Company Overview - Legend Biotech (LEGN) is rated as a "Buy" with a target price of $46.41, representing a potential upside of 138% from the current price of $19.5[5] - The company is expected to achieve profitability in 2026, driven by the sales growth of its product CARVYKTI[5] Financial Performance - CARVYKTI generated $1.887 billion in revenue for 2025, with a year-on-year growth of 95.9%[10] - The company forecasts total revenue of $1.412 billion for 2026, reflecting a growth rate of 39.7%[9] - Legend Biotech's earnings per share (EPS) is projected to turn positive at $0.28 in 2026, after losses in previous years[9] Production Capacity - The company has four global production facilities, with an expected annual capacity of 10,000 doses upon FDA approval in Q1 2026[5] - A $200 million investment is planned to expand the production capacity in Ghent, Belgium, aiming for 20,000 doses by 2028[5] Competitive Landscape - Legend Biotech's CART-4 trial includes a higher percentage of more severe patients compared to Johnson & Johnson's MajesTEC-3 trial, indicating a competitive edge in clinical data[6] Valuation Metrics - A discounted cash flow (DCF) analysis assumes a weighted average cost of capital (WACC) of 10% and a perpetual growth rate of 0%, leading to a target price of $46.41[8]

SOMERSET, N.J., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Legend Biotech Corporation (NASDAQ: LEGN) (Legend Biotech), a global leader in cell therapy, will host a conference call for investors at 8:00 am ET on Tuesday, March 10, 2026, to review fourth-quarter and full-year 2025 financial results. During the conference call and accompanying webcast, senior management will provide an overview of quarterly and full-year financial performance. Investors and other interested parties may access the live audio webcast via ...

东方证券发布研报称，自体CAR-T凭借优异的疗效具备极大的吸引力，2025年全球销售额已接近60亿美 元。近期TCE优异的数据引起市场对自体CAR-T前景的担忧，主要因为疗效接近的情况下自体CAR-T复 杂的制备和使用过程，以及高昂的成本带来的价格劣势格外突出。in vivo CAR-T是解决以上问题极具 潜力的方向，目前整体处于临床早期，初步数据已经验证疗效，安全性有望优于自体CAR-T，MNC已 下场达成众多大额合作交易或收购，国内企业布局数量众多，未来有望达成多项交易。 CAR-T是血液瘤疗效天花板和单次给药即可"治愈"的代名词，全球已有15款自体CAR-T获批，2025年销 售额已达59亿美元(同比+30%)。ASH2025大会披露了BCMATCE(T细胞接合器)特立妥单抗联合达雷妥 尤单抗治疗复杂/难治性多发性骨髓瘤(R/RMM)的MajesTEC-3研究数据，疗效表现不弱于CARVYKTI， PFS率甚至更优，同时安全性良好，这使得自体CAR-T复杂的生产、使用过程和高昂的成本、价格等劣 势凸显，亟需新的突破。 2025年以来，已发生超10项in vivo CAR-T相关交易，阿斯利康、艾伯维、B ...

Group 1: Performance Outlook - The company projects its 2026 operational sales to be between $99.5 billion and $100.5 billion, with adjusted earnings per share expected to range from $11.43 to $11.63, exceeding Wall Street analysts' expectations [1] - Growth is primarily driven by innovative drugs such as TREMFYA, DARZALEX, and CARVYKTI, along with new medical technology products [1] Group 2: Recent Events - A significant trial regarding the association of Johnson & Johnson's talc products with ovarian cancer is expected to commence in the second half of 2026, involving substantial claims; however, the company asserts product safety and plans to respond proactively [2] - The company intends to separate its slower-growing orthopedic business from its overall operations within 18 to 24 months from the end of 2025, focusing on high-growth areas as part of its transformation strategy [2] - As one of the 16 pharmaceutical companies that reached a drug price reduction agreement with the Trump administration, the company will face a financial impact of "hundreds of millions" due to drug price cuts, but management has incorporated this into the 2026 performance outlook while maintaining growth resilience [2]

Group 1 - Legend Biotech Corp (NASDAQ:LEGN) is recognized as one of the 13 Best Revenue Growth Stocks to buy currently [1] - The company appointed Robin Meng, chairman and executive director of major shareholder GenScript, as a Class III director, replacing Li Zhu [1] - Directors Li Zhu and Yau Wai Man Philip resigned from the board, with the company stating that these departures were not related to any operational or policy disputes [3] Group 2 - H. C. Wainwright lowered the price target for Legend Biotech's stock from $60 to $50, while TD Cowen downgraded the stock from Buy to Hold with a price target of $21 [3] - Legend Biotech reported preliminary net trade sales of approximately $555 million for its CARVYKTI multiple myeloma cell therapy for the quarter ended December 31, 2025 [3] - The company is engaged in the discovery, development, manufacturing, and commercialization of novel therapies for oncology and other indications [3]

Core Viewpoint - Legend Biotech Corporation (NASDAQ:LEGN) is viewed positively by analysts, with Deutsche Bank and Cantor Fitzgerald both maintaining bullish ratings and setting price targets of $60 and $74 respectively, driven by expectations of strong clinical trial results and significant sales growth in its oncology pipeline [1][4]. Group 1: Analyst Ratings and Price Targets - Deutsche Bank reiterated a Buy rating on Legend Biotech and set a price target of $60, anticipating topline results from its first in-vivo CAR T program by year-end [1]. - Cantor Fitzgerald reaffirmed an Overweight rating with a price target of $74, highlighting the expected 100% year-over-year sales increase of Carvykti to $2 billion [4]. Group 2: Clinical Development and Pipeline - Initial preclinical data indicate robust dose-dependent CAR-T expansion in non-human primates, with sustained peripheral B-cell elimination observed from day 8 to day 36, suggesting in vivo CAR-T cells have properties akin to traditional CAR-T treatments [2]. - Legend Biotech aims to achieve profitability by 2026 while continuing to develop its pipeline, focusing on in vivo and allogeneic CAR-T therapies [3]. Group 3: Company Overview - Legend Biotech is a global clinical-stage biotechnology company dedicated to discovering, developing, and commercializing novel cell therapies, primarily targeting cancer and severe diseases, leveraging technologies like CAR-T cell therapy [5].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The report highlights significant developments in the overseas pharmaceutical sector, including the collaboration between Insilico Medicine and Heng Tai Biopharma to develop a novel NLRP3 inhibitor for central nervous system diseases [2][6]. - The report notes that MicroPort Robotics expects a revenue growth of approximately 110%-120% year-on-year for 2025, with an adjusted net loss not exceeding 240 million yuan, representing a reduction of over 50% [5][6]. - GSK has reached a final agreement to acquire RAPT Therapeutics for approximately 2.2 billion USD, focusing on a long-acting monoclonal antibody currently in clinical trials [7][8]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biopharma have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with both companies holding 50% global rights [2][6]. - The Hong Kong Stock Exchange has approved the full circulation of 182,645,856 H shares for Fuhong Hanlin, representing about 33.61% of the company's total issued shares as of January 19 [2][6]. - The new drug application for TLX591-CDx, a radiopharmaceutical for prostate cancer diagnosis, has been accepted by the NMPA [2][6]. 2. Company Updates - MicroPort Robotics has reported over 180 commercial orders and more than 120 installations globally as of January 21 [5][6]. - Legend Biotech, a joint venture of Genscript Biotech, reported a trade sales net of approximately 555 million USD for the quarter ending December 31, 2025 [5][6]. - GSK's acquisition of RAPT Therapeutics includes a payment of 58.00 USD per share, with an expected upfront investment of 1.9 billion USD after cash adjustments [7][8]. 3. Market Performance - The Hang Seng Healthcare Index fell by 4.35%, underperforming the Hang Seng Index by 3.26 percentage points [4]. - The report indicates a strong performance in the overseas education sector, with GMV for Dongfang Zhenxuan reaching approximately 310 million yuan, a 42.8% increase week-on-week [15][16]. 4. Recommendations - The report suggests focusing on innovative drugs and the ongoing clinical progress of key pipelines from companies such as BeiGene, Innovent Biologics, and others [12]. - It also recommends monitoring the performance of educational companies like Dongfang Zhenxuan and China Oriental Education, which are expected to benefit from improved operational strategies and increased enrollment [16].

Investment Rating - The report maintains a "Positive" outlook on the overseas pharmaceutical sector, highlighting significant developments and collaborations in the industry [1]. Core Insights - The collaboration between Insilico Medicine and Heng Tai Biologics to develop an innovative brain-penetrating NLRP3 inhibitor is a key highlight, with potential applications in treating central nervous system diseases [2][7]. - The approval of full circulation for Fuhong Hanlin's H shares is noted, which involves a significant number of shares and stakeholders [2][7]. - The report emphasizes the strong revenue growth projections for companies like MicroPort Robotics and King’s Ray Biotech, with expected revenue increases of approximately 110%-120% year-on-year for 2025 [6][10]. Summary by Sections 1. Overseas Pharmaceuticals - Insilico Medicine and Heng Tai Biologics have entered a partnership to develop ISM8969, a novel oral NLRP3 inhibitor, with a 50% global rights share and potential milestone payments exceeding HKD 500 million [2][7]. - Fuhong Hanlin's H shares have received approval for full circulation, involving 182,645,856 shares, which represents about 33.61% of the company's total issued shares [2][7]. 2. Company Performance Updates - MicroPort Robotics anticipates a revenue increase of 110%-120% for 2025, with adjusted net losses expected to narrow by over 50% [6][10]. - King’s Ray Biotech's joint venture, Legend Biotech, is projected to generate approximately USD 555 million in trade sales for the quarter ending December 31, 2025 [6][10]. 3. Recent Developments in Overseas Pharmaceutical Companies - GSK has reached an agreement to acquire RAPT Therapeutics for approximately USD 2.2 billion, focusing on a long-acting IgE monoclonal antibody currently in clinical trials [3][8]. - Corvus has reported positive results from a Phase I trial of its ITK inhibitor for moderate to severe atopic dermatitis, showing good safety and efficacy [3][9]. - Eli Lilly's FRα ADC has received breakthrough therapy designation from the FDA for treating platinum-resistant ovarian cancer [3][9]. 4. Recommendations - The report suggests monitoring innovative drug companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and Fuhong Hanlin [13]. - It also highlights the importance of ongoing clinical progress in innovative pipelines for pharmaceutical companies transitioning towards innovation [13].

Overall Performance: Sustainable Growth in a Large Enterprise - In 2025, Johnson & Johnson achieved revenue of $94.193 billion, a year-on-year increase of 6.0%. On an operational basis, the growth was 5.3% after excluding currency effects [3][4] - The diluted earnings per share (EPS) for the year was $11.03, with adjusted EPS at $10.79. The fourth quarter showed an acceleration in growth, with multiple profit indicators reflecting a double-digit profit growth despite the impact of the Halda Therapeutics acquisition [3][4] Two Major Business Segments: Innovative Medicines and MedTech - The Innovative Medicines segment generated $60.401 billion in revenue for 2025, with operational growth of 5.3%. Key growth drivers included established products in oncology such as DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE [5][7] - The MedTech segment reported $33.792 billion in revenue for 2025, with operational growth of 5.4%. Growth was driven by cardiovascular products, general surgery products, and contributions from acquisitions like Shockwave [7][8] Regulatory Progress: OTTAVA Submission to FDA - Johnson & Johnson submitted the OTTAVA Robotic Surgical System for FDA approval, marking a significant step in its long-term strategy in the surgical robotics field. This indicates a commitment to developing high-barrier surgical robotics rather than treating it as a mere supplementary project [8][11] 2026 Guidance: Targeting $100 Billion Revenue - For 2026, Johnson & Johnson set a revenue target of approximately $100.5 billion, representing a year-on-year growth of about 6.7%. The adjusted EPS is projected to be around $11.53, reflecting a 6.9% increase. This growth is expected to stem from the continued expansion of core innovative medicine pipelines, increased usage frequency in MedTech, and stable integration of acquired assets [10][11]

Group 1 - Kingsray Biotechnology (01548) experienced a decline of over 7%, currently trading at 13.07 HKD with a transaction volume of 130 million HKD [1] - The stock price drop is attributed to the significant decline of over 11% in the share price of its affiliate Legend Biotech [1] - Legend Biotech reported a net trade sales figure of approximately 555 million USD for CARVYKTI for the fourth quarter ending December 31, based on information provided by Janssen, which has not been independently verified by either Legend or Kingsray [1] Group 2 - CARVYKTI achieved total sales of 1.332 billion USD in the first three quarters, with the third quarter sales amounting to 524 million USD [1]