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IOVA Q4 Earnings Beat, Stock Down on Looming Economic Uncertainty
IOVAIovance Biotherapeutics(IOVA) ZACKS·2025-02-28 15:46

Core Insights - Iovance Biotherapeutics reported a narrower loss of 26 cents per share for Q4 2024, compared to a loss of 45 cents per share in the same quarter last year, and better than the Zacks Consensus Estimate of a loss of 27 cents [1][7] - The company generated total revenues of 73.7millioninQ42024,significantlyupfrom73.7 million in Q4 2024, significantly up from 0.5 million in the year-ago quarter, and exceeding the Zacks Consensus Estimate of 72.1million[2][7]RevenueBreakdown−Iovance′srevenueforQ42024wasdrivenbysalesfromtwomarketeddrugs:ProleukinandAmtagvi[3]−Amtagvisalesreached72.1 million [2][7] Revenue Breakdown - Iovance's revenue for Q4 2024 was driven by sales from two marketed drugs: Proleukin and Amtagvi [3] - Amtagvi sales reached 48.7 million in Q4 2024, up from 42.1millioninQ32024,althoughitfellshortofthemodelestimateof42.1 million in Q3 2024, although it fell short of the model estimate of 57 million [4] - Proleukin contributed 25millioninsalesduringthequarter,asignificantincreasefrom25 million in sales during the quarter, a significant increase from 0.5 million in the year-ago period, surpassing the model estimate of 15million[5]OperatingCosts−Researchanddevelopmentexpensesdecreasedby1715 million [5] Operating Costs - Research and development expenses decreased by 17% to 72.2 million compared to the previous year, attributed to the transition to commercial manufacturing of Amtagvi [6] - Selling, general, and administrative expenses increased by 42% to 42.5million,drivenbyhigherheadcountandrelatedcosts[6]Full−YearPerformance−Forthefullyear2024,Iovancereportedtotalrevenuesof42.5 million, driven by higher headcount and related costs [6] Full-Year Performance - For the full year 2024, Iovance reported total revenues of 164.1 million, a substantial increase from 1.2millioninthepreviousyear[7]−Thecompanyincurredalossof1.2 million in the previous year [7] - The company incurred a loss of 1.28 per share for 2024, an improvement from a loss of 1.89pershareintheprioryear[7]FutureGuidance−Iovancereiterateditsrevenueguidancefor2025,expectingproductrevenuestobebetween1.89 per share in the prior year [7] Future Guidance - Iovance reiterated its revenue guidance for 2025, expecting product revenues to be between 450 million and 475million,withcashburnprojectedtobeunder475 million, with cash burn projected to be under 300 million [8] - The company anticipates significant growth in total product revenues for 2026 and beyond, with gross margins expected to exceed 70% in the coming years [9] Pipeline Updates - Regulatory applications for Amtagvi in melanoma are under review in the EU, UK, and Canada, with potential approvals expected this year [13] - Iovance is conducting a phase III study evaluating Amtagvi combined with Merck's Keytruda for frontline advanced melanoma [14] - The company is also accelerating enrollment in a phase II study for Amtagvi in post-anti-PD-1 non-small cell lung cancer, with updates expected by year-end [15]