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Legend Biotech

Legend Biotech Corp is a clinical-stage biopharmaceutical company. It is engaged in the discovery and development of novel cell therapies for oncology and other indications. The firm's product candidate, LCAR-B38M/JNJ-4528, is a chimeric antigen receptor, or CAR, T cell therapy for the treatment of multiple myeloma. Geographically, the company generates a majority of its revenue from the United States of America. The company generates revenue from License and Collaboration revenue.

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Health In Tech shares are trading higher after the company reported a Q2 revenue beat.

Raymond James analyst Patrick Tyler Brown maintains Clean Harbors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLH#NYSE">CLH</a>) with a Strong Buy and lowers the price target from $280 to $278.

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Raymond James Maintains Strong Buy on Clean Harbors, Lowers Price Target to $278

AMIX

Autonomix Medical shares are trading lower after the company announced the exercise of warrants to generate proceeds of $2.5 million.

Raymond James analyst Patrick Tyler Brown maintains Casella Waste Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CWST#NASDAQ">CWST</a>) with a Strong Buy and lowers the price target from $135 to $129.

CWST

Raymond James Maintains Strong Buy on Casella Waste Systems, Lowers Price Target to $129

<a href="https://www.propublica.org/article/trump-musk-spacex-rocket-launch-environmental-regulation-rollback">https://www.propublica.org/article/trump-musk-spacex-rocket-launch-environmental-regulation-rollback</a>

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BlackSky Technology Inc. Class A Common Stock

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'Trump Administration Looking to Slash Environmental Protection Rules for Rocket Launches'- Pro Publica

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="600" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/22024532/PomDoc-0721-900x600-1.png" alt="" class="wp-image-16228" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/22024532/PomDoc-0721-900x600-1.png 900w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/22024532/PomDoc-0721-900x600-1-300x200.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/22024532/PomDoc-0721-900x600-1-768x512.png 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>
The online health services provider aims to raise up to $30 million through a Nasdaq listing, even as its liabilities far outweigh its assets
<h4 class="wp-block-heading">Key Takeaways:</h4>
<ul class="wp-block-list">
<li>PomDoc aims to raise up to $30 million with a New York listing, aiming to entice investors with its online healthcare business targeting patients with chronic conditions</li>
<li>The company's revenue and margins both improved last year, but its low cash and ongoing losses look problematic</li>
</ul>
Internet-based healthcare looks like a surefire bet for China, serving the hundreds of millions of people who may not have easy access to high-quality hospitals and clinics mostly concentrated in large cities. But the reality is quite different, since many of the people who could benefit most from such services are probably the least internet literate.
Industry leaders like&nbsp;Ping An Health&nbsp;(1833.HK) and&nbsp;JD Health&nbsp;(1688.HK) have both found ways to operate profitably in the sector, but have yet to find a strong audience among investors. Now, the unprofitable&nbsp;PomDoctor Ltd.&nbsp;is hoping to join their ranks as China's newest publicly traded online medical services provider, with plans to list on the Nasdaq, according to an updated version of its&nbsp;<a href="https://www.sec.gov/Archives/edgar/data/1877971/000121390025064103/ea0200019-16.htm">IPO prospectus</a>&nbsp;filed last week.
The company hopes to sell investors on its niche providing services to patients with chronic diseases and conditions like diabetes and high blood pressure, which require regular medical consultations. Such a focus looks like a good choice, since such conditions often require frequent doctor visits that could easily be moved online to make patients' and doctors' lives more convenient.
But the company is still losing relatively big money, and lacks a major financial backer like&nbsp;Ping An Health&nbsp;(1833.HK), which is controlled by financial services giant Ping An Group, and&nbsp;JD Health&nbsp;(6618.HK), which is controlled by e-commerce giant JD.com. That's led PomDoc's auditor to raise concerns about the company's viability as a top vulnerability in the standard risk factor section of its prospectus.
While PomDoc would like to follow the example of Ping An Health and JD Health, there's also a more negative example of what could happen to the company from the far lesser-known&nbsp;Etao&nbsp;(ETAOF.US), which went public in 2023 using a special purpose acquisition company (SPAC). Since then, Etao's stock has cratered and is now essentially worthless, and it has yet to report any financials since its annual report for 2022.
Unlike Etao, which was founded in 2020 and was trying to grow rapidly through acquisitions, PomDoc's history dates back as early as 2010, making it look a bit more stable. It launched its current platform on mobile devices in 2015, making it a relative veteran in the emerging field of online healthcare. The company settled on providing treatment for chronic diseases due to the recurrent nature of doctor consultations and drug prescriptions for such conditions.
"We strategically chose to focus on this field because chronic diseases last at least one year by definition, and they are hard to cure, prone to complications and require ongoing medical attention," the company said. "As such, patients with chronic diseases have a great and relatively inelastic demand for frequent and repeat follow-up&nbsp;visits and of drug purchases, which gives a competitive advantage to platforms that are able to maintain long-term, stable doctor-patient&nbsp;relationships."
PomDoc said it aims to sell 5 million American depositary shares (ADS) for between $4 and $6 apiece, which would raise up to $30 million at the top of that range, making the IPO one of the largest by a Chinese company on Wall Street this year. A share sale in that range would give the company a market value of $472 million to $708 million, also a relatively large figure for new Chinese listings on Wall Street.
<h4 class="wp-block-heading">Aggressive valuation</h4>
PomDoc's business model and fundraising plans all sound good in principle, but a closer look at the company's actual financials paints quite a different story. In short, the company's valuation targets are quite aggressive compared with much larger peers Ping An Health and JD Health, even though PomDoc is losing money and its finances are quite shaky.
The company says its network hosted 212,800 doctors and nearly 700,000 patients at the end of last year, ranking it sixth among China's internet hospitals. What's more, many of its doctors brought their own patients to the network, meaning many of the doctor-patient relationships on PomDoc's platform are quite stable. Patients on the network are also boosting their spending, with average revenue per paying patient rising 7.3% to 766 yuan ($107) last year from 714 yuan in 2023.
But that relatively solid-looking façade masks PomDoc's tenuous finances, including negative cash flow over the last two years, including a 16.1 million yuan outflow last year; total liabilities of 546 million yuan last year, far outweighing its total assets of 46.6 million yuan; and just 7.65 million yuan in cash, or just over $1 million, at the end of last year.
The company's revenue looks relatively strong, rising 12.5% last year to 343 million yuan from 305 million yuan in 2023. Its gross margin also improved to 13.9% last year from 12.7% in 2023. But given its weak financial position, its net loss of 37.4 million yuan last year, similar to its 36.9 million yuan loss in 2023, looks unsustainable. The IPO fundraising would obviously help to stabilize the company's finances, though it's far from guaranteed that it will complete the offering.
All those question marks have led PomDoc's outside auditor to raise "substantial doubt about our ability to continue as a going concern," the company said as the lead "risk factor" in the standard section of its prospectus discussing such risk factors. It adds that it has addressed those concerns by taking out a series of loans totaling around 14 million yuan this year, though some of those carry high interest rates.
Then there's the issue of PomDoc's valuation, which looks quite aggressive. The market capitalization the company is seeking would give it a price-to-sale (P/S) ratio of anywhere from 10 to 15. That's quite a bit higher than the roughly 2.2 ratio for Ping An Health and JD Health, which both have higher gross margins and – unlike PomDoc – are profitable.
At the end of the day, PomDoc appears to have a pretty good business model and, if not for its shaky finances, would look well positioned to thrive in a Chinese digital healthcare industry expected to be worth 1.53 trillion yuan in 2027, according to third-party market data in its prospectus. An IPO would greatly improve the company's finances, giving it a better chance at long-term viability. But the high valuation it's seeking could turn off investors, making it difficult to complete its IPO.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

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PomDoctor Files For Nasdaq IPO That May Be Overvalued

SCWO

374Water shares are trading higher after the company announced it has began commissioning AIRSCWO 6 ssystem for a DoD project.

MSCI

MSCI shares are trading lower. The company reported Q2 financial results

Faraday Future Intelligent Electric Inc. - Class A Common Stock

FFAI

Faraday Future Intelligent Electric shares are trading higher after the company announced Nature's Miracle Holding has placed a pre-order for 1,000 FX Super One MPV's.

DA Davidson analyst Michael Shlisky maintains Titan Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWI#NYSE">TWI</a>) with a Buy and raises the price target from $10 to $12.

DA Davidson Maintains Buy on Titan Intl, Raises Price Target to $12

Raymond James analyst J.R. Weston maintains ONEOK (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>) with a Outperform and lowers the price target from $115 to $110.

Raymond James Maintains Outperform on ONEOK, Lowers Price Target to $110

DA Davidson analyst Michael Shlisky maintains Timken (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TKR#NYSE">TKR</a>) with a Neutral and raises the price target from $71 to $80.

DA Davidson Maintains Neutral on Timken, Raises Price Target to $80

PLRZ

Polyrizon shares are trading higher after the company announced preclinical results for PL-14.

Raymond James analyst Daniel Tamayo reiterates HBT Finl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HBT#NASDAQ">HBT</a>) with a Outperform and raises the price target from $24 to $30.

Reiteration

Raymond James Reiterates Outperform on HBT Finl, Raises Price Target to $30

Marlboro parent Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>) saw its stock dip on Tuesday following the release of its <a href="https://www.benzinga.com/pressreleases/25/07/b46539817/philip-morris-international-reports-2025-second-quarter-first-six-months-results-and-raises-full-y">second-quarter</a> fiscal year 2025 earnings report. 
While the tobacco giant&#8217;s revenue increased by 7.1% year-over-year (+6.8% organic) to $10.14 billion, it slightly missed the analyst <a href="https://www.benzinga.com/calendars/earnings">consensus estimate</a> of $10.32 billion. 
However, Philip Morris delivered adjusted earnings of $1.91 per share, surpassing both the consensus of $1.86 and the management guidance of $1.80-$1.85.
Also Read: <a href="https://www.benzinga.com/cannabis/25/06/45842696/exclusive-tobacco-sector-looks-to-cannabis-for-growth-investments-are-meant-for-a-very-specific-reason" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Tobacco Sector Looks To Cannabis For Growth: &#8216;Investments Are Meant For A Very Specific Reason&#8217;</a>
A key highlight of the report was the continued robust performance of its smoke-free business, which now accounts for a significant portion of the company&#8217;s financials. 
Smoke-free products contributed 41% of total net revenues (up by 2.9 percentage points versus last year) and over 42% of total gross profit (up by 3.8 percentage points). 
Shipment volumes of these products increased by 11.8%, with net revenues growing by 15.2% (14.5% organically), and gross profit increasing by 23.3% (21.5% organically). 
This underscores the company&#8217;s strategic shift towards a smoke-free future, as articulated by CEO Jacek Olczak, who noted these results &#8220;reflect excellent momentum in our multicategory smoke-free business.&#8221;
Within the smoke-free portfolio, inhalable smoke-free products, primarily centered on IQOS, exceeded $3 billion in quarterly net revenues. 
The company reported a reacceleration of HTU (Heated Tobacco Unit) adjusted in-market sales (IMS) volume, which excludes distributor and wholesaler inventory movements, back to double-digit growth of 11.4%. 
This was driven by commercial initiatives and a notable improvement in Europe as the impact of the characterizing flavor ban subsides in affected markets.
The e-vapor category, particularly the VEEV brand, continued its increasingly profitable growth, with shipment volumes more than doubling, primarily fueled by strong performance in Europe. 
In a significant statement on the potential of its next-generation products, Reuters cited Philip Morris International CFO Emmanuel Babeau as saying, &#8220;We think vape brand VEEV can have a similar level of profitability as cigarettes.&#8221; 
This indicates the company&#8217;s strong belief in the financial viability and long-term potential of its e-vapor offerings to contribute substantially to overall profitability, mirroring the margins traditionally associated with its legacy combustible products.
In the oral smoke-free products segment, shipment volumes increased by 23.8% in pouches or pouch equivalents (26.5% in cans), primarily driven by nicotine pouches. These more than doubled outside the U.S. and Nordics and grew by over 40% to 190 million cans in the U.S., further diversifying the company&#8217;s smoke-free revenue streams.
Despite the focus on smoke-free alternatives, the combustibles business also demonstrated resilience. Combustibles net revenues grew by 2.1% (up 2.0% organically), driven by strong pricing, partly offset by negative mix dynamics. 
Gross profit for this segment grew by 5.0% (4.8% organically), and Marlboro continued to gain market share, achieving its highest quarterly market share since the 2008 spin-off. Overall, the cigarette category share remained broadly stable.
<h2 class="wp-block-heading">Outlook</h2>
Looking ahead, Philip Morris raised its fiscal year 2025 adjusted earnings per share outlook from <a href="https://www.benzinga.com/news/earnings/25/04/44949808/zyn-gum-makers-smoke-free-business-revenue-jumps-15-raises-annual-profit-outlook">$7.36-$7.49</a> to $7.43-$7.56, aligning with the $7.46 consensus estimate. 
The company projects fiscal 2025 net revenue growth of approximately 6% to 8% on an organic basis and organic operating income growth of 11% to 12.5% (up from prior guidance of 10.5% to 12.5%). Capital expenditures for fiscal year 2025 are estimated at around $1.6 billion.
The company anticipates a total international industry volume decline of around 1% for cigarettes and HTUs in 2025, excluding China and the U.S. For PMI specifically, total cigarette and smoke-free product shipment volume growth is expected to be around 1%, with smoke-free product volume growth of 12% to 14%, partly offset by a forecasted cigarette volume decline of approximately 2%.
For the third quarter, Philip Morris expects adjusted earnings per share of $2.08-$2.13, compared to the consensus of $2.12.
Adding another layer to its future strategy, Reuters also cited Babeau saying that the U.S. FDA response to the IQOS ILUMA application may not come until 2026. 
This indicates that while the company is heavily investing in its next-generation products, the regulatory approval process in key markets like the U.S. can introduce delays, impacting the speed of market penetration for advanced heated tobacco systems like IQOS ILUMA.
Price Action: PM stock is trading lower by 7.21% to $167.47 at last check Tuesday.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/fda/25/07/46542878/sarepta-reverses-course-pauses-elevidys-shipments-amid-fda-safety-review" target="_blank" rel="noreferrer noopener">Sarepta Reverses Course, Pauses Elevidys Shipments Amid FDA Safety Review</a></li>
</ul>
Image by NguyeningMedia via Shutterstock

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Marlboro Parent Philip Morris International's Smoke-Free Segment Powers Q2 Gains

Supports continued delivery of resilient infrastructure and reliable water and wastewater service
DALLAS, July 22, 2025 /PRNewswire/ -- <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4473043-1&amp;h=4260298674&amp;u=http%3A%2F%2Fwww.jacobs.com%2F&amp;a=Jacobs">Jacobs</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/J#NYSE">J</a>) has secured multiple contract wins and renewals for <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4473043-1&amp;h=2507326891&amp;u=https%3A%2F%2Fwww.jacobs.com%2Fwhat-we-do%2Foperations-facility-management&amp;a=operations+and+maintenance+(O%26M)+services">operations and maintenance (O&amp;M) services</a>, reinforcing its roots in the Northwest U.S. and growth in the wider water and wastewater utility O&amp;M industry in the Western U.S.
Jacobs was recently awarded new water and wastewater O&amp;M contracts with <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4473043-1&amp;h=1796245624&amp;u=https%3A%2F%2Fwww.jacobs.com%2Fnewsroom%2Fpress-release%2Fjacobs-operate-and-maintain-advanced-water-reuse-facility-california&amp;a=Soquel+Creek+Water+District">Soquel Creek Water District</a>, <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4473043-1&amp;h=3571172057&amp;u=https%3A%2F%2Fwww.jacobs.com%2Fnewsroom%2Fpress-release%2Fjacobs-operate-and-maintain-largest-water-recycling-system-southern&amp;a=West+Basin+Water+District">West Basin Water District</a> and <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4473043-1&amp;h=1831363707&amp;u=https%3A%2F%2Fwww.jacobs.com%2Fnewsroom%2Fpress-release%2Fjacobs-deliver-data-driven-operations-and-maintenance-california-wastewater&amp;a=Lincoln-Sewer+Management+District+1+Wastewater+Authority">Lincoln-Sewer Management District 1 Wastewater Authority</a> in California. Jacobs also renewed existing O&amp;M contracts in <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4473043-1&amp;h=2713073294&amp;u=https%3A%2F%2Fwww.jacobs.com%2Fnewsroom%2Fnews%2Fjacobs-celebrates-40-years-dedication-innovation-and-excellence-oregon&amp;a=Hood+River%2C+Oregon">Hood River, Oregon</a>; <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4473043-1&amp;h=1118550571&amp;u=https%3A%2F%2Fwww.jacobs.com%2Fnewsroom%2Fnews%2Fjacobs-operate-walla-wallas-wastewater-facilities-another-five-years&amp;a=Walla+Walla%2C+Washington">Walla Walla, Washington</a>; <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4473043-1&amp;h=2938672697&amp;u=https%3A%2F%2Fwww.jacobs.com%2Fnewsroom%2Fnews%2Fdecades-making-jacobs-celebrates-legacy-collaboration-transparency-and-efficiency&amp;a=Twin+Falls%2C+Idaho">Twin Falls, Idaho</a>; Cutter and Rio Rancho in New Mexico; and Red Bluff and Crescent City in California, which together span more than 144 years of collaboration.

Jacobs Secures Multiple Contract Wins And Renewals For O&M Services, Reinforcing Regional Presence In Northwest And Western U.S.

Genuine Parts shares are trading higher after the company reported better-than-expected Q2 financial results.

SFST

Southern First shares are trading higher after the company reported better-than-expected Q2 financial results.

DA Davidson analyst Michael Shlisky maintains REV Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REVG#NYSE">REVG</a>) with a Buy and raises the price target from $51 to $55.

REVG

DA Davidson Maintains Buy on REV Group, Raises Price Target to $55

<a href="https://www.bloomberg.com/news/articles/2025-07-22/trump-trade-war-ontario-premier-says-power-export-tax-on-us-is-possible?embedded-checkout=true">https://www.bloomberg.com/news/articles/2025-07-22/trump-trade-war-ontario-premier-says-power-export-tax-on-us-is-possible?embedded-checkout=true</a>

'Ontario Premier Says Electricity Export Tax Is Possible If Trade Talks Fail'- Bloomberg

Press Releases

Legend Biotech Reports Third Quarter 2024 Results and Recent Highlights

CARVYKTI® Significantly Improved Minimal Residual Disease Negativity Compared to Standard of Care for Patients with Relapsed or Refractory Multiple Myeloma

Legend Biotech to Present at the 43rd Annual J.P. Morgan Healthcare Conference

Legend Biotech to Host Investor Conference Call on Fourth Quarter and Full Year 2024 Results

Legend Biotech Reports Fourth Quarter and Full Year 2024 Results and Recent Highlights

Legend Biotech to Host Investor Conference Call on First Quarter 2025 Results

Legend Biotech Reports First Quarter 2025 Results and Recent Highlights

Legend Biotech to Host Investor Event During the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting

Legend Biotech Announces New Oncologic & Hematologic Therapeutic Developments at ASCO, EHA, and ASGCT

Legend Biotech Unveils Groundbreaking 5-Year Survival Data for CARVYKTI® in Multiple Myeloma at 2025 ASCO Annual Meeting

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