Legend Biotech Corp Stock Price, News & Analysis

GenScript Biotech reported strong annual results for 2022, with a revenue of approximately US$625.7 million, marking a 27.7% increase from US$490.1 million in 2021. The non-cell therapy segment achieved external revenue of US$509.0 million, up 19.8%, while cell therapy revenue surged by 70% to US$116.7 million. Adjusted net profit for the non-cell therapy sector rose by 31.4% to US$62.4 million, while the cell therapy sector faced an adjusted net loss of approximately US$422.1 million. The report highlights significant growth in biologics development and industrial synthetic biology, alongside an increased backlog in biologics.

Legend Biotech Corporation (NASDAQ: LEGN) reported its full year 2022 financial results, showcasing significant milestones such as FDA and MHLW approvals for CARVYKTI® (ciltacabtagene autoleucel) and the acceptance of its NDA in China. Total revenue reached $117.0 million, a substantial increase from $68.8 million in 2021, driven by CARVYKTI® sales. However, the company reported a net loss of $446.3 million, slightly higher than the previous year's loss of $403.6 million. Increased R&D and administrative expenses were noted, impacting financial performance. The company aims to expand its manufacturing and clinical program, focusing on bringing CARVYKTI® to more patients.

The report titled 'Germany Cell and Gene Therapy Market - Focused Insights 2023-2028' reveals that the market was valued at $0.34 billion in 2022 and is projected to reach $3.44 billion by 2028, growing at a 40.15% CAGR.

Key drivers include an increase in target patient populations and robust regulatory support. Zolgensma is highlighted as the first blockbuster therapy, having generated $1.37 billion in 2022. The market features over 1,000 ongoing CAR-T cell therapy clinical trials, with numerous companies, including Legend Biotech (LEGN) and Orchard Therapeutics (ORTX), leading the charge.

The "Europe Cell and Gene Therapy Market - Focused Insights 2023-2028" report, added by ResearchAndMarkets, provides a comprehensive analysis of the European market valued at $2.17 billion in 2022 and projected to reach $15.15 billion by 2028, marking a 38.20% CAGR. Key highlights include Zolgensma's revenue of $1.37 billion in 2022, with potential growth to $5.00 billion by 2026. The report examines over 1,564 clinical trials in Europe and profiles leading companies like Novartis, Gilead Sciences, and Legend Biotech. It emphasizes the importance of government and academic financing, contributing to market growth.

Venatorx Pharmaceuticals announces a significant change in its Board of Directors. Tomas J. Heyman has been appointed as the Non-Executive Chairman, succeeding Dr. Michael Diem, who has stepped down after six years of service. Heyman brings over 37 years of biopharmaceutical experience, including corporate strategy and business development, having managed $1.5 billion in capital at Johnson & Johnson's venture capital group. The company is focused on addressing multi-drug resistant infections with its lead product, cefepime-taniborbactam, which it plans to submit for FDA approval in 2023.

Legend Biotech Corporation (NASDAQ: LEGN), based in Somerset, NJ, has announced its participation in two upcoming investor conferences. The first is the Cowen 43rd Annual Healthcare Conference in Boston, MA on March 7, 2023, at 9:50 AM ET, featuring CEO Ying Huang, Ph.D. The second event is the Barclays Global Healthcare Conference in Miami, FL on March 14, 2023, at 10:15 AM ET, also presented by Dr. Huang. Legend Biotech focuses on developing novel therapies for life-threatening diseases through advanced cell therapies.

Legend Biotech Corporation (NASDAQ: LEGN) announced on February 17, 2023 that it has regained compliance with Nasdaq Listing Rules 5250(c)(2). This follows a notice of noncompliance received on January 6, 2023, due to the company’s failure to file an interim balance sheet and income statement for the quarter ended June 30, 2022. After a planned restatement of audited financial statements, the necessary Form 6-K was filed on February 17, 2023, addressing the compliance issue. Legend Biotech focuses on developing advanced cell therapies to treat life-threatening diseases.

Legend Biotech Corporation (NASDAQ: LEGN) announced that its Phase 3 study CARTITUDE-4, evaluating CARVYKTI® for relapsed and lenalidomide-refractory multiple myeloma, successfully met its primary endpoint. The study showed a statistically significant improvement in progression-free survival (PFS) compared to standard therapy during the first pre-specified interim analysis. Following an independent data monitoring committee's recommendation, the study has been unblinded. This international trial is the first to compare CAR-T therapy to standard treatments in this patient group. Results will be presented at an upcoming medical meeting, potentially guiding future regulatory discussions.

Legend Biotech Corporation (NASDAQ: LEGN) received a notice from Nasdaq on January 6, 2023, indicating non-compliance with Listing Rules due to a failure to file the interim balance sheet and income statement for the quarter ended June 30, 2022. The deadline for compliance was December 31, 2022, which has not been met due to a planned restatement of prior financial statements. The company has 60 days from the notice to submit a compliance proposal, with a potential extension to June 29, 2023, if accepted.