Overview

* Legend Biotech ( LEGN ) Q2 collaboration revenue rises, driven by CARVYKTI sales

* Co reports adjusted net income of $10.1 mln, reversing prior year loss

* Net loss of $125.4 mln, but maintains $1.0 bln cash position

Outlook

* Legend Biotech ( LEGN ) anticipates operating profit by 2026

* Company expects cash runway into 2026

* Legend Biotech ( LEGN ) aims to expand CARVYKTI access in new markets

* FDA updates may boost CARVYKTI sales

Result Drivers

* CARVYKTI SALES - Strong CARVYKTI sales drove collaboration revenue increase

* LONG-TERM OUTCOMES - CARTITUDE-1 study showed durable progression-free survival, supporting CARVYKTI sales

* REGULATORY UPDATES - FDA removal of certain monitoring requirements may have facilitated increased access to CARVYKTI

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $0.03

Adjusted

EPS

Q2 EPS -$0.34

Q2 Net -$125.38

Income mln

Q2 -$124.80

Pretax mln

Profit

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 21 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the biotechnology & medical research peer group is "buy"

* Wall Street's median 12-month price target for Legend Biotech Corp ( LEGN ) is $75.00, about 50.7% above its August 8 closing price of $37.00

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)