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Legend Biotech Reports Q2 Revenue of $387.5M
Reports Q2 revenue $387.5M, consensus $351.75M. "Our second quarter results demonstrate the strength of our commercial and innovation engines at Legend Biotech," said Alan Bash, Interim Chief Executive Officer of Legend Biotech. "CARVYKTI continued to deliver growth as we expand patient access globally, including the most recent launch in Ireland, our 19th market. Commercial momentum of CARVYKTI provides the foundation to advance a diversified portfolio of next-generation cell therapies designed to expand the reach and impact of CAR-T. During the quarter, we achieved a significant innovation milestone with the first-in-human clinical readout for LB2501, validating our in vivo CAR-T platform. These advances demonstrate the breadth of our pipeline across hematologic malignancies and solid tumors and our commitment to bringing transformational cell therapies to patients beyond multiple myeloma. Our focus remains the same. Ensuring continuity across the business, maintaining strong execution, and advancing the strategic priorities that position Legend Biotech for long term growth. With meaningful commercial and clinical momentum and a strengthened balance sheet, we remain confident in our ability to advance innovation and progress toward company-wide profitability."
Legend Biotech Shares Drop 15.1% to $18.87
Legend Biotech is down -15.1%, or -$3.35 to $18.87.
Legend Biotech Shares Drop 12.5% to $19.45
Legend Biotech is down -12.5%, or -$2.77 to $19.45.
Legend Biotech CEO Ying Huang Resigns
Legend Biotech announced that Ying Huang, Ph.D., has stepped down as CEO and as a member of the Board of Directors, effective as of July 24. Dr. Huang will remain as an advisor through August to support a smooth transition. The Board has appointed Alan Bash, current President of the CARVYKTI Business Unit, as Interim CEO. The Board has also initiated a comprehensive search process to identify a permanent successor.
Major Averages Rebound, Nasdaq Gains 1.91%
The major averages closed broadly higher in a rebound from the prior session's selloff after the Federal Reserve held rates steady but signaled that a rate hike later this year remains possible. Meanwhile, oil prices declined after President Donald Trump signed a memorandum of understanding with Iran's President Masoud Pezeshkian to end the war and open the Straight of Hormuz.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:President Trump said Applehaswith Intelto design chipsApple CEO Tim Cookthe company will raise prices on its products to offset increasing memory and storage costsAccenturereportedand narrowed its FY26 earnings guidanceKrogerreportedand reaffirmed its FY26 outlookRumbleannounced a2. WALL STREET CALLS:Aretecoverage of SpaceXwith a Buy rating and Street-high $401 price targetSalesforceto Buy at Monness CrespiIntuitto Hold at StifelenGeneto Underweight at Morgan StanleyBarclaysEnphaseto Equal Weight on data center opportunity3. AROUND THE WEB:SpaceXbankers are preparing a $20B bond offering, Bloomberg reportsVail Resortsis working with takeover-defense bankers, Semafor saysSamsungis seeing a rise in advanced chip production requests from BYD, Google, AMD, Tesla, and other companies as AI demand strains TSMC'scapacity, Nikkei Asia reportsThe U.S. Federal Trade Commission, FTC, has drafted a potential complaint against Amazonover claims the company misled advertisers, Bloomberg reportsCME Groupsued the Commodity Futures Trading Commission over the regulator allowing perpetual futures tied to the price of cryptocurrencies, Bloomberg says4. MOVERS:Butterfly Networkgained after commenting on Midjourney'sSmith & Wesson Brandswas higher afterMarvellwas up after announcing it has shipped overwith Tower SemiconductorNovocurewas lower in New York after announcing its Phase 3 TRIDENT trialLegend Biotechfell after announcing a5. EARNINGS/GUIDANCE:Deluxereaffirmed itsGrace TherapeuticsreportedSagtecprovidedSteel DynamicsprovidedNucorprovided itsINDEXES:The Dow rose 72.15, or 0.14%, to 51,564.70, the Nasdaq gained 496.28, or 1.91%, to 26,517.93, and the S&P 500 advanced 80.48, or 1.08%, to 7,500.58.
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