Legend Biotech / Protagonist Therapeutics: JNJ Earnings Read-Throughs: Incrementally Positive for PTGX

Research evidence excerpt

Legend Biotech / Protagonist Therapeutics: JNJ Earnings Read-Throughs: Incrementally Positive for PTGX

Equity Research

15 July 2026

Legend Biotech / Protagonist Therapeutics

JNJ Earnings Read-Throughs:

Incrementally Positive for PTGX First Look

JNJ reported 2Q earnings with Carvykti sales in-line with us, PTGX OVERWEIGHT

POSITIVEconsensus and Icotyde implied contribution coming in ahead U.S.BiotechnologySmall & Mid Cap

of consensus Price Target USD 151.00

Price (14-Jul-26) USD 131.27

Potential Upside/Downside +15.0%

The following listed companies are not under coverage by Barclays Research: JNJ, ACLX. Source: Bloomberg, Barclays Research

Information about these companies is being provided for information purposes only and is not an

investment recommendation by Barclays Research. LEGN OVERWEIGHT

U.S. Small & Mid Cap

Carvykti sales relatively in-line Biotechnology POSITIVE

Price Target USD 80.00JNJ (not covered) reported 2Q26 earnings, including $657M in Carvykti revenues, in-line with

Price (14-Jul-26) USD 25.67our modelling for LEGN ($657M) and relatively in-line with Bloomberg consensus of $662M (July

Potential Upside/Downside +211.6%13). Second quarter Carvykti sales represented ~48% y/y operational growth and ~10% q/q

Source: Bloomberg, Barclays Research

increase with JNJ noting share gains and continued site expansion. JNJ reported Tecvayli

(teclistamab, BCMA T-cell engager) sales of $260M vs $166M a year ago and $202M in 1Q. Recall

our commentary on MajesTEC-3 from our 1Q takeaways. JNJ will host a conference call at U.S. Small & Mid Cap Biotechnology

8:30am ET. Etzer Darout, PhD, MBA

+1 212 526 6940

LEGN Read-across: Multiple myeloma readouts we're watching that could potentially etzer.darout@barclays.com

impact LEGN sentiment BCI, US