H.C. Wainwright Reiterates Buy Rating on Legend Biotech Corp. (LEGN)

H.C. Wainwright analyst Mitchell S. Kapoor reiterated a Buy rating and $75.00 price target on Legend Biotech Corp. (NASDAQ: LEGN).

The analyst commented: "Yesterday, Legend's partner, Janssen —a division of Johnson & Johnson (JNJ; not rated)—reported 2Q25 aggregate revenues for CARVYKTI (ciltacabtagene autoleucel; ciltacel). Janssen posted 2Q25 aggregate sales of $439M vs. $369M for 1Q25, implying 18% Q/Q growth. CARVYKTI 1Q25 aggregate sales of $439M beat Street consensus of $419M (n=23). Recall, Legend books half of this amount based on the 50/50 profit share with Janssen. CARVYKTI net revenues were favorably impacted by share gains and capacity expansion. In addition, J&J specifically called out CARVYKTI's performance during the ex-U.S. expansion. As the sales volume is increasing, we find the continued double-digit percentage sequential growth to be particularly impressive for the CARVYKTI franchise. We are leaving our full-year 2025 projection for CARVYKTI revenue (reported by Legend) unchanged at $985M, implying 104% annual growth for 2025 vs. 2024. Also, our 3Q25 CARVYKTI revenue estimate stands at $266M, implying 21% quarterly growth vs. 2Q25. Recall, on the cadence of growth, management previously noted expectations for sequential quarterly growth for each remaining quarter in 2025. Recall, on the 4Q24 earnings call, management noted expectations for a stronger 2H25 vs. 1H25. We reiterate our Buy rating and 12-month price target of $75."

For an analyst ratings summary and ratings history on Legend Biotech Corp. click here. For more ratings news on Legend Biotech Corp. click here.

Shares of Legend Biotech Corp. closed at $39.75 yesterday.

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