GenScript Losses Shrink On Strong Growth For Cancer Cell Therapy
Portfolio Pulse from The Bamboo Works
GenScript Biotech Corp. and its subsidiary Legend Biotech Corp. reported significant growth in 2023, driven by the success of the CAR-T cell therapy, Carvykti, for cancer treatment. GenScript's revenue increased by 34.2% to $840 million, and its loss decreased to $95.5 million from $230 million in 2022. Legend Biotech, in partnership with Janssen Biotech (a Johnson & Johnson subsidiary), has seen rapid sales growth for Carvykti, especially in the U.S. and Europe. The therapy's success has led to a licensing deal with Novartis and plans to expand production capacity. Despite challenges, including potential U.S.-China tensions, GenScript's diversified business and strategic partnerships position it for future growth.
March 20, 2024 | 3:30 pm
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NEGATIVE IMPACT
Bristol Myers Squibb faces increased competition from Carvykti, developed by Legend Biotech and Janssen Biotech, which has shown rapid sales growth and surpassed Abecma's sales.
The success of Carvykti poses a direct competitive threat to Bristol Myers Squibb's Abecma, potentially impacting its market share and revenue in the CAR-T cell therapy market.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Johnson & Johnson, through its subsidiary Janssen Biotech, benefits from the success of Carvykti, developed in partnership with Legend Biotech.
Johnson & Johnson's involvement in the development and sales of Carvykti through Janssen Biotech contributes to its revenue, benefiting from the therapy's success.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Legend Biotech's success with Carvykti, including rapid sales growth and a licensing deal with Novartis, positions it for significant future growth.
The rapid sales growth of Carvykti, the licensing deal with Novartis, and plans to expand production capacity indicate strong future revenue potential for Legend Biotech.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
Novartis's licensing deal with Legend Biotech for several CAR-T cell therapies, including an upfront payment of $100 million, positions it for growth in the CAR-T space.
The licensing deal with Legend Biotech allows Novartis to expand its portfolio in the promising CAR-T cell therapy space, indicating potential revenue growth.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 80