Legend Biotech(US:LEGN) Ge Long Hui·2025-10-21 18:32Core Insights - CAR-T therapy is gaining significant traction in the innovative drug market, with CARVYKTI (sitagliptin) developed by Johnson & Johnson and Legend Biotech emerging as a leading product in this space [1][4] - Johnson & Johnson reported a record sales figure of $524 million for CARVYKTI in Q3 2025, marking a substantial increase from previous quarters and contributing to a total of $1.332 billion in sales for the first three quarters of the year [1][4] - The drug has achieved a remarkable year-on-year sales growth of 275.94%, positioning it as a potential second Chinese innovative drug to reach $2 billion in global sales after BeiGene's Zebrutinib [4] Sales Performance - In Q1 and Q2 of 2025, CARVYKTI generated sales of $369 million and $439 million, respectively, leading to a total of $1.332 billion in the first three quarters [1][4] - The sales figures for CARVYKTI have doubled compared to the same period last year, indicating strong market demand and acceptance [4] Regulatory Approvals and Market Position - CARVYKTI is the first commercialized product from Legend Biotech, having received FDA approval in February 2022, and is the first Chinese-origin CAR-T therapy to be launched overseas [4][8] - The drug is currently approved for second-line treatment of multiple myeloma in the U.S., with ongoing clinical trials (Cartitude-5) aimed at expanding its use to first-line treatment [8] Pricing and Market Accessibility - The price of CARVYKTI in the U.S. has increased from $465,000 to $555,300, significantly higher than the range of $999,000 to $1.29 million for other CAR-T therapies in China [11] - Despite its approval in China, CARVYKTI has not yet been commercialized in the domestic market due to high pricing and limited accessibility [8][11] Future Prospects - Legend Biotech is expected to turn a profit by 2026, following a net loss of approximately $101 million in Q1 2025, driven by the increasing sales of CARVYKTI [11] - The potential inclusion of CAR-T therapies in commercial insurance directories may enhance their market accessibility in China, with several CAR-T products recently passing expert reviews for inclusion in basic medical insurance [12]