Legend Biotech Q3 revenue rises slightly less than expected

Overview

• Cell therapy firm's Q3 revenue rose yr/yr but slightly missed analyst expectations

• Adjusted net income turned positive from a loss a year earlier

• CARVYKTI sales grew 36% yr/yr, driven by expanded global reach

Outlook

• Company expects CARVYKTI to potentially gain market share in second- and third-line settings

• Legend Biotech aims to expand CARVYKTI access globally and advance its cell therapy pipeline

• Company plans to initiate Phase I/II trial in the U.S. for LB2501 following FDA IND clearance

Result Drivers

• CARVYKTI SALES GROWTH - Co said global CARVYKTI sales rose 36% yr/yr, with strong ex-U.S. growth

• EXPANDED ACCESS - Co said CARVYKTI availability increased to 373 sites in 20 markets

• JANSSEN COLLABORATION - Co attributed higher collaboration revenue to increased CARVYKTI sales under Janssen agreement

Company press release:

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Legend Biotech Corporation is $49.21, about 102.6% above its November 9 closing price of $24.29

• The stock recently traded at 45 times the next 12-month earnings vs. a P/E of 37 three months ago

Reuters Recommended Reads

• Nov 9 - Ionis Pharmaceuticals Q3 revenue rises 55%

• Nov 9 - ADC Therapeutics Q3 revenue beats estimates on sales volume

• Nov 9 - ImmunityBio Q3 revenue rises on Anktiva sales growth but misses estimates

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)