Legend Biotech Corp ADR：4Q24 CARVYKTI®销售略超预期，2025年新产能有望持续驱动快速放量

Investment Rating - The report maintains a "Buy" rating for Legend Biotech (LEGN US) with a target price of $76, indicating a potential upside of 119.2$34.67 [2][3]. Core Insights - Legend Biotech's CARVYKTI® sales in Q4 2024 exceeded expectations, with a year-over-year increase of 110% to $334 million, slightly above the forecast of$322 million. The sales also showed a 17% quarter-over-quarter growth, driven by capacity expansion and market penetration in the 2L+ treatment segment [1]. - The company has treated a total of 5,000 patients with CARVYKTI® across commercial sales and clinical studies, showcasing effective commercialization efforts [1]. - For the full year of 2024, CARVYKTI® sales reached $960 million, and the report anticipates sales to double to$1.9 billion in 2025 due to new capacity coming online and the product's approval in mainland China and more European countries [1]. Summary by Sections Sales Performance - Q4 2024 CARVYKTI® sales were $334 million, a 110$1.9 billion in 2025, supported by new production capacities and market expansions [1]. - The anticipated approval of CARVYKTI® in China and further commercialization in Europe are key drivers for this growth [1]. Market Position - The report highlights that Legend Biotech's current stock price is undervalued, with market concerns over competitive products being deemed excessive [1]. - The company is positioned as a key recommendation in the pharmaceutical sector, reflecting confidence in its growth trajectory and market strategy [1].