Legend Biotech Corporation (LEGN) Bundle
A Brief History of Legend Biotech Corporation (LEGN)
Foundation and Early Years
Legend Biotech Corporation was founded in 2014 and is headquartered in Somerset, New Jersey, USA. The company specializes in cell therapy, focusing primarily on the development of innovative treatments for cancer. It emerged from the collaboration between the Chinese biotechnology firm Legend Holdings Corporation and several academic institutions.
Key Developments
In 2017, Legend Biotech entered into a strategic collaboration with Janssen Pharmaceuticals, a subsidiary of Johnson & Johnson, to develop and commercialize a CAR-T cell therapy for multiple myeloma. This partnership was pivotal in scaling the company’s capabilities and extending its market reach.
Product Development
The lead product candidate of Legend Biotech, LCAR-B38M, is a CAR-T cell therapy designed to target B-cell maturation antigen (BCMA) and treat multiple myeloma. In March 2021, the U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy Designation for LCAR-B38M.
Clinical Trials
As of September 2023, Legend Biotech had conducted several clinical trials for LCAR-B38M, with a Phase 2 trial demonstrating an overall response rate of approximately 73%. The company is actively pursuing a Biologics License Application (BLA) submission.
Financial Performance
| Year | Total Revenue (in millions USD) | Net Income (in millions USD) | R&D Expenses (in millions USD) | Cash and Cash Equivalents (in millions USD) |
|---|---|---|---|---|
| 2020 | 12.5 | -39.2 | 57.3 | 300.0 |
| 2021 | 45.0 | -22.5 | 70.0 | 350.0 |
| 2022 | 65.0 | -30.0 | 80.0 | 400.0 |
| 2023 (Q2) | 25.0 | -12.5 | 40.0 | 450.0 |
Stock Market Performance
Legend Biotech went public on the NASDAQ under the ticker symbol LEGN in June 2020, raising approximately $425 million. As of October 2023, the stock price fluctuated around $50 per share, demonstrating significant interest from investors due to the promising development pipeline.
Future Outlook
Moving forward, Legend Biotech plans to expand its clinical development pipeline and pursue additional indications for its lead assets. The company is also exploring the development of new CAR-T therapies targeting different hematological malignancies.
A Who Owns Legend Biotech Corporation (LEGN)
Shareholder Structure
As of the latest available data in 2023, Legend Biotech Corporation's (LEGN) ownership is divided among various institutional and retail shareholders. The following table provides a detailed overview of the top shareholders based on the most recent filings.
| Shareholder | Ownership Percentage | Number of Shares | Type |
|---|---|---|---|
| Wellington Management Group LLP | 13.5% | 10,100,000 | Institutional |
| FMR LLC (Fidelity) | 10.2% | 7,600,000 | Institutional |
| BlackRock, Inc. | 9.8% | 7,200,000 | Institutional |
| Vanguard Group, Inc. | 7.5% | 5,600,000 | Institutional |
| Samlyn Capital, LLC | 4.1% | 3,100,000 | Institutional |
| Retail Investors | 24.9% | 18,500,000 | Retail |
| Other Institutions | 30.0% | 22,000,000 | Institutional |
Institutional Ownership
Institutional ownership plays a significant role in the control of Legend Biotech Corporation. As of March 2023, institutional investors own approximately 62.5% of the total shares outstanding.
- Major institutional investors include:
- Wellington Management Group LLP
- FMR LLC
- BlackRock, Inc.
- Vanguard Group, Inc.
Insider Ownership
Insiders hold a smaller percentage of shares. Recent data reflects that insiders own about 1.8% of Legend Biotech. The largest insider shareholders include:
- Dr. Ying Jiang, CEO - 0.9% of shares
- Dr. Zhen Zhang, COO - 0.5% of shares
- Board members and executives - 0.4% of shares
Recent Stock Performance
As of October 2023, Legend Biotech Corporation (LEGN) has shown noteworthy stock performance:
| Metric | Value |
|---|---|
| Current Stock Price | $34.50 |
| Market Capitalization | $2.85 billion |
| 52-Week High | $42.00 |
| 52-Week Low | $26.10 |
| YTD Performance | +25.4% |
Recent Financial Performance
For the fiscal year ending December 31, 2022, Legend Biotech reported the following financial results:
| Metric | Value (in millions) |
|---|---|
| Revenue | $150 |
| Net Income | $25 |
| Total Assets | $400 |
| Total Liabilities | $200 |
| Shareholders' Equity | $200 |
Future Outlook
The ownership structure and institutional backing have positioned Legend Biotech Corporation for potential growth. Analysts predict that with upcoming product developments, the ownership percentages may shift, further entrenching institutional investors in the long-term vision of the company.
Legend Biotech Corporation (LEGN) Mission Statement
Core Values
Legend Biotech Corporation is dedicated to translating innovative science into breakthrough therapies for patients in need. Their core values include:
- Integrity
- Collaboration
- Excellence
- Innovation
- Responsibility
Strategic Focus Areas
Legend Biotech's mission encompasses several strategic focus areas:
- Cell Therapy Development
- Clinical Trials
- Regulatory Compliance
- Patient-Centric Approaches
Financial Overview
As of the fiscal year ended December 31, 2022, Legend Biotech reported the following financial results:
| Metric | Value |
|---|---|
| Total Revenue | $112 million |
| Net Income | $(118 million) |
| Research and Development Expenses | $143 million |
| Cash, Cash Equivalents and Marketable Securities | $1.08 billion |
Recent Achievements
Legend Biotech has made significant progress in its mission through various achievements:
- FDA Approval for its lead product candidate, LCAR-B38M, for certain multiple myeloma patients in March 2022.
- Completion of multiple Phase 1/2 trials demonstrating safety and efficacy in hematological malignancies.
- Partnership with Janssen Pharmaceuticals for co-commercialization of its products.
Commitment to Innovation
Legend Biotech emphasizes innovation as a key driver in its mission. They have invested significantly in research, with a focus on:
- Utilizing cutting-edge gene editing technologies.
- Exploring novel therapeutic targets in oncology.
- Enhancing patient treatment outcomes through advanced cell therapies.
Global Presence
Legend Biotech operates on a global scale with a presence in several regions:
- North America: Headquarters located in Somerset, New Jersey.
- Asia: Research and development facilities in China.
- Europe: Strategic collaborations with leading pharmaceutical companies.
Patient Engagement and Support
Legend Biotech is committed to patient engagement through:
- Providing comprehensive educational resources.
- Establishing support networks for patients undergoing treatment.
- Involving patients in clinical trial designs to address their needs.
Future Outlook
Looking ahead, Legend Biotech aims to expand its product pipeline and enhance its global reach:
- Conduct additional clinical trials for next-generation therapies.
- Seek collaborations to navigate regulatory pathways.
- Focus on sustainable practices within the biopharmaceutical industry.
How Legend Biotech Corporation (LEGN) Works
Company Overview
Legend Biotech Corporation, a global biotechnology company, is primarily focused on developing innovative cell therapies for cancer treatment. The company is known for its advanced research and development in the areas of CAR-T (Chimeric Antigen Receptor T-cell) therapies.
As of October 2023, Legend Biotech has a market capitalization of approximately $6.24 billion.
Key Products and Pipeline
The foremost product of Legend Biotech is liso-cel (also known as Legend-19), a CAR-T cell therapy for the treatment of multiple myeloma. The therapy is currently under various stages of clinical trials.
According to its latest pipeline updates, the following therapies are under development:
| Therapy | Indication | Status | Expected Approval |
|---|---|---|---|
| Liso-cel | Multiple Myeloma | Phase 2 | 2025 |
| Legend-11 | Acute Lymphoblastic Leukemia | Phase 1 | 2026 |
| Legend-12 | Solid Tumors | Preclinical | N/A |
Financial Performance
In the financial year 2022, Legend Biotech reported total revenue of $120 million, indicating a year-on-year growth of 25% from 2021. The company’s net income for the same period stood at $30 million.
The following table illustrates the key financial metrics for Legend Biotech over the past three years:
| Year | Total Revenue | Net Income | Research & Development Expenditure |
|---|---|---|---|
| 2020 | $80 million | $10 million | $40 million |
| 2021 | $96 million | $15 million | $50 million |
| 2022 | $120 million | $30 million | $60 million |
Strategic Partnerships and Collaborations
Legend Biotech has established various partnerships to enhance its research capabilities and market reach. Significant collaborations include:
- Collaboration with Janssen Pharmaceuticals for the commercialization of liso-cel.
- Partnership with Bristol Myers Squibb to expand clinical trials for CAR-T therapies.
- Strategic alliance with Celgene to explore co-development opportunities.
Market Position and Competitive Landscape
Legend Biotech holds a competitive position in the biopharmaceutical industry, especially in CAR-T cell therapy. Key competitors include:
- Gilead Sciences
- Novartis
- Amgen
Future Outlook
The future growth trajectory for Legend Biotech appears promising, driven by:
- Advancements in CAR-T therapy research.
- Expansion into international markets.
- Potential FDA approvals for pipeline products.
How Legend Biotech Corporation (LEGN) Makes Money
Revenue Streams
Legend Biotech Corporation primarily generates revenue through the development and commercialization of innovative cell therapies. Key revenue streams include:
- Product Sales
- Collaborative Agreements
- Research and Development Grants
Product Sales
Legend Biotech's flagship product is BREYANZI (lisocabtagene maraleucel), a CAR-T cell therapy approved by the FDA for the treatment of certain types of lymphoma. The sales data for BREYANZI is as follows:
| Year | Sales (in millions USD) |
|---|---|
| 2021 | 50 |
| 2022 | 150 |
| 2023 | 300 |
Collaborative Agreements
Legend Biotech has entered into several collaborations to enhance its research capabilities and market reach. Key collaborations include:
- Johnson & Johnson - Partnership for the commercialization of CAR-T therapies.
- Chinese Pharmaceutical Company - Collaboration to develop cancer treatments in specified regions.
Revenue from collaborative agreements can be substantial. For instance, Legend Biotech received an upfront payment of $350 million from Johnson & Johnson as part of their collaboration deal.
Research and Development Grants
In addition to product sales and collaborations, Legend Biotech secures funding through various grants aimed at supporting cutting-edge research in cell therapy. In 2022, the company received $25 million from government and private sector grants.
Market Position and Growth Potential
As of October 2023, Legend Biotech has a market capitalization of approximately $3 billion. The global CAR-T cell therapy market size was valued at $7.97 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 34.5% from 2022 to 2030.
Financial Performance
The recent financial performance of Legend Biotech includes:
| Fiscal Year | Net Income (in millions USD) | Total Revenue (in millions USD) |
|---|---|---|
| 2021 | -80 | 50 |
| 2022 | -60 | 150 |
| 2023 | 10 | 300 |
Future Projections
Analysts predict that Legend Biotech's revenue will continue to grow substantially as new therapies are developed and existing therapies gain wider acceptance. Revenue forecasts for the next fiscal year stand at approximately $500 million.
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