From BigGo Finance · BigGo Finance · · 1m 20s
Legend Biotech Stock Drops 18% as CARVYKTI U.S. Growth Slows
Legend Biotech shares plummet 18% after CARVYKTI's U.S. growth decelerates to 19% from 32%.
In brief
Legend Biotech shares plummet 18% after CARVYKTI's U.S. growth decelerates to 19% from 32%. Legend Biotech stock fell 18% on Tuesday as CARVYKTI's U.S. sales growth slowed to 19% from 32% in the prior quarter. Originally reported by BigGo Finance.
Legend Biotech Stock Plummets
Legend Biotech shares fell 18% on Tuesday, setting up the stock's worst one-day decline ever.
CARVYKTI U.S. Growth Slows
CARVYKTI net trade sales grew 36% to about $710 million, but U.S. growth decelerated to 19% from 32% in the prior quarter.
Q3 Revenue Beats Consensus
Revenue rose 32% to $359.5 million, slightly beating consensus, and adjusted EPS of $0.14 matched estimates.
CFO Notes U.S. Share Gains Lag
CFO Carlos Santos said earlier-line U.S. share gains have lagged expectations and that fourth-quarter consensus sits at the high end of internal scenarios.
CEO Sees $5 Billion Potential
CEO Ingrid Zhang said she sees peak franchise potential above $5 billion for CARVYKTI.
FDA Clearance for LB2501
Legend received FDA IND clearance for LB2501, a CD19/CD20 dual-targeting in vivo CAR-T therapy candidate.
Cash Reserves at $853 Million
Legend held about $853 million in cash, cash equivalents and time deposits as of September 30.
The one thing
Legend Biotech stock fell 18% on Tuesday as CARVYKTI's U.S. sales growth slowed to 19% from 32% in the prior quarter.
