Legend Biotech(US:LEGN) Di Yi Cai Jing·2025-10-16 07:58Core Insights - The article highlights the success of Carvykti (siltuximab), a CAR-T cell therapy developed by Legend Biotech, which has surpassed $1 billion in annual sales, categorizing it as a "blockbuster" drug in the biopharmaceutical industry [1][3]. Company Overview - Legend Biotech's Carvykti achieved third-quarter sales of $524 million, contributing to a total of $1.332 billion in sales for the year [1]. - The drug was first approved in the U.S. on February 28, 2022, and is the first Chinese-origin CAR-T cell therapy to be commercialized overseas [1][3]. - Legend Biotech has a global exclusive licensing and collaboration agreement with Johnson & Johnson for the development and commercialization of Carvykti, with revenue sharing ratios of 70:30 for Greater China and 50:50 for other global regions [1]. Market Dynamics - In China, there are currently seven CAR-T cell therapies approved, but high prices limit accessibility, with Carvykti not yet sold in the Chinese market [3]. - The price of Carvykti in the U.S. has increased from $465,000 to $555,300, significantly higher than the domestic CAR-T therapies priced over one million yuan [3]. - The drug's efficacy in treating multiple myeloma has led to its approval in various regions, including Japan and the EU [1][3]. Clinical Data - Recent long-term follow-up data from the CARTITUDE-1 study showed that 33% of patients with relapsed or refractory multiple myeloma remained disease-free for five years or longer after a single infusion of Carvykti [4]. - Carvykti is noted as the first CAR-T therapy to demonstrate overall survival benefits compared to standard treatments in multiple myeloma [4]. Financial Outlook - As Carvykti's sales continue to grow, Legend Biotech is on track to turn a profit, with a projected net loss of approximately $101 million in Q1 2025 and plans to achieve profitability by 2026 [4].