Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Legend Biotech Corporation's second quarter of 2025 was marked by significant milestones and notable financial and operational achievements, balanced by some ongoing challenges.</li><li>On the positive side, the company reported substantial growth in CARVYKTI sales, reaching $439 million, an increase of 136% year-over-year.</li><li>This robust growth underscores the rapid uptake of CARVYKTI, primarily driven by its expansion in second to fourthline settings for multiple myeloma treatments.</li></ul>

Legend Biotech Corporation's second quarter of 2025 was marked by significant milestones and notable financial and operational achievements, balanced by some ongoing challenges.On the positive side, the company reported substantial growth in CARVYKTI sales, reaching $439 million, an increase of 136% year-over-year.This robust growth underscores the rapid uptake of CARVYKTI, primarily driven by its expansion in second to fourthline settings for multiple myeloma treatments.

Legend Biotech’s 136% Sales Surge Signals Explosive CARVYKTI Momentum; How Long Will It Last?

<ul><li>Legend Biotech's recent financial disclosures and strategic updates present a multifaceted view of the company's performance and outlook.</li><li>The firm has made significant strides with its CARVYKTI therapy, a CAR-T treatment for multiple myeloma, suggesting a robust growth trajectory influenced by several critical factors.</li><li>Positively, Legend Biotech is experiencing strong demand for CARVYKTI, with net trade sales reaching approximately $334 million in the fourth quarter of 2024.</li></ul>

Legend Biotech's recent financial disclosures and strategic updates present a multifaceted view of the company's performance and outlook.The firm has made significant strides with its CARVYKTI therapy, a CAR-T treatment for multiple myeloma, suggesting a robust growth trajectory influenced by several critical factors.Positively, Legend Biotech is experiencing strong demand for CARVYKTI, with net trade sales reaching approximately $334 million in the fourth quarter of 2024.

Legend Biotech: An Insight Into Its Manufacturing Capacity Expansion & Major Growth Levers!

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> reported better-than-expected 4Q24 result, with revenue and adjusted EPS beating consensus. With 2024 annual revenue of $963M (up 93% YoY), Carvykti nearly achieved blockbuster status.</li>
<li>With manufacturing capacity, indication, and geography expansion, Carvykti should be on accelerated growth path. Annual manufacturing capacity of Carvykti is expected to expand to 10,000 doses to meet demand.</li>
<li>Thus far, more than 5,000 patients have been treated with Carvykti. The drug has an estimated market opportunity of treating 150,000 MM patients eligible for CAR-T therapy.</li>
</ul>



Legend Biotech Corp (LEGN US) reported better-than-expected 4Q24 result, with revenue and adjusted EPS beating consensus. With 2024 annual revenue of $963M (up 93% YoY), Carvykti nearly achieved blockbuster status.
With manufacturing capacity, indication, and geography expansion, Carvykti should be on accelerated growth path. Annual manufacturing capacity of Carvykti is expected to expand to 10,000 doses to meet demand.
Thus far, more than 5,000 patients have been treated with Carvykti. The drug has an estimated market opportunity of treating 150,000 MM patients eligible for CAR-T therapy.


Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens

<ul><li>Legend Biotech has been making headlines with its breakthrough CAR-T therapy, CARVYKTI, which has revolutionized the treatment of multiple myeloma.</li><li>This pioneering therapy, co commercialized with Johnson & Johnson, has achieved record-setting launches and boasts a significant survival benefit over standard treatments.</li><li>The company’s robust clinical pipeline, recent partnerships, and aggressive manufacturing expansions signal strong growth potential.</li></ul>

Legend Biotech has been making headlines with its breakthrough CAR-T therapy, CARVYKTI, which has revolutionized the treatment of multiple myeloma.This pioneering therapy, co commercialized with Johnson & Johnson, has achieved record-setting launches and boasts a significant survival benefit over standard treatments.The company’s robust clinical pipeline, recent partnerships, and aggressive manufacturing expansions signal strong growth potential.

Legend Biotech Surges Amid Takeover Speculation—What’s Next for CARVYKTI?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Duality Biotherapeutics / Equity Bottom-Up

<ul>
<li>Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.</li>
<li>Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.</li>
<li>The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.</li>
</ul>


Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.
Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.
The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.


China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

China

Legend Biotech Corporation operates as a biopharmaceutical company. The Company engages in discovery and development of novel cell therapies for oncology and other indications. Legend Biotech serves customers in the State of New Jersey.

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Legend Biotech Corp (LEGN US)

Legend Biotech’s 136% Sales Surge Signals Explosive CARVYKTI Momentum; How Long Will It Last?

Legend Biotech Corporation's second quarter of 2025 was marked by significant milestones and notable financial and operational achievements,...

Baptista Research

Legend Biotech: An Insight Into Its Manufacturing Capacity Expansion & Major Growth Levers!

Legend Biotech's recent financial disclosures and strategic updates present a multifaceted view of the company's performance and outlook. The firm...

Baptista Research

Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens

Legend exceeds expectations with strong 4Q24 results. Carvykti is poised for accelerated growth with manufacturing capacity, geography, and...

Tina Banerjee

Legend Biotech Surges Amid Takeover Speculation—What’s Next for CARVYKTI?

Legend Biotech has been making headlines with its breakthrough CAR-T therapy, CARVYKTI, which has revolutionized the treatment of multiple...

Baptista Research

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Legend Biotech’s 136% Sales Surge Signals Explosive CARVYKTI Momentum; How Long Will It Last?

Legend Biotech Corporation's second quarter of 2025 was marked by significant milestones and notable financial and operational achievements,...

Baptista Research

Legend Biotech: An Insight Into Its Manufacturing Capacity Expansion & Major Growth Levers!

Legend Biotech's recent financial disclosures and strategic updates present a multifaceted view of the company's performance and outlook. The firm...

Baptista Research

Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens

​Legend exceeds expectations with strong 4Q24 results. Carvykti is poised for accelerated growth with manufacturing capacity, geography, and...

Tina Banerjee

Legend Biotech Surges Amid Takeover Speculation—What’s Next for CARVYKTI?

Legend Biotech has been making headlines with its breakthrough CAR-T therapy, CARVYKTI, which has revolutionized the treatment of multiple...

Baptista Research

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Legend exceeds expectations with strong 4Q24 results. Carvykti is poised for accelerated growth with manufacturing capacity, geography, and...