Stocks of Iovance Biotherapeutics Experienced a Significant Drop Today
Iovance Biotherapeutics, a commercial-stage biotech company specialising in cell therapies for cancer treatment, has released its second-quarter earnings report for 2024. The report, published after market close the previous day, showed a mixed bag of results.
The company reported revenue of nearly $60 million for the second quarter, marking a significant 93.5% increase from the same period in the previous year. This increase was primarily due to sales of Iovance's two products, Amtagvi and Proleukin. Notably, over $54 million of the revenue was attributed to Amtagvi, a cell therapy for cancer treatment that is in its first full year of sales.
However, the GAAP net loss deepened during the quarter, reaching almost $112 million, compared to a deficit of $97 million in the same quarter of the previous year. The net loss per share for the quarter was $0.33, which was higher than the analysts' model of $0.28. As a result, the market reacted to Iovance's second-quarter earnings by trading the stock down by more than 20%.
Despite the disappointing net loss, Iovance's CEO, Frederick Vogt, expressed optimism about the future growth of Amtagvi and Proleukin in the second half of 2025. He emphasised that the future should be much rosier for Amtagvi due to it being in its first full year of sales. Existing authorized treatment centres and large community practices are expected to contribute to the growth of these products in the coming months.
The company, which trades under the symbol IOVA, did not raise its revenue guidance for the year, maintaining its forecast of $250 million to $300 million. The revenue for the second quarter was not enough to meet analysts' expectations of over $67 million.
Analysts' forecasts for 2025 imply institutional expectations for increased revenue for Iovance Biotherapeutics and anticipation of improved company guidance. These forecasts project significant growth, such as an expected annual revenue increase of approximately 45.6% and profitability improvements through 2028. Some valuation analyses even highlight potential upside of over 280% from current prices.
However, specific named institutions with these expectations are not explicitly identified in the search results. Nonetheless, the second-quarter earnings report serves as a benchmark for Iovance Biotherapeutics' performance and sets the stage for the company's future developments in the cell therapy market for cancer treatment.
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