Core Insights - Legend Biotech Corporation has appointed Alan Bash as the President of CARVYKTI®, a newly created role aimed at managing the growth of the CARVYKTI® franchise [1][2] - The appointment follows recent successes for CARVYKTI®, including approvals from the U.S. FDA and European Commission for label expansion [2] - Alan Bash brings extensive experience in oncology, having previously served as CEO for two biotech companies and held leadership roles at Bristol Myers Squibb [2][3] Company Overview - Legend Biotech is a global biotechnology company focused on developing advanced cell therapies for life-threatening diseases [4] - The company operates from its headquarters in Somerset, New Jersey, and has three R&D sites worldwide [4] - Legend Biotech is engaged in various technology platforms, including CAR-T cell therapies and other immunotherapies [4] Leadership and Strategy - Alan Bash's role will encompass overseeing commercial, technical operations, and quality functions related to CARVYKTI® [1][2] - The company aims to leverage Bash's operational knowledge to strengthen its leadership in multiple myeloma treatment [2] - CARVYKTI® is noted as the fastest launched CAR-T product on the market, indicating strong market momentum [3] Future Outlook - The company expresses confidence in CARVYKTI®'s potential to transform treatment paradigms for multiple myeloma [3] - Collaboration with Johnson & Johnson is highlighted as a key partnership in fulfilling CARVYKTI®'s potential [3]

Legend Biotech Corporation Sponsored ADR (LEGN) closed the last trading session at $43.95, gaining 0.9% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $83.87 indicates a 90.8% upside potential.The average comprises 19 short-term price targets ranging from a low of $60 to a high of $95, with a standard deviation of $9.51. While the lowest estimate indicates an increase of 36.5% fro ...

Investment Rating - The report maintains a "Buy" rating for the company, Legend Biotech (LEGN US), with a target price of $76, indicating a potential upside of 53% from the current price of $49.68 [4]. Core Insights - The sales of CARVYKTI® (cilta-cel) in Q3 2024 exceeded expectations, recording $286 million, a year-on-year increase of 88% and a quarter-on-quarter increase of 54%. This performance surpassed market consensus expectations of $241 million and the report's own forecast of $274 million [1]. - The significant growth in sales is attributed to the increasing treatment demand following the approval of early relapsed multiple myeloma indications, improved clinical data driving market share gains, and the gradual release of new production capacity [1]. - The report anticipates that the momentum in sales will continue into Q4 2024, with a projected sales figure of $322 million for that quarter, representing a 13% increase from Q3 2024 [1]. - CARVYKTI® was approved for sale in China in August 2024, which is expected to contribute significantly to future sales growth [1]. - The report maintains its full-year sales forecast for CARVYKTI® at $951 million, with a peak sales expectation exceeding $7 billion [1]. Summary by Sections - **Sales Performance**: Q3 2024 sales of CARVYKTI® reached $286 million, up 88% year-on-year and 54% quarter-on-quarter, driven by increased demand and market share gains [1]. - **Production Capacity**: The report notes that production capacity is steadily being released, with Johnson & Johnson confirming the approval of commercial production capacity in Ghent, Belgium [1]. - **Future Outlook**: The report expresses confidence in the continued outperformance of CARVYKTI® sales, supported by strong clinical data and the recent approval in China, projecting a robust long-term market potential [1].

SOMERSET, N.J., Oct. 03, 2024 (GLOBE NEWSWIRE) -- Legend Biotech Corporation (NASDAQ: LEGN) (Legend Biotech), announced it is establishing a new, state-of-the-art research and development (R&D) facility in Philadelphia, Pennsylvania, to advance its portfolio of next-generation cell therapies. "This new facility underscores Legend's commitment to R&D, as we make key investments that will advance our pipeline and strengthen our leadership position in cell therapy innovation," said Ying Huang, Ph.D., Chief Exe ...

Landmark CARTITUDE-4 study results show CARVYKTI® reduced the risk of death by 45 percent after three-year follow-up Late-breaking data featured in an oral presentation at the 21st International Myeloma Society Annual Meeting SOMERSET, N.J., Sept. 27, 2024 (GLOBE NEWSWIRE) -- Legend Biotech Corporation (NASDAQ: LEGN) (Legend Biotech), a global leader in cell therapy, today announced late-breaking three-year follow-up data from the Phase 3 CARTITUDE-4 study that shows a single infusion of CARVYKTI® (ciltacab ...

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Investment Rating - The report maintains a **Buy** rating for Legend Biotech (LEGN US) with a target price of **$76.00**, representing a potential upside of **33.5%** [1][5] Core View - The report highlights that the current stock price does not fully reflect the global commercialization potential of Carvykti in multiple myeloma (MM) treatment lines [1] - Legend Biotech's 2Q24 performance exceeded expectations, leading to an upward revision of the 2024 financial forecasts and target price [1] - The company is expected to achieve breakeven by 2026, driven by strong revenue growth and improving cost efficiency [1] Financial Performance - **2Q24 Revenue**: Total revenue increased by **154% YoY** to **$187 million**, with product revenue at **$93 million** and licensing revenue at **$91 million** [1] - **Gross Margin**: Product gross margin exceeded **50%** for the first time, reaching **51.4%** [1] - **Net Loss**: 2Q24 net loss narrowed significantly to **$18 million** (2Q23: **$199 million**), at the lower end of the loss guidance range [1] - **2024 Forecast**: Revenue and net profit forecasts for 2024 are revised to **$630 million** and **-$264 million**, respectively [1] Carvykti Sales and Capacity Expansion - **Carvykti Sales**: 2Q24 sales grew **60% YoY** and **18% QoQ** to **$186 million** [1] - **Hospital Coverage**: The number of US hospitals offering Carvykti treatment increased to **77** (from **71** in 1Q24), with a target of **100** by year-end [1] - **Outpatient Treatment**: The proportion of outpatient treatment reached **45%** (up from **35%** in 1Q24) [1] - **Capacity Expansion**: Key capacity expansions include: - Novartis initiated clinical production in July, releasing additional commercial capacity in New Jersey [1] - Belgium Phase 1 capacity expected to be approved in 2H24, with Phase 2 and New Jersey expansions set for 2025 [1] - Out-of-stock (OOS) rates for 2-4L MM indications decreased slightly in 2Q24, with further reductions of **5-10%** expected, improving production efficiency and gross margins [1] Financial Model Updates - **Revenue Forecasts**: 2024E revenue revised to **$630 million** (up **5.0%** from previous forecast), with 2025E and 2026E forecasts unchanged at **$1,051 million** and **$1,382 million**, respectively [2] - **Gross Profit**: 2024E gross profit revised to **$360 million** (up **7.3%**), with 2025E and 2026E forecasts at **$604 million** and **$849 million**, respectively [2] - **Net Profit**: 2024E net loss revised to **-$264 million** (from **-$366 million**), with 2026E net profit forecast at **$78 million** [2] Valuation and DCF Model - **DCF Model**: The DCF model's starting year rolled forward to 2025, with a target price of **$76.00** [1] - **Free Cash Flow**: Free cash flow is projected to turn positive in 2025, reaching **$334 million**, and growing to **$1,419 million** by 2033 [3] - **Enterprise Value**: Estimated at **$12,475 million**, with equity value of **$13,853 million** and a per-share value of **$76.00** [4] Industry Comparison - Legend Biotech is part of the **Biotech** sub-sector, with a **Buy** rating and a **33.5%** potential upside [5] - Other notable companies in the Biotech sub-sector include **BeiGene (6160 HK)** with a **41.9%** potential upside and **Hutchmed (13 HK)** with a **29.7%** potential upside [5]

1 August 9, 2024 Second Quarter 2024 Financial Results & Corporate Update This presentation is for investor relations purposes only - Not for product promotional purposes Forward-looking Statements This presentation has been prepared by Legend Biotech Corporation ("Legend Biotech" or the "Company") solely for information purpose and does not contain all relevant information relating to the Company. The safety and efficacy of the agents and/or uses under investigation discussed in this presentation have not ...

Legend Biotech Overview - Legend Biotech's shares rose 12 1% on Friday following a takeover bid report from an unidentified bidder [10] - The company hired investment banking firm Centerview Partners to review the takeover offer [11] - Legend Biotech currently has only one marketed product, Carvykti, an autologous CAR-T cell therapy for multiple myeloma (MM), marketed in partnership with Johnson & Johnson [12] Carvykti and Abecma Comparison - Carvykti and Abecma are both FDA-approved CAR-T therapies with similar mechanisms, but Carvykti has an edge due to its use as an earlier line of treatment in MM patients [2] - The FDA granted label expansion to Carvykti in April, allowing it to treat adult MM patients who have received at least one prior line of therapy, compared to its previous fifth-line treatment approval [7] - Before the label expansion, only 15% of initially diagnosed MM patients in the US could start a fifth line of therapy, but the new label is expected to cater to a wider patient population [8] Manufacturing and Revenue Potential - Johnson & Johnson claims to have more than doubled its manufacturing capacity last year in anticipation of increased demand for Carvykti post-label expansion [8] - The new labels for both Carvykti and Abecma are expected to boost their revenue-generating potential [2] Industry and Competitor Impact - Legend Biotech's rival, 2seventy bio (TSVT), also saw a 7% increase in shares on July 12 due to the takeover report [1] - 2seventy bio markets Abecma in partnership with Bristol Myers, which also received FDA label expansion for treating adults with r/r MM who have received two or more prior lines of therapy [4] Stock Performance - Year to date, Legend Biotech's shares have lost 9 7% compared to the industry's 2 6% fall [5]

1 May 13, 2024 First Quarter 2024 Financial Results & Corporate Update This presentation is for investor relations purposes only - Not for product promotional purposes Forward-looking Statements This presentation has been prepared by Legend Biotech Corporation ("Legend Biotech" or the "Company") solely for information purpose and does not contain all relevant information relating to the Company. The safety and efficacy of the agents and/or uses under investigation discussed in this presentation have not bee ...