Legend Biotech (LEGN) Stock Forecast & Price Target

Legend Biotech is supported by 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 at 60.7 months, which strengthens confidence in earlier-line adoption and the preference for CAR-T before BCMA bispecifics. The company is also benefiting from commercial momentum, as Q2 global Carvykti sales reached $657M, including $472M in the U.S., while collaboration profits of $326M and first-quarter company-wide adjusted profitability highlight improving operating leverage. Its outlook is further reinforced by a $965M cash position and an expanding in vivo CAR T pipeline, including LB2501 and LB2505, which could extend the franchise beyond current multiple myeloma leadership.

Legend Biotech is viewed negatively because its estimated EV of approximately $11.9B depends heavily on CARVYKTI’s expansion into earlier-line multiple myeloma, yet that growth is exposed to slower penetration from bispecific and anito-cel competition. The company also faces substantial execution risk in its Johnson & Johnson partnership, possible inability to scale production capacity with demand, and uncertainty around securing further CARVYKTI label expansions. Beyond that, its pipeline remains speculative, with only a 25% probability of approval for LB1908 and 30% for LB2102, while broader biotech funding, regulatory, and commercial risks could limit access to capital needed for development.