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SOMERSET, N.J. - Legend Biotech Corporation (NASDAQ: LEGN), a global biotech leader in cell therapy with a market capitalization of $5.28 billion and impressive revenue growth of 112% over the last twelve months, reported new findings from the CARTITUDE-1 study, demonstrating significant long-term outcomes for patients with relapsed/refractory multiple myeloma (RRMM). According to InvestingPro analysis, the company maintains a strong balance sheet with more cash than debt, positioning it well for continued research and development initiatives. The study results, presented at the American Society of Clinical Oncology (ASCO) Annual Meeting, revealed that one-third of the patients remained progression-free for at least five years following a single infusion of CARVYKTI® (ciltacabtagene autoleucel; cilta-cel), without the need for additional myeloma therapy.
The CARTITUDE-1 study involved 97 patients with a median follow-up of 61.3 months. These patients had a median age of 60 and had undergone a median of 6.5 prior lines of therapy. The findings showed a median overall survival (OS) of 60.7 months. Notably, 32 patients (33%) experienced no disease progression for five years or more post-infusion. Safety data remained consistent with the known benefit/risk profile of CARVYKTI®, with no new cases of movement or neurocognitive treatment-emergent adverse events reported.
In addition to the CARTITUDE-1 data, CARTITUDE-4 trial updates were shared during poster presentations, indicating that CARVYKTI® improved progression-free survival (PFS) and OS versus standard therapies across various high-risk subgroups, including those with extramedullary disease (EMD) and different numbers of prior lines of therapy.
The company also presented early results from ongoing Phase 1 studies of next-generation cell therapies LB1908 and LB2102, targeting gastroesophageal and lung cancers, respectively. These studies showed promising safety and antitumor activity, supporting further clinical evaluation. While currently trading near its 52-week low, analysts maintain a bullish outlook on Legend Biotech, with multiple upward earnings revisions for the upcoming period, as reported by InvestingPro.
Legend Biotech’s Chief Medical Officer, Dr. Mythili Koneru, highlighted the potential of CARVYKTI® to change treatment expectations for relapsed or refractory multiple myeloma, considering the significant proportion of patients remaining progression-free for an extended period after a single treatment.
These developments underscore Legend Biotech’s commitment to advancing cell therapy treatments for cancer patients. The company’s work, including the commercialization of CARVYKTI® in collaboration with Johnson & Johnson, aims to create paradigm-shifting treatments for cancer care. The information presented is based on a press release statement.
In other recent news, Legend Biotech Corp. has been the focus of multiple analyst reports highlighting its financial and strategic developments. RBC Capital reiterated an Outperform rating with a $78 price target, expressing confidence in the company’s resilience and potential revenue growth despite competitive pressures in the cell therapy market. Similarly, BMO Capital reaffirmed its Outperform rating, maintaining a $90 price target, and emphasized the strong market positioning of Carvykti, particularly due to its unique outpatient dosing advantage. Meanwhile, TD Cowen maintained a Buy rating with a $62 price target, citing robust sales growth for Carvykti and a promising manufacturing capacity expansion.
Truist Securities adjusted its price target for Legend Biotech to $71 from $88 while maintaining a Buy rating, reflecting a more cautious outlook on Carvykti’s growth. The revision follows a 10% quarter-over-quarter increase in Carvykti sales, with significant growth outside the U.S. attributed to the Obelisc ramp-up. The company’s financial outlook remains strong, with a $1 billion cash runway projected to lead into profitability by the fiscal year 2026. Analysts from RBC Capital and BMO Capital expressed confidence in Legend Biotech’s future, with RBC highlighting a potential $10 billion in future revenue opportunities. As Legend Biotech continues to expand its treatment centers and gather data from ongoing studies, the company remains well-positioned in the market.
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