Legend Biotech Corp ADR：3Q24 CARVYKTI®销售超预期，重申买入评级

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$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$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].