legend Biotech Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 1.0B | 627.2M | 285.1M | 117.0M | 68.8M |
| Cost of Goods Sold | 408.1M | 234.6M | 144.2M | 65.4M | 0 |
| Gross Profit | 620.8M | 392.7M | 140.9M | 51.6M | 68.8M |
| Gross Margin % | 60.3% | 62.6% | 49.4% | 44.1% | 100.0% |
| Operating Expenses | |||||
| Research & Development | 414.7M | 413.5M | 382.2M | 335.6M | 313.3M |
| Selling, General & Administrative | 341.6M | 284.3M | 200.9M | 174.0M | 149.5M |
| Other Operating Expenses | 1.0M | -1.9M | -2.7M | -2.4M | -1.7M |
| Total Operating Expenses | 757.3M | 695.9M | 580.4M | 507.3M | 461.1M |
| Operating Income | -136.5M | -303.2M | -439.5M | -455.6M | -392.3M |
| Operating Margin % | -13.3% | -48.3% | -154.1% | -389.4% | -570.0% |
| Non-Operating Items | |||||
| Interest Income | 40.1M | 61.2M | 54.5M | 8.2M | 971.0K |
| Interest Expense | 21.4M | 21.6M | 21.8M | 10.8M | 900.0K |
| Other Non-Operating Income | -164.8M | 105.5M | -113.3M | 12.5M | -15.0M |
| Pre-tax Income | -282.6M | -158.1M | -520.1M | -445.7M | -407.2M |
| Income Tax | 14.2M | 18.9M | -1.9M | 625.0K | -3.6M |
| Effective Tax Rate % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Income | -296.8M | -177.0M | -518.3M | -446.3M | -403.6M |
| Net Margin % | -28.8% | -28.2% | -181.8% | -381.5% | -586.4% |
| Key Metrics | |||||
| EBITDA | -63.5M | -218.1M | -392.8M | -438.0M | -386.2M |
| EPS (Basic) | $-1.62 | $-0.96 | $-2.94 | $-2.80 | $-2.74 |
| EPS (Diluted) | $-1.62 | $-0.96 | $-2.94 | $-2.80 | $-2.74 |
| Basic Shares Outstanding | 184320585 | 182851072 | 176082709 | 159041956 | 140851646 |
| Diluted Shares Outstanding | 184320585 | 182851072 | 176082709 | 159041956 | 140851646 |
Income Statement Trend
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Legend Biotech Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 901.9M | 286.7M | 1.3B | 786.0M | 688.9M |
| Short-term Investments | 46.7M | 835.9M | 31.0M | 239.6M | 193.5M |
| Accounts Receivable | 13.1M | 6.3M | 100.0M | 90.0K | 50.4M |
| Inventory | 32.0M | 23.9M | 19.4M | 10.4M | 1.7M |
| Other Current Assets | 1.6M | - | - | - | - |
| Total Current Assets | 1.2B | 1.3B | 1.5B | 1.1B | 949.8M |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 28.7M | 94.3M | 72.7M | 46.3M | 31.1M |
| Goodwill | 74.6M | 174.2M | 155.3M | 68.7M | 16.8M |
| Intangible Assets | 74.6M | 174.2M | 155.3M | 68.7M | 16.8M |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | - | 6.1M | 285.0K | 395.0K | 4.1M |
| Total Non-Current Assets | 486.6M | 386.2M | 350.8M | 231.8M | 169.6M |
| Total Assets | 1.7B | 1.7B | 1.8B | 1.3B | 1.1B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 81.2M | 37.2M | 19.6M | 31.7M | 7.0M |
| Short-term Debt | 326.5M | 4.8M | 3.2M | 3.6M | 911.0K |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | 1.0M | - | - | 67.0M | 87.9M |
| Total Current Liabilities | 636.4M | 277.6M | 216.4M | 297.8M | 229.2M |
| Non-Current Liabilities | |||||
| Long-term Debt | 87.2M | 345.8M | 325.5M | 281.0M | 122.1M |
| Deferred Tax Liabilities | - | - | - | - | 0 |
| Other Non-Current Liabilities | 8.0M | - | 56.0K | 233.0K | 396.0K |
| Total Non-Current Liabilities | 95.2M | 352.0M | 380.8M | 288.9M | 124.3M |
| Total Liabilities | 731.6M | 629.6M | 597.2M | 586.7M | 353.5M |
| Equity | |||||
| Common Stock | 100.0K | 37.0K | 36.0K | 33.0K | 31.0K |
| Retained Earnings | -2.0B | -1.7B | -1.5B | -966.5M | -520.1M |
| Treasury Stock | - | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 1.0B | 1.0B | 1.3B | 744.3M | 765.9M |
| Key Metrics | |||||
| Total Debt | 413.7M | 350.6M | 328.7M | 284.5M | 123.0M |
| Working Capital | 610.7M | 1.0B | 1.3B | 801.3M | 720.6M |
Balance Sheet Composition
Legend Biotech Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | -282.6M | -158.1M | -520.1M | -445.7M | -407.2M |
| Depreciation & Amortization | 28.9M | 23.4M | 20.5M | 18.4M | 13.9M |
| Stock-Based Compensation | 64.6M | 68.9M | 47.7M | 34.3M | 20.2M |
| Working Capital Changes | -2.4M | 36.1M | -23.8M | 65.8M | 24.1M |
| Operating Cash Flow | -208.9M | -69.8M | -509.1M | -318.7M | -349.4M |
| Investing Activities | |||||
| Capital Expenditures | -28.6M | -14.1M | -20.1M | -20.9M | -42.2M |
| Acquisitions | - | - | - | - | - |
| Investment Purchases | -4.5B | -2.7B | -4.9B | -655.0M | -378.0M |
| Investment Sales | 5.3B | 1.9B | 5.1B | 614.9M | 230.1M |
| Investing Cash Flow | 709.6M | -850.5M | 95.4M | -75.7M | -191.8M |
| Financing Activities | |||||
| Share Repurchases | - | - | - | - | - |
| Dividends Paid | - | - | - | - | - |
| Debt Issuance | - | - | - | - | 0 |
| Debt Repayment | -3.6M | -4.0M | -3.8M | -2.6M | -1.4M |
| Financing Cash Flow | -3.6M | -4.0M | 579.9M | 375.0M | 622.0M |
| Free Cash Flow | -128.8M | -158.1M | -416.0M | -223.6M | -243.9M |
| Net Change in Cash | 497.1M | -924.4M | 166.3M | -19.4M | 80.9M |
Cash Flow Trend
Legend Biotech Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
-14.81
Forward P/E
21.93
Price to Book
4.65
Price to Sales
4.53
PEG Ratio
0.07
Profitability Ratios
Profit Margin
-28.85%
Operating Margin
-6.72%
Return on Equity
-29.06%
Return on Assets
-5.01%
Financial Health
Current Ratio
1.96
Debt to Equity
41.28
Beta
0.08
Per Share Data
EPS (TTM)
$-1.62
Book Value per Share
$5.42
Revenue per Share
$5.58
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| LEGN | 4.4B | -14.81 | 4.65 | -29.06% | -28.85% | 41.28 |
| Vertex | 109.4B | 28.40 | 5.92 | 22.54% | 32.94% | 10.91 |
| Regeneron | 81.0B | 18.00 | 2.45 | 14.86% | 31.41% | 9.51 |
| Axsome Therapeutics | 9.5B | -50.54 | 105.31 | -252.12% | -28.69% | 247.03 |
| Praxis Precision | 9.6B | - | 9.46 | -45.83% | 0.00% | 0.01 |
| Bio-Techne | 9.1B | 117.16 | 4.55 | 3.80% | 6.41% | 20.07 |
Financial data is updated regularly. All figures are in the company's reporting currency.






