Legend Biotech (NasdaqGS:LEGN) is back in focus after reporting 2025 results that spotlight its multiple myeloma therapy CARVYKTI, now used in more than 10,000 patients, alongside a major US manufacturing expansion.

The recent 41.7% 7 day and 44.0% 30 day share price returns suggest momentum has picked up around CARVYKTI milestones and the manufacturing expansion, although the 1 year total shareholder return of 22.2% decline highlights that longer term holders are still underwater.

If this kind of healthcare breakthrough has your attention, it could be a good moment to scan for other cell and data driven drug developers using our 35 healthcare AI stocks

With shares still showing a 22.2% 1 year total return decline despite recent momentum and the stock trading below some valuation estimates, you have to ask: is this a reset entry point, or is future growth already priced in?

Most Popular Narrative: 56.2% Undervalued

Legend Biotech's most followed narrative assigns a fair value of $57.24 per share versus the last close at $25.07, framing a large implied valuation gap for investors to weigh.

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 CARTITUDE-6), and label updates that increase patient access, is setting up long-term revenue acceleration as the patient pool widens.

Want to see what sits behind that growth story and valuation gap? The narrative leans heavily on revenue expansion, margin lift, and a future earnings multiple that assumes meaningful scale.

Result: Fair Value of $57.24 (UNDERVALUED)

However, this hinges on CARVYKTI staying on track. Setbacks in trials, safety, or competitive pressure could quickly challenge that perceived valuation gap.

Another Angle on Value

The SWS DCF model values Legend Biotech at $126.94 per share, compared with the current $25.07, which also suggests the shares may be undervalued. Given this wide gap between the current price and the model output, how comfortable are you with the assumptions that underpin the valuation?

Next Steps

With sentiment this mixed, the most useful move now is to look at the numbers yourself and decide what really matters. To see what the market is currently optimistic about and how that squares with your own view, start by reviewing the 2 key rewards.

Ready for more investment ideas?

If Legend Biotech has sharpened your focus on opportunities, do not stop here, broaden your watchlist now so you are not late to the next idea.

• Target reliable income streams by scanning companies that show up in our 13 dividend fortresses and see which yields might fit your goals.
• Hunt for quality at a compelling price by checking the 63 high quality undervalued stocks and spot businesses that may offer a margin of safety.
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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.