Legend Biotech (LEGN) Jefferies 2024 Global Healthcare Conference summary

Corporate and operational updates

• Legend Biotech operates independently from GenScript, with a dedicated board and over 1,000 US employees; the board is actively reinforcing operational independence following recent Congressional attention.

• No anticipated disruptions to business operations despite external scrutiny.

CARVYKTI launch and clinical performance

• CARVYKTI demonstrates superior efficacy, with median PFS of nearly three years in late-line patients, compared to 4–8.8 months for standard care and competitors.

• In second-line use, CARVYKTI reduces risk of progression or death by 74% versus standard care, with a hazard ratio of 0.26.

• Patients value the one-time treatment and improved quality of life, reducing ongoing therapy burdens.

Market dynamics and competition

• Multiple myeloma market exceeds $40 billion, with increasing patient survival and prevalence due to novel therapies.

• CARVYKTI is positioned for earlier use in treatment, supported by high CR and PFS rates in recent trials.

• Competition from BCMA ADCs and bispecifics is acknowledged, but CARVYKTI’s efficacy and durability set a high bar.