Legend Biotech ADR

Legend Biotech's stock fell about 2.4% in pre-market trading despite a surprisingly strong second quarter with adjusted EPS of $0.16 (consensus $0.07) and revenue of $387.5 million. The company thus reported its first profitable quarter, but a "sell-the-news" reaction was amplified by Oppenheimer's downgrade (Outperform → Perform, price target $75 → $40), earlier analyst cuts, and the CEO's resignation. Analysts also warn of growing competition for CARVYKTI and a lack of near-term catalysts. The decline is reported to be company-specific, while US indexes rose slightly. » Mere på de.investing.com

Legend Biotech reported adjusted EPS of $0.16 and revenue of $387.5 million for Q2, both above consensus estimates. The company recorded its first profitable quarter on both an IFRS and adjusted basis, driven by global CARVYKTI revenue of about $657 million (+50% year/year). Management expects continued adjusted profitability in H2 2026, plans an IND filing for LB2501 in 2026, and targets long-term gross margins of around 75%, but warns of margin volatility and leadership uncertainty. The stock rose about 5% in premarket trading. » Mere på de.investing.com

Legend Biotech announced the abrupt resignation of CEO Ying Huang on July 24, saying the departure was not due to any disagreement with the company. President of the Carvykti business unit Alan Bash will serve as interim CEO while the company searches for a permanent replacement. Legend highlighted Carvykti's strong commercial performance and said it remains focused on execution amid growing competitive and regulatory scrutiny. » Mere på finance.yahoo.com