Legend Biotech up as Q2 sales for J&J-partnered blood cancer therapy rises

Shares of cancer therapy maker Legend Biotech LEGN.O rise 4.2% to $41.25 premarket

Partner Johnson & Johnson JNJ.N reports Q2 sales of blood cancer cell therapy Carvykti of $439 mln vs consensus estimates of $419 mln

JNJ says Carvykti increase is driven by continued share gains and capacity expansion

"We look to continued growth in 2H25, and expect revenue to accelerate given a typically strong back half, especially with additional production likely to come online,"- brokerage RBC Capital Markets

We like that Carvykti continues to grow at ~19% quarter over quarter, suggesting there is still untapped demand in the myeloma market, which can enable further growth in 2H25 and 2026, brokerage says

Up to last close, LEGN up 21.7% YTD