Legend Biotech (LEGN) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Regulatory and legislative environment

• Engaged with legislators and retained a lobbyist to clarify business operations and partnerships, leading to productive discussions and understanding of the business model and patient benefits.

• Current draft of the BioSecure bill does not list new companies of concern, and no direct impact is expected from the legislation.

Carvykti commercial performance and supply

• 2Q revenue growth driven primarily by increased manufacturing capacity, with full benefit expected in 3Q after FDA-approved expansion at the Raritan site.

• Raritan site has been operating at 100% utilization to meet high demand, especially after second-line approval.

• Minimal 2Q revenue from label expansion due to hospital P&T processes and order-to-revenue lag of 45–50 days; significant contribution expected in 3Q.

• Early data shows roughly half of incoming orders are for early-line (second to fourth line) indications, exceeding internal expectations.

Market outlook and label expansion

• Early-line adoption is strong, with expectations for increasing revenue share from these indications over the next few years.

• Significant survival benefit demonstrated in CARTITUDE-4, with plans to file for label expansion to promote this benefit.