Iovance Revenue Rebounds as Amtagvi Sales Accelerate
Second-quarter product revenue reached $99.3 million as gross margin widened and losses narrowed.
Cell-therapy developer Iovance Biotherapeutics (IOVA) topped its prior quarterly revenue forecast by roughly 13% to 15%, driven by a rebound in U.S. Amtagvi sales.
The performance reversed the sequential decline caused by annual maintenance in the first quarter. Product revenue rose 39% from about $71 million in that period and 66% from $60.0 million a year earlier.
The company reported a second-quarter net loss of $47.3 million, or $0.11 a share, compared with $111.7 million, or $0.33 a share, a year earlier. Its operating loss narrowed 54% to $51.9 million.
U.S. Amtagvi revenue climbed roughly 52% sequentially to about $91 million and stood 40% above its fourth-quarter level. Global Proleukin revenue fell to about $9 million from about $11 million in the first quarter, though Iovance said it expects Proleukin sales to grow during the remainder of 2026.
Gross margin expanded 15 percentage points from the first quarter to 56% as maintenance and facility-expansion costs receded. Cost of sales declined 11% from a year earlier to $43.6 million despite higher revenue, reflecting greater volume, cost optimization and improved internal-manufacturing efficiency, according to the company. Research-and-development expense fell for a fourth consecutive quarter and declined 24% from a year earlier to $58.9 million.
Iovance expanded its authorized-treatment-center network to more than 95 sites across the U.S., Canada and Australia, with community centers accounting for one-third of the total. The company maintained its year-end target of at least 110 centers, and Amtagvi manufacturing turnaround improved to 31 days or less.
Iovance placed its $350 million-to-$370 million full-year revenue outlook under review and said it plans to provide an update in the third quarter. Australia became Amtagvi's third approved market, and the company resubmitted its U.K. application under expedited review for a potential decision later in 2026. The planned European Medicines Agency resubmission shifted to 2027.
The company also began the registrational SARATOGA sarcoma trial, reporting responses in three of the first six evaluable patients, and received FDA Fast Track designation for lifileucel in two sarcoma types. With approximately $304 million in cash, Iovance extended its estimated runway into the second half of 2028, giving it more time to broaden Amtagvi access and advance the pipeline.