Legend Biotech (LEGN) Stock Forecast & Price Target

Legend Biotech is supported by CARVYKTI’s clear durability leadership in multiple myeloma, including a 60.5-month median PFS and 69.2% five-year OS, with 10/20 CARTITUDE-2 Cohort A patients still alive and progression-free without additional anti-myeloma therapy after one infusion. Commercial momentum is also strong, as Q2 global sales reached $657M, collaboration profits were $326M, and over 70% of U.S. volume now comes from 2L-4L, reflecting accelerating earlier-line adoption and broader treatment access. Beyond the franchise, a $965M cash balance, first-quarter company-wide adjusted profitability, and encouraging in vivo pipeline progress with LB2501 and LB2505 support a multi-year growth story.

Legend Biotech is weighed down by a negative risk-reward profile because its valuation depends heavily on CARVYKTI’s earlier-line multiple myeloma expansion while competition from bispecifics and anito-cel threatens penetration and physician demand. Although the company has resolved supply constraints through substantial manufacturing investment, execution risk remains elevated in the Johnson & Johnson partnership, and the need for further label expansions adds uncertainty to the growth path. The pipeline is still very early stage, and low probabilities of approval for LB1908 and LB2102 reinforce the view that future diversification may not be enough to offset CARVYKTI’s toxicity concerns and slowing sales momentum.