Goldman Sachs on Legend Biotech (LEGN): Carvykti Q3 Sales Beat; Diverging Views on US and Ex-US Uptake
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Abstract
Legend Biotech reported Q3 2026 global Carvykti sales of $710 million, up 35% year-over-year and 8% quarter-over-quarter, beating both Goldman Sachs' $700 million estimate and consensus of $691 million. Growth was driven by strong international expansion—ex-US sales reached $238 million, up 29% sequentially—while the US market slowed, with sales of $472 million flat quarter-over-quarter. The divergent regional picture reflects intensifying US competition: Tecvayli posted US sales of $312 million, up 77% year-over-year, exceeding consensus, though overall Carvykti expansion momentum remains intact. Roughly 50% of US Carvykti use is concentrated in second- and third-line treatment.
Goldman Sachs adjusted its 2026–2028 EPS forecasts and will continue monitoring the sales trajectories of both Tecvayli and Carvykti in Q4 and beyond, given mixed views on US versus international uptake. The bank maintains its Buy rating on LEGN while lowering its 12-month price target to $38.09 from $39.49.
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Exhibit 1
