Legend Biotech Q2 collaboration revenue up on CARVYKTI sales

Overview

• Legend Biotech Q2 collaboration revenue rises, driven by CARVYKTI sales

• Co reports adjusted net income of $10.1 mln, reversing prior year loss

• Net loss of $125.4 mln, but maintains $1.0 bln cash position

Outlook

• Legend Biotech anticipates operating profit by 2026

• Company expects cash runway into 2026

• Legend Biotech aims to expand CARVYKTI access in new markets

• FDA updates may boost CARVYKTI sales

Result Drivers

• CARVYKTI SALES - Strong CARVYKTI sales drove collaboration revenue increase

• LONG-TERM OUTCOMES - CARTITUDE-1 study showed durable progression-free survival, supporting CARVYKTI sales

• REGULATORY UPDATES - FDA removal of certain monitoring requirements may have facilitated increased access to CARVYKTI

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 21 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Legend Biotech Corp is $75.00, about 50.7% above its August 8 closing price of $37.00

Press Release: ID:nGNXbVdpcy