Legend Biotech Corp ADR：研发进度领先，销售开始逐步放量

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $56.29, indicating a potential upside of 32.9$42.58 [1][3]. Core Insights - The company has shown significant revenue growth, with CARVYKTI revenue increasing by 88% year-over-year to $286 million in Q3 2024, and a total revenue of$160 million for the quarter, representing a 67% increase [1]. - CARVYKTI is the only therapy clinically proven to significantly extend overall survival in multiple myeloma (MM) patients compared to standard therapies, with a median overall survival (mOS) not reached versus 37.75 months, reducing the risk of death by 45% [1]. - The company has a strong cash position of $1.2 billion, which is expected to support operations until 2026, with plans to reach an annual production target of 10,000 doses by the end of 2025 [1]. Financial Summary - The company reported a revenue of$117 million for 2023, with projections of $285 million for 2024 and$632 million for 2025, reflecting a growth rate of 143.7% and 119.1% respectively [2][4]. - Gross margin is expected to improve, with projections of 59% in 2024 and 54% in 2025 [4]. - The company is projected to achieve a net profit of $62 million by 2026, with a significant reduction in losses expected in the coming years [4].