Why Iovance Biotherapeutics Stock Plummeted Today

Core Viewpoint - Iovance Biotherapeutics experienced a significant drop in stock price following its second-quarter earnings report, despite nearly doubling its revenue compared to the previous year [1][4]. Financial Performance - Iovance reported revenue of nearly $60 million for the second quarter, which is almost double the $31 million earned in the same quarter of 2024 [2]. - The revenue growth was primarily driven by sales of two products: Amtagvi and Proleukin, with Amtagvi generating over $54 million in sales [2]. - Despite the increase in sales, the company's GAAP net loss deepened to almost $112 million ($0.33 per share) from a loss of $97 million in the previous year [4]. Market Expectations - Analysts had anticipated higher revenue, with a consensus estimate of just over $67 million, and a lower expected net loss of $0.28 per share [4]. - Iovance maintained its revenue guidance for the year at $250 million to $300 million, emphasizing that this is the first full year of Amtagvi sales, suggesting potential for future growth [5]. Future Outlook - The CEO of Iovance expressed optimism about the growth of Amtagvi and Proleukin in the second half of 2025, citing the expansion of authorized treatment centers and the involvement of large community practices [5].