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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Legend Biotech reported revenue of $1B in the fiscal year ended Dec 2025, up 64.0% from the year before. Operating income was −$137M, an operating margin of −13.3%, and net income was −$297M. Operating cash flow of −$100M less capital expenditure of $29M left free cash flow of −$129M. It held more cash than debt (net cash $583M).
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 68.8 | 117 | 285 | 627 | 1,029 |
| Cost of revenue | 0.0 | 65.4 | 144 | 216 | 397 |
| Gross profit | 68.8 | 51.6 | 141 | 411 | 632 |
| Research & development | 313 | 336 | 382 | 414 | 415 |
| Operating incomederived: pre-tax income + interest | −406 | −435 | −528 | −310 | −137 |
| Interest expense | 0.9 | 10.8 | 21.8 | 21.6 | 21.4 |
| Pre-tax income | −407 | −446 | −520 | −158 | −283 |
| Income tax | −3.6 | 0.6 | −1.9 | 18.9 | 14.2 |
| Net income | −404 | −446 | −518 | −177 | −297 |
| Diluted EPS | −1.43 | −1.40 | −1.47 | −0.48 | −0.81 |
| Diluted shares | 282 | 318 | 352 | 366 | 369 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 689 | 786 | 1,278 | 287 | 902 |
| Receivables | 50.4 | 0.1 | 100 | 6.4 | 13.1 |
| Inventory | 1.7 | 10.4 | 19.4 | 23.9 | 32.0 |
| Current assets | 950 | 1,099 | 1,498 | 1,284 | 1,247 |
| Net PP&E | 103 | 105 | 109 | 99.3 | 116 |
| Total assets | 1,119 | 1,331 | 1,849 | 1,670 | 1,734 |
| Deferred revenue | 60.6 | 0.0 | 53.0 | 46.9 | 11.3 |
| Current liabilities | 229 | 298 | 216 | 278 | 636 |
| Short-term debt | – | – | – | 0.0 | 319 |
| Long-term debt | 120 | 261 | 281 | 301 | 0.0 |
| Total liabilities | 354 | 587 | 597 | 630 | 732 |
| Shareholders' equity | 766 | 744 | 1,251 | 1,041 | 1,002 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −198 | −201 | −393 | −144 | −100 |
| Capital expenditure | 42.2 | 20.9 | 20.1 | 14.1 | 28.6 |
| Free cash flow | −241 | −222 | −413 | −158 | −129 |
| Stock-based compensation | 20.2 | 34.3 | 47.7 | 68.9 | 64.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 70.0% | 143.7% | 120.0% | 64.0% |
| Gross margin | 100.0% | 44.1% | 49.4% | 65.5% | 61.4% |
| Operating margin | −590.3% | −371.7% | −185.2% | −49.3% | −13.3% |
| Net margin | −586.4% | −381.5% | −181.8% | −28.2% | −28.8% |
| Return on equityBlank when equity is negative | −52.7% | −60.0% | −41.4% | −17.0% | −29.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −45.6% | −42.1% | −32.4% | −22.2% | −12.4% |
| Free cash flow margin | −349.7% | −189.9% | −145.0% | −25.2% | −12.5% |
| Cash conversion (CFO ÷ net income) | 0.49x | 0.45x | 0.76x | 0.81x | 0.34x |
| Receivable days | 267 | 0 | 128 | 4 | 5 |
| Inventory days | – | 58 | 49 | 40 | 29 |
| Interest cover | −451x | −40.3x | −24.2x | −14.3x | −6.38x |
| Debt ÷ equity | 0.16x | 0.35x | 0.22x | 0.29x | 0.32x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −568 | −525 | −996 | 14.5 | −583 |
| Current ratio | 4.14x | 3.69x | 6.92x | 4.62x | 1.96x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.