From Financial Modeling Prep: 2024-12-30 17:18:00

Piper Sandler analysts reiterate Overweight rating and $78 price target for Legend Biotech (NASDAQ: LEGN) despite revenue forecast adjustments for CARVYKTI therapy due to supply challenges.

Fourth-quarter 2024 CARVYKTI revenue projection lowered to $290 million from $335 million, 2025 estimate reduced to $1.63 billion from $1.75 billion. Demand exceeds supply as Legend and Johnson & Johnson work to scale production capacity.

Production milestones in 2025 to boost supply include Obelisc facility reaching full capacity in Q1, Novartis starting production in H1, and expansion at J&J’s Raritan facility and Tech Lane facility in Belgium. Aim to increase annual production to 10,000 autologous doses, potential revenue opportunity of $5 billion by 2025-end.



Read more at Financial Modeling Prep:: Legend Biotech Poised for Long-Term Growth