Legend Biotech Corporation

LEGN

Biotechnology · Healthcare

Price

$22.26

-0.45 (-1.98%)

Market Cap

$4.12B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+30.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 140.9M (2021) → 184.3M (2025)

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM), as well as a comparison of the treatment with standard triplet therapy in revlimid-refractory multiple myeloma. The company also has a po

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+56.9% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-5.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$415M/ year

→ Flat (+0% vs prior year)

40.3% of revenue

2.2x the sector average (18%)

Steady R&D investment year-over-year

Insider Activity

3.7%ownership

Relatively low insider ownership

Cash Runway

~17 months

$646M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Strong grower

Legend Biotech Corporation is growing revenue at 57% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

37.2%

Modest — 37.2% gross margin

Operating Margin

-15.4%

Losing money on operations — -15.4%

ROCE

-3.8%

Weak — -3.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+56.5%

Fast-growing sales (56.5% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-20.7%

Burning cash (-20.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.29

Conservative — low debt load (0.29)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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