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传奇生物（LEGN）与Ultragenyx Pharmaceutical Inc.（RARE）财务数据对比。点击上方公司名可切换其他公司
传奇生物的季度营收约是Ultragenyx Pharmaceutical Inc.的1.3倍（$272.3M vs $207.3M），传奇生物净利率更高（-14.6% vs -62.0%，领先47.4%），传奇生物同比增速更快（70.0% vs 25.9%），过去两年传奇生物的营收复合增速更高（92.7% vs 38.0%）
传奇生物是金斯瑞生物科技旗下专注于生物科技领域的企业，金斯瑞2002年由章方良、王烨、王鲁泉等人于新泽西共同创立，总部位于中国，主要提供生命科学研究相关的仪器与服务，2015年在港交所上市，现任轮值首席执行官为邵炜慧。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
LEGN vs RARE — 直观对比
营收规模更大
LEGN
是对方的1.3倍
$207.3M
营收增速更快
LEGN
高出44.1%
25.9%
净利率更高
LEGN
高出47.4%
-62.0%
两年增速更快
LEGN
近两年复合增速
38.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $272.3M | $207.3M |
| 净利润 | $-39.7M | $-128.6M |
| 毛利率 | 58.4% | — |
| 营业利润率 | -16.0% | -54.7% |
| 净利率 | -14.6% | -62.0% |
| 营收同比 | 70.0% | 25.9% |
| 净利润同比 | 68.3% | 3.5% |
| 每股收益（稀释后） | $-0.11 | $-1.28 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收LEGNRARE
| Q4 25 | — | $207.3M | ||
| Q3 25 | $272.3M | $159.9M | ||
| Q2 25 | $255.1M | $166.5M | ||
| Q1 25 | $195.1M | $139.3M | ||
| Q4 24 | — | $164.6M | ||
| Q3 24 | $160.2M | $139.5M | ||
| Q2 24 | $186.5M | $147.0M | ||
| Q1 24 | $94.0M | $108.8M |
净利润LEGNRARE
| Q4 25 | — | $-128.6M | ||
| Q3 25 | $-39.7M | $-180.4M | ||
| Q2 25 | $-125.4M | $-115.0M | ||
| Q1 25 | $-100.9M | $-151.1M | ||
| Q4 24 | — | $-133.2M | ||
| Q3 24 | $-125.3M | $-133.5M | ||
| Q2 24 | $-18.2M | $-131.6M | ||
| Q1 24 | $-59.8M | $-170.7M |
毛利率LEGNRARE
| Q4 25 | — | — | ||
| Q3 25 | 58.4% | — | ||
| Q2 25 | 62.8% | — | ||
| Q1 25 | 64.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 67.2% | — | ||
| Q2 24 | 75.7% | — | ||
| Q1 24 | 47.8% | — |
营业利润率LEGNRARE
| Q4 25 | — | -54.7% | ||
| Q3 25 | -16.0% | -106.9% | ||
| Q2 25 | — | -64.8% | ||
| Q1 25 | — | -102.6% | ||
| Q4 24 | — | -74.3% | ||
| Q3 24 | -43.9% | -94.6% | ||
| Q2 24 | — | -79.1% | ||
| Q1 24 | — | -151.9% |
净利率LEGNRARE
| Q4 25 | — | -62.0% | ||
| Q3 25 | -14.6% | -112.8% | ||
| Q2 25 | -49.2% | -69.0% | ||
| Q1 25 | -51.7% | -108.5% | ||
| Q4 24 | — | -80.9% | ||
| Q3 24 | -78.2% | -95.7% | ||
| Q2 24 | -9.8% | -89.5% | ||
| Q1 24 | -63.6% | -156.8% |
每股收益（稀释后）LEGNRARE
| Q4 25 | — | $-1.28 | ||
| Q3 25 | $-0.11 | $-1.81 | ||
| Q2 25 | $-0.34 | $-1.17 | ||
| Q1 25 | $-0.27 | $-1.57 | ||
| Q4 24 | — | $-1.34 | ||
| Q3 24 | $-0.34 | $-1.40 | ||
| Q2 24 | $-0.05 | $-1.52 | ||
| Q1 24 | $-0.16 | $-2.03 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $278.9M | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.0B | $-80.0M |
| 总资产 | $1.7B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资LEGNRARE
| Q4 25 | — | $421.0M | ||
| Q3 25 | $278.9M | $202.5M | ||
| Q2 25 | $266.6M | $176.3M | ||
| Q1 25 | $441.7M | $127.1M | ||
| Q4 24 | — | $174.0M | ||
| Q3 24 | $459.3M | $150.6M | ||
| Q2 24 | $201.3M | $480.7M | ||
| Q1 24 | $897.6M | $112.3M |
股东权益LEGNRARE
| Q4 25 | — | $-80.0M | ||
| Q3 25 | $1.0B | $9.2M | ||
| Q2 25 | $1.0B | $151.3M | ||
| Q1 25 | $1.0B | $144.2M | ||
| Q4 24 | — | $255.0M | ||
| Q3 24 | $1.1B | $346.8M | ||
| Q2 24 | $1.2B | $432.4M | ||
| Q1 24 | $1.2B | $140.3M |
总资产LEGNRARE
| Q4 25 | — | $1.5B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $1.8B | $1.6B | ||
| Q1 24 | $1.8B | $1.3B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $28.8M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-100.8M |
| 自由现金流率自由现金流/营收 | — | -48.6% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-472.0M |
8季度趋势，按日历期对齐
经营现金流LEGNRARE
| Q4 25 | — | $-99.8M | ||
| Q3 25 | $28.8M | $-91.4M | ||
| Q2 25 | $-13.0M | $-108.3M | ||
| Q1 25 | $-103.8M | $-166.5M | ||
| Q4 24 | — | $-79.3M | ||
| Q3 24 | $-75.8M | $-67.0M | ||
| Q2 24 | $-1.7M | $-77.0M | ||
| Q1 24 | $15.5M | $-190.7M |
自由现金流LEGNRARE
| Q4 25 | — | $-100.8M | ||
| Q3 25 | — | $-92.7M | ||
| Q2 25 | — | $-110.7M | ||
| Q1 25 | — | $-167.8M | ||
| Q4 24 | — | $-79.5M | ||
| Q3 24 | — | $-68.6M | ||
| Q2 24 | — | $-79.0M | ||
| Q1 24 | — | $-193.9M |
自由现金流率LEGNRARE
| Q4 25 | — | -48.6% | ||
| Q3 25 | — | -58.0% | ||
| Q2 25 | — | -66.5% | ||
| Q1 25 | — | -120.5% | ||
| Q4 24 | — | -48.3% | ||
| Q3 24 | — | -49.2% | ||
| Q2 24 | — | -53.7% | ||
| Q1 24 | — | -178.2% |
资本支出强度LEGNRARE
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 3.0% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
LEGN
| Goods Or Services Transferred At Point In Time | $261.8M | 96% |
| Goods Or Services Transferred Over Time | $10.5M | 4% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
