Business
Iovance Biotherapeutics Reports Financial Results and Corporate Updates for Second Quarter and First Half 2024
Strong Momentum Continues for Amtagvi™ (Lifileucel) U.S. Launch with $31.1 Million in Total 2Q24 Revenue Total Product Revenue Guidance of $53-$55 Million for
About this update from Iovance Biotherapeutics, Inc.
[{"type":"text","content":"Strong Momentum Continues for Amtagvi™ (Lifileucel) U.S. Launch with $31.1 Million in Total 2Q24 Revenue Total Product Revenue Guidance of $53-$55 Million for 3Q24, $160-$165 Million for FY24, and $450-$475 Million for FY25 SAN CARLOS, Calif., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), a commercial biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (TIL) therapies for patients with cancer, today reported second quarter and first half 2024 financial results and corporate updates. Frederick Vogt, Ph.D., J.D., Interim President and Chief Executive Officer of Iovance, stated, “The first half of 2024 ushered in our first FDA approval and the start of our U.S. commercial launch of Amtagvi™ for patients with previously treated advanced melanoma. Amtagvi and Proleukin® demand remains strong and continues to increase as authorized treatment centers (ATCs) adopt Amtagvi and community referral networks are mobilized to drive patients to ATCs. These demand trends, as well as broader utilization of Amtagvi among an expanding ATC network, are expected to accelerate quarterly growth throughout this year and next year. We expect this growth to continue in 2025, 2026 and beyond. Additionally, we continue to expand our global commercial footprint, proprietary manufacturing capabilities, and broad clinical pipeline. As a fully integrated company, Iovance is well positioned to remain the global leader in innovating, developing, and delivering TIL cell therapy for patients with cancer.” Second Quarter and First Half 2024 Financial Results, Corporate Guidance, and Updates Product Revenue and Guidance 2Q24 Total Product Revenue: $31.1 million for the second quarter ended June 30, 2024, following the initial launch of Amtagvi on February 20, 2024. Amtagvi Revenue: 2Q24 represents the first quarter of Amtagvi sales in the U.S. with product revenue of $12.8 million, which is only recognized upon patient infusion.Proleukin Revenue: 2Q24 product revenue also includes $18.3 million in sales for Proleukin, which is used in the Amtagvi treatment regimen and in global commercial and clinical uses in other settings. Proleukin revenue is recognized upon delivery to distributors and ATCs and purchased several months in advance of anticipated infusions and reve...