Legend Biotech (NasdaqGS:LEGN) Valuation in Focus After FDA Label Update Highlights CARVYKTI Survival Benefit

The FDA’s recent approval for a label update on CARVYKTI, Legend Biotech (LEGN)’s flagship therapy, highlights promising survival benefits for patients with relapsed, refractory multiple myeloma. This regulatory milestone could influence the company's future outlook.

See our latest analysis for Legend Biotech.

Legend Biotech’s latest FDA win for CARVYKTI appears to have injected some confidence into the long-term story. However, short-term share price returns tell a more muted tale, with the stock recently closing at $31.59 and a 1-year total shareholder return of -21.1%. While momentum has cooled since early highs, the potential for renewed growth is in focus as new clinical data and regulatory milestones continue to accumulate.

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With the stock down this year despite strong revenue and analyst price targets nearly double its current level, investors may wonder if there is an overlooked buying opportunity or if future growth is already fully reflected in the share price.

Most Popular Narrative: 57.9% Undervalued

Legend Biotech’s last close price sits far below the fair value proposed in the most-followed narrative, setting the stage for debate about whether the market is overlooking this biotech’s future growth drivers.

Significant expansion potential in both earlier lines of therapy and frontline settings for multiple myeloma, driven by strong survival data, ongoing clinical trials (CARTITUDE-5 and 6), and label updates that increase patient access. This sets up long-term revenue acceleration as the patient pool widens.

Read the complete narrative.

Want to know which ambitious assumptions push this price target sky-high? The optimism here hinges on big revenue bets, rapid pipeline progress, and profit margin leaps. Wait until you see how these projections stack up against conventional sector optimism. Curiosity piqued? Unlock what drives this remarkable fair value.

Result: Fair Value of $75.06 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, ongoing reliance on a single therapy and rising competition could quickly change the outlook if rival treatments gain ground or if setbacks occur.

Find out about the key risks to this Legend Biotech narrative.

Build Your Own Legend Biotech Narrative

If you have a different take or want to dig into the numbers yourself, you can build your narrative quickly and easily. Do it your way

A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding Legend Biotech.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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