In today’s briefing:
- Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens
- MV US Listed Semiconductor 25 Index Rebalance: Round-Trip Trade Over US$1.2bn
Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens
- 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.
MV US Listed Semiconductor 25 Index Rebalance: Round-Trip Trade Over US$1.2bn
- There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in March but there are a lot of float and capping changes.
- Estimated one-way turnover is 3% resulting in a round-trip trade of US$1.2bn. Impact on the stocks is small given they are highly liquid.
- There is expected to be US$600m to sell in Broadcom from the Technology Select Sector and Invesco S&P500 Equal Weight ETFs at the same time as the selling from VanEck Vectors Semiconductor.
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