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Legend Biotech's Carvykti Positioned to Sustain Growth Into 2027, RBC Capital Markets Says

MT Newswires Live00:43

Legend Biotech's (LEGN) Carvykti therapy for multiple myeloma is positioned to sustain its growth into 2027, potentially supporting the company's profitability and margin expansion, RBC Capital Markets said in a note Tuesday.

Carvykti is covered under an exclusive worldwide licensing and collaboration deal between Legend Biotech and Johnson & Johnson's (JNJ) Janssen Biotech unit.

Legend Biotech management continues to see a double-digit growth for Carvykti, with sales estimated at $740 million in Q4 and about $3.4 billion in 2027, according to the note. RBC estimates $730 million in Q4 revenue, $3.1 billion in 2027, and a $5.6 billion peak revenue opportunity.

The investment firm said Legend Biotech's upcoming data presentations at the American Society of Hematology could serve as an inflection point, driven by additional updates on the company's pipeline.

RBC Capital Markets has an outperform rating on Legend Biotech, with a lower price target of $50 from $56.

Shares of Legend Biotech were down about 6% in Wednesday trading.

Price: 19.19, Change: -1.22, Percent Change: -5.98

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