Earnings Review: 1Q Loss Wider on One-Off Capacity Expenses

Legend Biotech reported a wider 1Q26 adjusted loss of $11mn due to one-off capacity expansion costs, but management reiterated its goal of FY26 profitability. Goldman Sachs maintains a Buy rating with a $43.92 price target, focusing on upcoming in-vivo CAR-T clinical data.

Key Takeaways

• 1.1Q26 adjusted net loss widened to $11mn due to one-off capacity expansion expenses at Raritan and Tech Lane sites, but management expects GPM to recover to 50%+ in 2Q.
• 2.Goldman Sachs maintains a Buy rating, viewing the company as undervalued with significant upside from Carvykti and the emerging in-vivo CAR-T platform.
• 3.Anticipation is building for the mid-year clinical data debut of LB2501, which serves as a proof-of-concept for the company's in-vivo CAR-T platform.

Table of Contents

• Wider loss with one-off capacity ramp-up expenses, FY26 profitability on-track
• Eyes on data debut of in-vivo CAR-T for pipeline upside
• Valuation and target price
• Price Target Risks and Methodology - Legend Biotech Corp.
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Ratings, coverage universe and related definitions

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