Legend Biotech (LEGN) reported a solid Q1 for Carvykti, while focus is increasingly shifting to in vivo pipeline programs with potential updates expected in the coming months and additional clinical progress through 2026, RBC Capital Markets said.
The brokerage said in a note Tuesday that it was a "strong" quarter for Carvykti with 21% excluding-US and 8% US quarter-over-quarter growth to $597 million, driven by increasing use in earlier lines of therapy, expansion into community treatment centers, and limited competitive pressure.
Investor focus is shifting to in vivo CAR-T programs, with the pipeline now including at least three assets targeting GPRC5D, BCMA, and CD19/CD20. The CD19/CD20 program is of particular interest, with an update expected around mid-2026 at a key medical meeting, and given that no abstract was included in the general release, it could potentially be presented as a late breaker in June, the analyst said.
"We see Carvykti as a best-in-class CAR-T therapy for multiple myeloma," the analyst said, adding that the therapy could reach $2.75 billion in 2026 sales and $8 billion at peak sales.
The investment firm sees Legend Biotech on track toward adjusted company-wide profitability in 2026.
RBC raised Legend Biotech's price target from $62 to $64, with an outperform rating.
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