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?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>A key point of the press conference held by the NHSA is that the selection in centralized procurement of medical devices will no longer be based on the lowest price.</li>
<li>Investors have high hopes for the licensing cooperation of IBI363. Our guess is a 50:50 licensing deal with MNC is expected, so as to maximize the value/potential of the drug.</li>
<li>Considering Li Ge's rich experience in capital operation, WuXi AppTec’s Placement implies its H-share is already at high level.Investors can consider taking profits, as share price adjustment may be coming.</li>
</ul>


A key point of the press conference held by the NHSA is that the selection in centralized procurement of medical devices will no longer be based on the lowest price.
Investors have high hopes for the licensing cooperation of IBI363. Our guess is a 50:50 licensing deal with MNC is expected, so as to maximize the value/potential of the drug.
Considering Li Ge's rich experience in capital operation, WuXi AppTec’s Placement implies its H-share is already at high level.Investors can consider taking profits, as share price adjustment may be coming.


China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

<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?

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

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

NHSA shifts focus from lowest price to quality in medical device VBP, indicating valuation repair.IBI363 license deal with MNC is expected. WuXi...

Xinyao (Criss) Wang

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

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

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

​NHSA shifts focus from lowest price to quality in medical device VBP, indicating valuation repair.IBI363 license deal with MNC is expected. WuXi...

Xinyao (Criss) Wang

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

NHSA shifts focus from lowest price to quality in medical device VBP, indicating valuation repair.IBI363 license deal with MNC is expected. WuXi...

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