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Iovance Biotherapeutics Inc (NASDAQ:IOVA) stock is trading higher on Friday after the company issued upbeat guidance for 2024 and 2025 and better-than-expected second-quarter earnings.
On Thursday, the cancer cell therapy maker Iovance reported second-quarter sales of $31.12 million, surpassing the consensus of $24.6 million.
The company reported EPS loss of $(0.34), down from $(0.47) a year ago, beating the consensus of $(0.35).
The second quarter of 2024 represents the first quarter of Amtagvi (lifileucel) sales in the U.S., with revenue of $12.8 million.
The quarter’s product revenue includes $18.3 million in sales for Proleukin, which is used in the Amtagvi treatment regimen and global commercial and clinical uses in other settings.
As of July 24, Iovance had cash, cash equivalents, investments, and restricted cash of $449.6 million, expected to be sufficient to fund current and planned operations into early 2026.
At the 2024 ASCO Annual Meeting, Iovance announced updated clinical data for treating frontline advanced melanoma.
Guidance: Iovance expects significant quarter-over-quarter growth in product revenue to continue throughout 2024, 2025, and beyond as the adoption curve for Amtagvi steepens.
The company says over 55 patients have been infused with Amtagvi since the first commercial infusion in April 2024.
The company says with utilization broadening and the rate of infusions substantially increasing, total infusions during the third quarter have markedly exceeded infusions in the second quarter.
Revenues are expected to be $53 million to $55 million in the third quarter, versus the consensus of $49.05 million.
For fiscal year 2024, the company expects sales of $160 million to $165 million versus a consensus of $143.21 million.
Iovance Biotherapeutics expects that growth for Amtagvi will continue as existing authorized treatment centers (ATC) demand increases and new ATCs are onboarded.
For fiscal 2025, product revenue is anticipated to be $450 million to $475 million, versus a consensus of $403.714 million. Gross margins are expected to increase to greater than 70% over the next several years.
Price Action: IOVA stock is up 25.19% at $9.94 at last check Friday.
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