Story
Iovance Biotherapeutics Raises Revenue Forecast on Strong Amtagvi Demand, Shares Surge
Summary
The biotech company boosted its full-year 2026 revenue guidance by approximately 15% at the midpoint, citing accelerating demand for its cancer therapies Amtagvi and Proleukin.
Shares of Iovance Biotherapeutics (NASDAQ: IOVA) surged more than 10% in pre-market trading after the company significantly raised its full-year revenue guidance, citing strong and accelerating demand for its cell therapies.
Guidance Raised
In a Form 8-K filing with the U.S. Securities and Exchange Commission, Iovance announced it now expects total revenue for 2026 to be in the range of $410 million to $420 million. This represents a material increase from its prior forecast of $350 million to $370 million.
The new guidance reflects an approximate 15% increase at the midpoint and implies nearly 60% annual revenue growth. The company attributed the improved outlook to sustained demand for its melanoma treatment Amtagvi (lifileucel) and its immunotherapy Proleukin across its U.S. treatment centers.
Management Outlook
AdInterim President and CEO Frederick Vogt stated that the company's record second-quarter performance provided strong visibility into the remainder of the year. During Q2, Iovance reported total product revenue of $99.3 million with a 56% gross margin.
Vogt noted that manufacturing schedules and patient demand trends underpin the company's confidence in its third- and fourth-quarter revenue projections. The company is also expanding its commercial footprint, with its network of authorized treatment centers approaching 100 and a year-end target of at least 110.
Market Reaction
The upgraded forecast served as a powerful catalyst for the stock, which jumped 10.5% in pre-open trading and hit a new 52-week high of $11.17 at the market open. The move comes just days after analysts at Goldman Sachs resumed coverage on the stock with a Buy rating and a $15 price target, citing strengthening demand signals for Amtagvi.
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