Iovance Biotherapeutics Inc. reported third‑quarter 2025 revenue of $67.5 million, a 13% increase from the $59.3 million earned in Q3 2024. The company’s earnings per share were $‑0.25, beating the consensus estimate of $‑0.29 by $0.04. The revenue miss relative to the $70.34 million consensus was driven by a modest shortfall in the company’s flagship product, Amtagvi, which generated $58 million in sales versus the $60 million expected by analysts.
Amtagvi sales accounted for roughly 86% of total revenue, while the global Proleukin product contributed $9.5 million. The strong performance of Amtagvi, driven by expanding treatment networks and early‑stage adoption in solid‑tumor indications, offset a slight decline in Proleukin sales. Year‑over‑year, the company’s gross margin improved to 43% from 39% in the prior quarter, largely due to a 21% reduction in cost of sales and the ongoing consolidation of manufacturing at the Iovance Cell Therapy Center.
Management reiterated its full‑year 2025 revenue guidance of $250 million to $300 million, unchanged from the previous outlook. CFO Corleen Roche highlighted that the company’s cash position of $307 million will support operations through Q2 2027, underscoring financial resilience. CEO Frederick Vogt emphasized that the company remains on track to meet its revenue target, citing robust demand for Amtagvi and the benefits of cost‑control initiatives.
The earnings beat was attributed to disciplined cost management and the successful scaling of Amtagvi sales, while the revenue miss reflected a narrower margin of error in meeting analyst expectations. The company’s gross‑margin expansion signals improved operational efficiency, and the reaffirmed guidance indicates confidence in sustained demand for its immunotherapy products.
Investors responded positively to the results, with market sentiment reflecting confidence in the company’s growth trajectory and margin improvement. The company’s strategic focus on expanding its commercial network and centralizing manufacturing is expected to support continued revenue growth and margin expansion in the coming quarters.
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