Company Updates - Legend Biotech Corporation will present the latest company updates at the 44th Annual J.P. Morgan Healthcare Conference on January 14, 2026, at 9:00 a.m. PT [1] - The live webcast of the presentation will be accessible through the Investor Relations section of Legend's website, with a replay available approximately 48 hours later [2] Company Overview - Legend Biotech is the largest standalone cell therapy company with over 2,900 employees and is a pioneer in cancer treatment innovations [3] - The company is leading the CAR-T cell therapy revolution with its product CARVYKTI, a one-time treatment for relapsed or refractory multiple myeloma, developed in collaboration with Johnson & Johnson [3] - Legend Biotech aims to maximize patient access and therapeutic potential of CARVYKTI while driving future innovations across its pipeline of advanced cell therapy modalities [3]

Core Insights - Legend Biotech Corp (NASDAQ:LEGN) is recognized as a strong investment opportunity by Wall Street analysts, with RBC Capital maintaining an Outperform rating and a price target of $74 [1][2]. Group 1: Company Performance - The company’s multiple myeloma treatment, CARVYKTI, has shown impressive efficacy, achieving over 50 months of median progression-free survival in patients, which is significantly better than competitors [2]. - Legend Biotech has treated over 9,000 patients globally with CARVYKTI, which is currently approved for adults with relapsed or refractory multiple myeloma [2][4]. - The company has demonstrated remarkable revenue growth of 74.75% over the past 12 months, indicating strong financial performance [3]. Group 2: Market Position and Future Prospects - RBC Capital believes that the current share price does not fully reflect the company's potential to maintain market share, supported by a robust pipeline of products [3]. - The firm anticipates that Legend Biotech will continue to experience strong growth and near-term profitability due to its successful product offerings and market strategies [3].

Core Viewpoint - Kingsray Biotechnology (01548) experienced a significant decline of over 11%, trading at HKD 13.41 with a transaction volume of HKD 307 million, following a drop in the stock price of its affiliate Legend Biotech by over 7% [1] Group 1: Company Performance - Legend Biotech reported a total sales revenue of USD 1.332 billion for the first three quarters, with Q3 sales reaching USD 524 million [1] - The net loss for Legend Biotech in the first three quarters was USD 266 million, with a Q3 net loss of USD 40 million, indicating a substantial reduction in losses year-on-year and quarter-on-quarter [1] - Huatai Securities previously noted that Legend Biotech's losses are narrowing and the group's strategic vision is clear, suggesting a positive outlook for Kingsray Biotechnology's various business segments to achieve orderly profit growth and turnaround [1] Group 2: Clinical Data and Market Impact - Gilead Sciences' Kite Pharma presented new clinical data for its next-generation CAR-T therapy, anito-cel, at the 2025 American Society of Hematology (ASH) annual meeting, showing a total response rate of 96% and a complete response rate of 74%, while maintaining excellent safety [1]

Core Viewpoint - Kingsoft Biotech (01548) experienced a significant decline of over 11%, trading at HKD 13.41 with a transaction volume of HKD 307 million, following a drop in the stock price of its affiliate Legend Biotech by over 7% [1] Group 1: Company Performance - Legend Biotech reported a narrowed loss, with a clear growth blueprint, achieving sales of USD 1.332 billion for the first three quarters, including USD 524 million in Q3 [1] - The net loss for Legend Biotech in the first three quarters was USD 266 million, with a Q3 net loss of USD 40 million, showing significant year-on-year and quarter-on-quarter improvement [1] Group 2: Clinical Data and Market Impact - Gilead Sciences' Kite Pharma presented new clinical data for the next-generation CAR-T therapy anito-cel at the 2025 American Society of Hematology (ASH) annual meeting, demonstrating a total response rate of 96% and a complete response rate of 74%, while maintaining excellent safety [1] - The positive clinical results for anito-cel may impact the market perception of Kingsoft Biotech and its affiliate, as they compete in the CAR-T therapy space [1]

Core Insights - Legend Biotech Corporation announced long-term clinical data for CARVYKTI, showing a median progression-free survival (mPFS) of 50.4 months in triple-class-exposed relapsed/refractory multiple myeloma patients after a single infusion, marking one of the longest PFS outcomes for BCMA-targeted CAR-T therapy in this population [1][8][12] Group 1: Clinical Data and Efficacy - The CARTITUDE-1 and CARTITUDE-4 studies demonstrated that patients treated with CARVYKTI earlier in their treatment journey exhibited stronger immune fitness and a more immunocompetent tumor microenvironment, correlating with longer PFS [3][4][12] - At a median follow-up of 33.6 months, patients with standard-risk cytogenetics in the CARVYKTI arm achieved a 30-month PFS rate of 71.0%, compared to 43.2% in the standard-of-care arm [7][8] - Notably, all patients who achieved minimal residual disease (MRD)-negative complete response at 12 months following CARVYKTI infusion remained progression-free at 30 months [9] Group 2: Safety and Adverse Events - Among patients receiving CARVYKTI, cytokine release syndrome (CRS) occurred in 84% of cases, with a median time to onset of 7 days and resolution in 82% of patients [20][22] - Neurologic toxicities, including Immune Effector Cell-associated Neurotoxicity Syndrome (ICANS), occurred in 24% of patients, with a median time to onset of 10 days [25][28] - Hypogammaglobulinemia was reported in 36% of patients, with 93% experiencing laboratory IgG levels below 500 mg/dL after infusion [52][53] Group 3: Company Overview and Future Directions - Legend Biotech is a leader in cell therapy, particularly with CARVYKTI, which has been approved for treating relapsed or refractory multiple myeloma [64][65] - The company is focused on expanding patient access and therapeutic potential of CARVYKTI while driving innovation across its pipeline of cell therapy modalities [71]

Investment Rating - The report maintains a "Buy" rating for Sands China (1928) with a target price of HKD 25.11, reflecting a potential upside of 27.9% from the current price [2][8]. Core Insights - Sands China's new promotional strategies are beginning to show results, with expectations for continued market share and EBITDA growth [5][7]. - The company reported a net revenue of USD 1.9 billion for Q3 2025, recovering to 90% of 2019 levels, with a year-on-year growth of 7.3% and a quarter-on-quarter growth of 6.1% [5]. - The adjusted EBITDA for Q3 2025 increased by 2.7% year-on-year and 6.2% quarter-on-quarter to USD 600 million, recovering to 80% of 2019 levels [5][7]. Summary by Sections Company Research - Sands China (1928) is rated "Buy" with a target price of HKD 25.11, reflecting a 12x EV/EBITDA for 2025 [2][8]. - The company’s market share in the gaming sector has rebounded to 25.4%, with a year-on-year increase of 0.5% and a quarter-on-quarter increase of 1.4% [5][7]. Financial Performance - Q3 2025 net profit increased by 1.5% year-on-year and 27.1% quarter-on-quarter to USD 270 million [5]. - The company holds approximately USD 1.13 billion in cash, with net debt reduced by USD 150 million to USD 5.79 billion [5][7]. Market Dynamics - The VIP segment saw a year-on-year decline of 16.3%, while the mass market segment grew by 12.1% year-on-year, indicating a shift in customer preferences [5][6]. - The company is benefiting from the full service of the Londoner project and new promotional strategies, which are expected to enhance market share and EBITDA further [7][8]. Other Key Points - The report highlights the importance of the new strategies and the expected growth in EBITDA to reach USD 2.7-2.8 billion in the short term [7]. - Sands China has repurchased USD 340 million worth of shares, increasing its ownership stake to 74.76% [7].

Core Viewpoint - Kingsray Biotechnology (01548) experienced a rebound of over 5%, with a current increase of 2.88% to HKD 19, and a trading volume of HKD 27.71 million. The financial performance of its joint venture Legend Biotech for the third quarter ending September 30, 2025, was disclosed, showing significant sales growth and reduced net losses [1]. Financial Performance - Legend Biotech reported sales of CARVYKTI reaching USD 1.332 billion for the first three quarters, reflecting a year-on-year increase of 112%. In Q3 alone, sales amounted to USD 524 million, marking a quarter-on-quarter increase of 19% and a year-on-year increase of 83% [1]. - The net loss for Legend Biotech in the first three quarters was USD 266 million, with Q3 net loss at USD 40 million, significantly reduced compared to previous quarters (Q1/Q2 losses were USD 101 million and USD 125 million respectively, while Q3 2024 loss was USD 125 million) [1]. Market Dynamics - Huatai Securities noted that CARVYKTI's sales growth was strong, with Q1, Q2, and Q3 sales of USD 369 million, USD 439 million, and USD 524 million respectively, each showing a quarter-on-quarter increase of 10% and 19% [2]. - The increase in sales is attributed to higher penetration rates among frontline patients, with 60% of the U.S. market demand for CARVYKTI coming from frontline indications as of Q3. The number of treatment centers has also expanded, with 131 centers in the U.S. (including 38 community hospitals) and a total of 246 centers globally, nearly doubling non-U.S. treatment centers this year [2]. - The outlook for CARVYKTI remains positive, with sufficient catalysts for future growth and recognized competitiveness, suggesting a continued upward trend in sales [2].

Core Viewpoint - Kingsray Biotechnology (01548) experienced a rebound of over 5%, with a current increase of 2.88% to HKD 19, and a trading volume of HKD 27.71 million, following the financial performance disclosure of its affiliate Legend Biotech for the third quarter ending September 30, 2025 [1]. Group 1: Financial Performance - Legend Biotech reported a sales revenue of USD 1.332 billion for the first three quarters, reflecting a year-over-year increase of 112%, with Q3 sales reaching USD 524 million, up 19% quarter-over-quarter and 83% year-over-year [1]. - The net loss for Legend Biotech in the first three quarters was USD 266 million, with Q3 net loss at USD 40 million, significantly reduced compared to previous quarters (Q1/Q2 losses of USD 101 million and USD 125 million, respectively) [1]. Group 2: Market Dynamics - The strong growth of CARVYKTI is attributed to increased penetration among frontline patients, with 60% of the U.S. market demand for Q3 coming from frontline indications [2]. - The number of treatment centers has expanded, with 131 centers in the U.S. (including 38 community hospitals) and a total of 246 centers globally, nearly doubling non-U.S. treatment centers this year [2]. - The outlook for CARVYKTI remains positive, with sufficient catalysts for future growth and recognized competitiveness, suggesting a continued upward trend in sales [2].

Core Insights - Legend Biotech has officially opened a new 31,000-square-foot R&D facility in Philadelphia, enhancing its position as a leader in cell therapy innovation [3][4][5] - The facility will support the development of CAR-T therapies for oncology and immunology indications, contributing to Legend's expanding pipeline of next-generation cell therapies [4][5][9] Company Overview - Legend Biotech is headquartered in Somerset, New Jersey, and employs over 2,900 individuals, making it the largest standalone cell therapy company [9] - The company is known for its CARVYKTI treatment for relapsed or refractory multiple myeloma, which has been administered to over 9,000 patients across 132 treatment centers in 44 states [9] Facility Details - The new Philadelphia facility features advanced laboratories and collaborative workspaces aimed at fostering innovation and accelerating research programs [4][5] - Approximately 55 full-time employees will work at the new site, which complements Legend's existing R&D presence in Piscataway, New Jersey [5][6] Industry Context - The opening of the facility reflects the strength of Philadelphia's life sciences ecosystem, which is home to top-tier scientific talent and research institutions [8] - Local officials and industry leaders have expressed enthusiasm for Legend Biotech's investment, highlighting its potential to create high-quality jobs and enhance the city's reputation in healthcare innovation [8]

Financial Data and Key Metrics Changes - In Q3 2025, CARVYKTI net trade sales reached approximately $524 million, representing an 84% year-over-year increase [7][17] - Total revenues for the quarter were $272 million, driven by collaboration revenue growth of 84% year-over-year [26] - The company reported a net loss of $40 million, with an adjusted net loss of $19 million after excluding non-core items [27][29] - Operating loss improved by 38% to $43 million compared to the same period last year [28] Business Line Data and Key Metrics Changes - CARVYKTI's U.S. net trade sales were $396 million, growing 53% year-over-year and 11% quarter-over-quarter [18] - International sales reached $128 million, nearly five times the amount from the same period a year ago, representing a 58% increase quarter-over-quarter [18] Market Data and Key Metrics Changes - The company has treated over 9,000 patients with CARVYKTI, marking it as the strongest CAR-T launch to date [7] - The number of authorized treatment centers in the U.S. has increased to 132, with about one-third being community and regional hospitals [22] Company Strategy and Development Direction - The company aims to solidify its leadership in cell therapy and expand CARVYKTI into frontline settings [15][16] - Plans include increasing manufacturing capacity to support the treatment of over 10,000 patients annually [19][23] - The company is focused on educating physicians about CARVYKTI's overall survival benefits and the importance of early treatment [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability for CARVYKTI by the end of 2025 and company-wide profitability in 2026 [16][29] - The company is optimistic about the long-term growth potential in both the U.S. and international markets, particularly in community settings [15][18] Other Important Information - The FDA has approved an update to include CARVYKTI's overall survival benefit in its label, enhancing its market position [9] - The company is investing in operational efficiency and disciplined expense management to support long-term growth [26] Q&A Session Summary Question: What will be the best way to prioritize cash in terms of pipeline assets? - The company plans to maximize the CARVYKTI franchise and invest significantly in its CAR-T platform [33] Question: Is the Raritan site expansion on track? - The expansion is on track, with the facility expected to support 10,000 doses annually [36] Question: What are the expectations for authorized treatment centers in 2026? - The company aims to expand coverage to match competitors, targeting over 160 sites [40] Question: How will the company mobilize demand to fulfill new supply? - The focus will be on educating physicians about the benefits of early treatment and leveraging community networks [44] Question: What is the impact of loosening REMS requirements? - The changes are expected to facilitate quicker patient transitions back home, enhancing patient access [95] Question: What are the expectations for international growth? - Strong uptake is noted in Germany, Spain, and Belgium, with TechLane expected to enhance capacity for European launches [88]