Legend Biotech shares fall on weak quarterly results

Legend Biotech Corp. shares declined sharply on Thursday after the company reported quarterly results that fell short of analyst expectations.

The biotechnology company, known for its CAR-T cell therapy pipeline, posted a net loss of $21.3 million for the quarter, compared with a net profit of $10.1 million in the same period last year. Revenue totaled $15.2 million, below the $18.5 million forecast by analysts surveyed by Refinitiv.

Shares of Legend Biotech fell 9.8% to $42.10 in premarket trading, extending losses from Wednesday’s close. The decline reflects broader investor caution toward biotech firms facing pricing pressures and regulatory scrutiny.

The company attributed the weaker performance to lower-than-anticipated sales of its lead therapy, which remains in early commercialization stages. Legend Biotech also cited higher research and development costs as a contributing factor to the net loss.

Analysts at William Blair maintained a neutral rating on the stock, citing uncertainty around reimbursement policies for CAR-T therapies. The firm’s price target remains unchanged at $50.

Legend Biotech’s pipeline includes multiple CAR-T programs targeting hematologic malignancies, with regulatory decisions expected in the coming quarters. The company has partnerships with Johnson & Johnson and other firms to advance its therapies globally.

Investors are closely monitoring updates on reimbursement negotiations with payers, which could influence future revenue trajectories. The stock’s recent volatility underscores the high-risk, high-reward nature of early-stage biotech investments.