Legend Biotech Corporation ( NASDAQ: LEGN ), a company focused on cell therapies, traded sharply higher on Tuesday as Wall Street used Q3 2022 results from Johnson & Johnson ( JNJ ) to estimate sales of multiple myeloma therapy Carvykti for which the two have partnered.
In December 2017, LEGN entered into an exclusive licensing deal with JNJ’s Janssen unit to develop and commercialize the treatment globally.
While JNJ did not directly report sales for Carvykti, citing the company’s other oncology sales in the U.S. that stood at $92M, Barclays analyst Gena Wang said its Q3 sales could be ~$60M.
Meanwhile, BMO Capital Markets, with an Outperform rating on LEGN, set its estimates at about $59M.
“Although we cannot know what exactly falls under ‘other oncology’ product revenues, this number has remained relatively flat and could be used to approximate Carvykti revenues,” the analyst Kostas Biliouris wrote.
“If accurate, we believe that the ~150% QoQ increase in Carvykti sales is a key indication that management is overcoming the manufacturing headwinds.”
In September, Legend ( LEGN ) announced that regulators in Japan approved the CAR-T therapy for relapsed/refractory multiple myeloma.
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Legend Biotech climbs as analysts parse JNJ Q3 results to estimate Carvykti sales