Legend Biotech (LEGN) Valuation: Analyzing CARVYKTI Growth and 2026 Profit Outlook

Legend Biotech (LEGN) used its recent J.P. Morgan conference update to spotlight revenue growth, margin progress and an outlook for profitability in 2026, anchored by its multiple myeloma therapy CARVYKTI and partnership with Johnson & Johnson. Legend Biotech’s recent conference update comes after a tough run for investors, with a 90 day share price return of a 32.73% decline and a 1 year total shareholder return of a 32.21% decline, while the 30 day share price return of 1.00% and year to date share price return of 2.93% suggest only early signs of momentum stabilising around the latest close at $22.14. If Legend’s CAR-T story has caught your eye, it could be a good moment to widen the lens and check out other that might fit your watchlist. With Legend still loss making, trading at $22.14 and carrying an intrinsic discount flag plus a value score of 4, the key question is simple: are you looking at mispriced CAR T potential or a market that already reflects future growth? Most Popular Narrative: 69.4% Undervalued With Legend Biotech closing at $22.14 against a narrative fair value of $72.41, the spread between price and projected worth is wide enough to get attention. Significant expansion potential in both earlier lines of therapy and frontline settings for multiple myeloma, driven by strong survival data, ongoing clinical trials (CARTITUDE-5 and -6), and label updates that increase patient access, setting up long-term revenue acceleration as the patient pool widens. Curious what kind of revenue ramp and margin reset would need to line up behind that view, and what future P/E this story leans on? The narrative spells out a specific path from losses today to sizeable earnings later, backed by double digit growth assumptions and a richer earnings multiple than the sector usually carries. Result: Fair Value of $72.41 (UNDERVALUED) However, the whole story still leans heavily on CARVYKTI execution and partnership terms, so competitive products or partnership frictions could quickly challenge that upbeat setup. Build Your Own Legend Biotech Narrative If that view does not quite fit how you see Legend Biotech, you can stress test the same data yourself and shape a fresh story in minutes, then . A good starting point is our analysis highlighting investors are optimistic about regarding Legend Biotech. Looking for more investment ideas? If Legend Biotech is on your radar, do not stop there; cast a wider net with pre screened ideas that could sharpen how you build your portfolio watchlist. Spot potential value candidates early by scanning that might not yet be front of mind for most investors. Catch emerging AI themes by tracking that tie artificial intelligence into real business models rather than just headlines. Strengthen your income watchlist by zeroing in on that could complement growth focused holdings. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.