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Legend Biotech will present new data at the American Society of Hematology meeting in December. The updates will focus on how its lead drug, Carvykti, performs when used earlier in a patient's cancer treatment. This is a key part of the company's plan to grow, as using the drug earlier in the disease cycle opens up a much larger group of potential patients.
The company will also share early results for LB2501, a new type of cell therapy designed to be "off-the-shelf." Unlike current treatments that must be custom-made from a patient's own cells, a slow and expensive process, this new approach aims to create cells inside the patient's body. While this is still in the early testing phase, success here would make cell therapy much easier and cheaper to deliver at scale.
Source: GlobeNewsWire
Legend Biotech will share its latest results in about a week. Analysts are looking for a small profit of about one cent per share on 360 million dollars in revenue. The main thing to watch is the progress of Carvykti, the company's cancer treatment. For Legend to reach its goal of steady profitability this year, it needs to show it is successfully making and selling enough of the drug to meet growing demand from patients in earlier stages of treatment.
UBS set a new price target of $65, which is slightly higher than the $61 average among other analysts. This move reflects confidence in the company's main drug, Carvykti, as it moves from being a last-resort treatment to one used much earlier in a patient's cancer care. While the stock has struggled lately, analysts generally see the business as being worth significantly more than its current market price as manufacturing capacity grows to meet demand.
Source: UBS
Legend released five-year data for its main drug, Carvykti, which treats a type of blood cancer called multiple myeloma. The study showed that nearly 70 percent of patients were still alive five years after receiving a single infusion, and half of the patients saw no further growth of their cancer during that time.
This is a major result because it proves the drug's benefits are durable. For a cell therapy company, showing that a treatment can keep patients healthy for years rather than months is what allows the drug to move from a last-resort option to a standard treatment used much earlier in a patient's care. This shift is the primary way Legend can grow its sales over the next several years.
Source: GlobeNewsWire
The company has named Ingrid Zhang to the top leadership role as it works to turn its cancer treatment, Carvykti, into a standard early-stage therapy. This is a critical time for the business as it tries to reach profitability by scaling up its complex manufacturing process for cell therapies.
A sudden change at the top can sometimes be a sign of internal friction, but it also brings a fresh perspective to the company's goal of expanding its market share. For long-term owners, the focus remains on whether the new leadership can successfully manage the partnership with Johnson & Johnson and meet the high demand for its treatments.
Source: GlobeNewsWire
Management has struggled to hit their own targets lately as the business transitions to profitability, making their recent forecasts less reliable than in previous years.
| Expectation | |
|---|---|
| EPS | $0.01 |
| Revenue | $361M |
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