SOMERSET, N.J. - Legend Biotech Corporation (NASDAQ: LEGN), a global biotechnology company specializing in cell therapy, announced Monday the appointment of Alan Bash as the President of CARVYKTI, a treatment for multiple myeloma. Bash, an experienced executive in the oncology sector, is expected to drive the product's growth following recent FDA and European Commission approvals for label expansion.
Bash brings a wealth of experience to the role, having served as CEO at two oncology-focused biotech firms and holding various leadership positions during his 23-year tenure at Bristol Myers (NYSE:BMY) Squibb. His track record includes the successful U.S. launch of Opdivo and expansion of other cancer treatments.
Legend Biotech's CEO, Ying Huang, Ph.D., expressed confidence in Bash's ability to enhance the company's position in the treatment of multiple myeloma. Bash himself is eager to support CARVYKTI's success and work with Legend Biotech's team and their collaboration partner, Johnson & Johnson.
CARVYKTI has been recognized as the fastest launched CAR-T product on the market, indicating significant momentum in the field of cell therapy. This appointment aligns with Legend Biotech's strategic focus on advancing their cell therapy technologies, which include CAR-T, gamma-delta T cell, and NK cell-based immunotherapies.
Legend Biotech, headquartered in New Jersey, operates globally with R&D sites across the world. The company is committed to developing therapies for life-threatening diseases and aims to discover innovative treatments for patients worldwide.
This announcement is based on a press release statement and contains forward-looking statements about Legend Biotech's strategies and objectives. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
In other recent news, Legend Biotech has been the subject of several analyst reports following their announcement of strong third-quarter sales for Carvykti, amounting to $286 million. This figure shows an approximate 54% growth quarter-over-quarter, surpassing consensus estimates among analysts. BMO Capital Markets maintained an Outperform rating on Legend Biotech, with a price target of $90.00, highlighting the significance of the sales figures and the potential market movements that could arise from upcoming clinical trial results for Anito-cel, another of the company's products.
H.C. Wainwright also affirmed a Buy rating on Legend Biotech, raising its full-year 2024 revenue forecast for Carvykti from $425 million to $480 million. Barclays (LON:BARC) and TD Cowen echoed this positive sentiment, maintaining their Overweight and Buy ratings respectively, with Barclays setting a price target of $94.00 and TD Cowen at $67.00.
Legend Biotech is also planning to establish a new research and development facility in Philadelphia, a move that is expected to strengthen its cell therapy portfolio. However, it's worth noting that the company's fourth-quarter growth is expected to be more moderate, as production at the new Ghent facility is not anticipated to contribute to revenue until the first quarter of 2025. These recent developments highlight the continued growth and success of Legend Biotech in the biotechnology sector.
InvestingPro Insights
Legend Biotech's appointment of Alan Bash as President of CARVYKTI comes at a crucial time for the company, as reflected in recent financial data from InvestingPro. The company's revenue growth has been impressive, with a 176.93% increase in the last twelve months as of Q2 2024, reaching $455.99 million. This strong growth aligns with the company's strategic focus on advancing cell therapy technologies and the rapid market adoption of CARVYKTI.
However, Legend Biotech faces financial challenges. An InvestingPro Tip highlights that the company is not profitable over the last twelve months, with a negative gross profit margin of -30.76%. This underscores the importance of Bash's appointment to drive CARVYKTI's growth and potentially improve the company's financial performance.
Another relevant InvestingPro Tip indicates that Legend Biotech holds more cash than debt on its balance sheet. This financial stability could provide the company with the flexibility to invest in CARVYKTI's expansion and support its broader R&D efforts in cell therapy.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide valuable insights into Legend Biotech's financial health and market position. These tips, along with real-time metrics, can help investors make more informed decisions about the company's future prospects in the competitive biotechnology sector.
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