Legend Biotech (LEGN) Q3 Earnings call transcript Nov 12, 2024
2min read Legend Biotech, a leading player in the cell therapy space, recently held its third quarter 2024 earnings call, highlighting its significant achievements and future plans. In this analysis, we will discuss key themes, shareholder questions, and overall trends that emerged from the call.
Key Themes and Trends
Strong Performance of CARVYKTI: CARVYKTI, Legend's lead product, continues to demonstrate impressive performance with a quarter-over-quarter growth of 53% and year-over-year growth of 87%. The second interim analysis from the CARTITUDE-4 trial showed a significant overall survival benefit, further strengthening CARVYKTI's position in the market. Regulatory Approvals and Expansion: Legend received approval for CARVYKTI from China's National Medical Products Administration for treatment in the fourth-line plus, expanding its reach to a larger patient population. The company also announced the commercial production of CARVYKTI at its facility in Ghent, Belgium, enabling it to serve patients in Europe and beyond. Outpatient Treatment and Market Share: With over 4,000 patients treated, CARVYKTI has a very low incidence of parkinsonism, and its delayed CRS onset profile allows for extensive outpatient administration. This not only benefits patients but also allows for more efficient use of hospital resources. CARVYKTI now has nearly 90% market share in the BCMA CAR-T class in the U.S. and Germany. Future Growth and Strategic Initiatives: Legend is planning for midterm growth, with the second interim analysis of the CARTITUDE-5 and CARTITUDE-6 trials expected to complete enrollment soon. The company is also building a new research facility in Philadelphia, further strengthening its commitment to innovation and expanding its capabilities in cell therapy.
Shareholder Questions and Insights
CARTITUDE-1 Comparison: Shareholders were particularly interested in the comparison of CARTITUDE-1 to other imaging studies and the anticipated data update at ASH. Legend's team emphasized the differences in patient populations and the importance of durability in evaluating efficacy, highlighting the significant overall survival benefit observed in CARTITUDE-4. Safety and Neurotoxicity: Concerns around neurotoxicity and parkinsonism were raised, with Legend addressing the importance of proactive management strategies and the low incidence of these conditions in real-world experience. The company also plans to submit the overall survival results to regulatory authorities to update labels. Competitive Landscape: The potential impact of competitors and the market dynamics were discussed, with Legend highlighting its focus on early lines and outpatient administration as key differentiators.
Conclusion
Legend Biotech's third quarter earnings call underscored its strong performance, strategic initiatives, and positive outlook for the future. The company's focus on innovation, regulatory approvals, and market expansion, coupled with its commitment to patient care, positions it well for continued growth and success in the cell therapy space. As the company moves forward, investors and stakeholders will closely monitor its progress in the competitive landscape and its ability to maintain its market leadership.