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, resulting in productive discussions and no anticipated impact from current BioSecure legislation.

• The draft bill under consideration does not list new companies of concern, and ongoing supply of Carvykti to patients is expected.

Carvykti commercial performance and supply

• Achieved 18% quarter-over-quarter revenue growth in 2Q, primarily driven by increased manufacturing capacity at the Raritan, NJ site, now running at full utilization.

• Minimal revenue contribution from label expansion in 2Q due to hospital approval processes and logistical timelines; significant impact expected in 3Q.

• Approximately half of incoming orders are now from early-line (second to fourth-line) patients, exceeding internal expectations.

• Full benefit of increased capacity and label expansion anticipated in the third quarter.

Market dynamics and competitive landscape

• Carvykti holds an 87% market share in centers where it coexists with competitors, attributed to its broad label and strong efficacy data.

• CAR T therapies are demonstrating superior progression-free survival (PFS) and overall survival compared to bispecific antibodies and standard treatments.

• Ongoing and future competition expected, but Carvykti's efficacy and earlier-line label position it strongly.