1Q26 Update: Hoping For Better Times Ahead

Research evidence excerpt

1Q26 Update: Hoping For Better Times Ahead

May 12, 2026

4540 Despite mixed Q1 performance, we continue to see several drivers to

3530 support Carvykti’s growth outlook in 2026 and beyond.

20 ●Earlier-line adoption is becoming an increasingly important part of the

05/25 08/25 11/25 02/26 05/26 Carvykti story.

LEGN Created by BlueMatrix

●In the U.S., 2-3L patients represented 41% of apheresed

patients in 1Q26 (up from 29% in 1Q25), while 5L+ declined to

33% from 41%.

●Management noted that 2-4L patients now make up ~2/3

of Carvykti orders, with the company expecting this to grow

toward ~3/4 over the next year or so.

●This speaks to growing community adoption, increasing

physician comfort with CAR-T logistics, and clinical data

supporting the idea that earlier use can drive better outcomes.

●In our view, investors continue to underappreciate Carvykti’s growing

foothold in 2-4L MM market, in terms of both its offensive and

defensive implications.

●The 2-4L market remains large and underpenetrated, with

management pointing to ~100K patients and only ~5% having

received BCMA-directed therapy.

●On the defensive side, we expect competitor anito-cel (GILD,

OW, C. Gould) to receive a label in 5L disease later this year. As

such we expect its initial impact on Carvykti to be limited.

●Relative to anito-cel, Carvykti has a ~4-year head start, a broader

2-4L label, extensive real-world experience, and differentiation

on hard clinical endpoints, including long-term OS benefit.

●Community adoption is also continuing to grow, with 148 ATCs now

online in the U.S. (up from 132 in the prior quarter), about one-third

of which are community and regional hospitals.

●Interestingly, fears that bispecifics are likely to impact Carvykti

sales also appear overblown.