bullish
Legend Biotech (LEGN US): Mixed 3Q23 Result; Carvykti Is Flying High; New Licensing Agreement
397 Views23 Nov 2023 01:03
SUMMARY
- Legend Biotech Corp (LEGN US) has reported mixed 3Q23 result, with revenue missing and EPS beating consensus. For 3Q23, partner Janssen reported Carvykti worldwide revenue of $152M, up 30% QoQ.
- Legend entered an exclusive, global license agreement with Novartis, which grants Novartis the rights to develop, manufacture, and commercialize LB2102 and other potential CAR-T therapies for upfront payment of $100M.
- The company is expanding manufacturing capacity for Carvykti. As of September 30, 2023, Legend has cash balance of $1.4B, which should provide a runway through 2025.
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Rising
Tina Banerjee
Global Healthcare Analyst
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