Legend Biotech(US:LEGN) Sou Hu Cai Jing·2025-10-17 07:59Core 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][4]. Company Overview - Legend Biotech's Carvykti achieved third-quarter sales of $524 million, with total sales for the year reaching $1.332 billion, following first and second-quarter sales of $369 million and $439 million, respectively [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]. Market Dynamics - Carvykti is marketed in collaboration with Johnson & Johnson, with Legend Biotech handling commercialization in Greater China and J&J managing the rest of the world. Revenue sharing is structured at 70:30 for Greater China and 50:50 for other global regions [1]. - As of now, there are seven CAR-T cell therapies approved in China, but high prices limit accessibility, with Carvykti not yet sold in the Chinese market [4]. Sales Performance - Carvykti's price in the U.S. has increased from $465,000 to $555,300, significantly higher than the domestic CAR-T therapies priced over 1 million yuan, attributed to its efficacy in treating multiple myeloma [4]. - The drug's sales in overseas markets are on a stable growth trajectory, with a notable performance in multiple myeloma indications [4]. Clinical Data - Recent long-term follow-up data from the CARTITUDE-1 study indicated that 33% of patients with relapsed or refractory multiple myeloma remained disease-free for five years or longer after a single infusion of Carvykti, marking a significant advancement in treatment outcomes [5]. - Carvykti is the first CAR-T therapy to demonstrate overall survival benefits compared to standard therapies in multiple myeloma treatment [5]. Financial Outlook - Legend Biotech is on track to turn a profit by 2026, following a net loss of approximately $101 million in the first quarter of 2025, driven by the increasing sales of Carvykti [5].