LEGN
Legend Biotech Corporation
LEGN has the edge over NVO overall, supported by stronger fundamentals and stronger modeled upside.
NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
LEGN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Weak | |
| Unavailable |
LEGN's revenue is currently healthy, and its profitability is stable, but its cash flow is weak. There isn't enough data to rate its balance sheet.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
LEGN PE Valuation
LEGN has no meaningful PE right now: it lost money over the past year.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
LEGN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
LEGN has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
LEGN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.40 | +$0.82 |
| Q1 2026 | -$0.92 | +$0.06 |
| Q4 2025 | -$0.89 | -$0.02 |
| Q3 2025 | -$0.65 | +$1.09 |
| Q2 2025 | -$1.22 | +$0.18 |
| Q1 2025 | -$0.98 | +$1.46 |
| Q4 2024 | -$0.87 | +$2.09 |
| Q3 2024 | -$1.74 | +$1.27 |
LEGN is still losing money, but far less than before: $0.40 per share over the past year, against $3.32 at its worst in early 2023.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over LEGN on earnings quality, reporting a profit while its opponent remains loss making.
LEGN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $387.5M | +52% |
| Q1 2026 | $305.1M | +56% |
| Q4 2025 | $306.4M | +64% |
| Q3 2025 | $272.3M | +70% |
| Q2 2025 | $255.1M | +37% |
| Q1 2025 | $195.1M | +108% |
| Q4 2024 | $186.5M | +135% |
| Q3 2024 | $160.2M | +67% |
LEGN has the edge over NVO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 15% | +64 points |
| Q1 2026 | -16% | +35 points |
| Q4 2025 | -6.7% | -28 points |
| Q3 2025 | -16% | +28 points |
| Q2 2025 | -49% | -26 points |
| Q1 2025 | -51% | +13 points |
| Q4 2024 | 22% | +173 points |
| Q3 2024 | -44% | +53 points |
LEGN's operating margin was 15% last quarter, up 64 points from the same quarter a year ago, near the top of its range since 2019.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over LEGN on profitability, with a higher operating margin.
LEGN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$41.5M | -$19.2M |
| Q1 2026 | -$111.3M | -$5.6M |
| Q4 2025 | -$126.6M | -$42.1M |
| Q3 2025 | $23.8M | +$101.7M |
| Q2 2025 | -$22.3M | -$17.2M |
| Q1 2025 | -$105.8M | -1240% |
| Q4 2024 | -$84.5M | +$18M |
| Q3 2024 | -$77.9M | -$11.6M |
LEGN has burned cash in almost every quarter: −$256M over the past year, against −$290M the year before.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO has the edge over LEGN on cash generation, producing positive trailing cash flow while its opponent burns cash.
LEGN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +4.9% | +9.1M shares |
| 1 year | -47% | -174M shares |
| 3 years | +11% | +18.5M shares |
| 5 years | +40% | +55.3M shares |
| Available history | +93% | +93.6M shares |
LEGN has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has 4.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
LEGN Net Leverage
LEGN's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
LEGN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.8 | Neutral |
| Stochastic | 63.0 | Neutral |
LEGN's weekly RSI is 44 (neutral) and its Stochastic is 63 (neutral).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
LEGN PE vs Healthcare Sector
LEGN has no meaningful PE right now: it lost money over the past year.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
LEGN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $19.7 | 5.9% below |
| 20 week MA | $20.9 | 11% below |
| 50 week MA | $22.1 | 16% below |
| 100 week MA | $28.2 | 34% below |
| 200 week MA | $42.3 | 56% below |
LEGN is in a downtrend: it's below all five of its weekly moving averages, and 56% below its 200-week average.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has the edge over LEGN on trend strength, trading above more of its moving averages.
LEGN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $37.0 | $29.5 | -20% |
| 2021 | $29.5 | $48.7 | +65% |
| 2022 | $48.7 | $49.8 | +2.3% |
| 2023 | $49.8 | $60.2 | +21% |
| 2024 | $60.2 | $32.5 | -46% |
| 2025 | $32.5 | $22.5 | -31% |
| 2026 YTD | $22.5 | $18.5 | -18% |
LEGN has the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.