HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Shanghai Cell Therapy Group - Commercialization Prospects and Profitability Are Pessimistic

Pre-IPO Jiangxi Rimag Group (PHIP Updates) - Some Points Worth the Attention

Legend Biotech (LEGN US) - A Takeover Offer?

Genscript Biotech (1548.HK) - Inadequate Cognition Will Lead to Bad Investment Decisions

Gracell Biotechnologies Inc (GRCL.US) - May Fail to Solve the Real Pain Points in CAR-T Field

Gracell Biotechnologies Inc (GRCL.US) - The Overall Outlook for CAR T Therapy Is Highly Uncertain

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>The sBLA of Carvykti is under review by FDA with a target PDUFA date of April 5. If approved for 2L therapy, Carvykti would become “a game changer” in MM treatment.</li>
<li>The peak sales of US$5 billion is becoming possible. From this perspective, as Carvykti advances towards earlier line treatment, the subsequent valuation leap of legend Bio is becoming more certain.</li>
<li>However, considering lower gross margin and Legend Bio/J&amp;J's 50/50 split ratio, Legend Bio’s market value performance could be inferior to BeiGene. Investors should also closely monitor the changes in macro.</li>
</ul>


The sBLA of Carvykti is under review by FDA with a target PDUFA date of April 5. If approved for 2L therapy, Carvykti would become “a game changer” in MM treatment.
The peak sales of US$5 billion is becoming possible. From this perspective, as Carvykti advances towards earlier line treatment, the subsequent valuation leap of legend Bio is becoming more certain.
However, considering lower gross margin and Legend Bio/J&amp;J's 50/50 split ratio, Legend Bio’s market value performance could be inferior to BeiGene. Investors should also closely monitor the changes in macro.


Legend Biotech Corp (LEGN.US) - FDA's Upcoming Decision on Carvykti Will Change the Whole Landscape