Positive Outlook On Johnson & Johnson's Partner Legend Biotech: Analyst Confident On Blood Cancer Drug
Portfolio Pulse from Vandana Singh
HC Wainwright has revised its near-term revenue estimates for Legend Biotech Corporation's (NASDAQ:LEGN) partner, Johnson & Johnson (NYSE:JNJ), due to faster-than-expected uptake of Carvykti. The FY23 projections for Carvykti revenue, to be reported by Legend, have been increased to $262 million from $248 million. The analyst maintains a Buy rating and has slightly increased the price target to $86 from $85 per share. Legend expects a significant sales impact from positive CARTITUDE-4 data in 2024.
October 18, 2023 | 6:44 pm
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POSITIVE IMPACT
Johnson & Johnson's Q3 Carvykti revenues are up 30% sequentially, leading to revised revenue estimates. The company aims to have 10K doses' worth of annual capacity available by 2025.
The positive outlook on Johnson & Johnson's partner, Legend Biotech, and the upward revision of revenue estimates due to the faster-than-expected uptake of Carvykti, is likely to have a positive impact on JNJ's stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Legend Biotech's FY23 projections for Carvykti revenue have been increased to $262 million from $248 million. The company expects a significant sales impact from positive CARTITUDE-4 data in 2024.
The upward revision of revenue estimates for Legend Biotech and the expected significant sales impact from positive CARTITUDE-4 data in 2024 is likely to have a positive impact on LEGN's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100