Citi analyst Wangbin Zhou maintained a Buy rating on Legend Biotech (LEGN – Research Report) today and set a price target of $95.00.
Wangbin Zhou’s rating is based on several promising developments at Legend Biotech. The company has shown significant revenue growth, achieving $483 million in collaboration revenue and $138 million in license revenue in FY24. With a strong cash position of $1.1 billion, Legend is poised to reach operational breakeven for Carvykti by the end of 2025 and company-wide profitability by 2026. The management’s confidence in doubling commercial supply by 2025, supported by the Novartis CMO facility, indicates robust future growth prospects.
Furthermore, Carvykti’s sales performance, driven by label expansion and capacity improvements, is expected to continue its upward trajectory. The management anticipates a substantial portion of revenues to come from the 2-4L setting, with a majority of patients treated in outpatient settings by the end of 2025. Despite potential competition in the latter half of 2026, Legend’s strategic initiatives, such as including OS benefit in the label, are expected to mitigate competitive impacts. Additionally, advancements in their pipeline, including predictive biomarkers and new research centers, further bolster the company’s long-term growth potential.
According to TipRanks, Zhou is ranked #5011 out of 9347 analysts.
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