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IOVA Q1 Earnings Match Estimates, Sales Miss, Stock Down 13%
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Key Takeaways
IOVA posted Q1 revenue growth of 45%, but sales missed estimates and shares fell 13%.
Amtagvi generated about $60M in Q1 sales as referrals and earlier treatment use improved.
Iovance expects 2026 product revenues of $350M-$370M, led primarily by Amtagvi.
Iovance Biotherapeutics (IOVA - Free Report) incurred a first-quarter 2026 loss of 19 cents per share, in line with the Zacks Consensus Estimate. In the year-ago quarter, the company reported a loss of 36 cents.
Total revenues for the quarter rose 45% year over year to $71.4 million, generated entirely from the sales of the company’s two marketed drugs. The top line missed the Zacks Consensus Estimate of $77.1 million.
IOVA's Earnings in Detail
Iovance currently has two marketed drugs in its portfolio — the IL-2 product Proleukin and the TIL therapy Amtagvi. While Proleukin is approved to treat metastatic renal cell carcinoma and metastatic melanoma in adults, Amtagvi is approved for the advanced melanoma indication.
The company recorded approximately $60 million from Amtagvi sales during the quarter, up 38% from the year-ago period. Demand trends improved through the quarter, with management pointing to accelerating referrals and earlier use in the treatment pathway as awareness builds across treatment centers. Yet, the drug’s sales missed the Zacks Consensus Estimate and our model estimate, each pegged at $70 million.
Proleukin sales rose 91% to about $11 million during the quarter, benefiting from its use alongside Amtagvi. The figure also missed the Zacks Consensus Estimate and our model estimate, both pegged at $23 million.
Shares of Iovance plunged 13% yesterday, likely due to the soft sales performance of both therapies.
Still, the stock has rallied 30% so far this year against the industry’s 2% decline.
Image Source: Zacks Investment Research
IOVA Reduces Operating Costs While Extending Cash Runway
Research & development expenses totaled $62.5 million in the quarter, down 12% from the year-ago period, reflecting ongoing operational efficiencies alongside pipeline expansion efforts.
Selling, general and administrative expenses declined 11% to about $39 million. Management positioned the cost structure as improving alongside manufacturing centralization and internal efficiency initiatives, aimed at supporting a clearer path to profitability as revenues scale.
As of March 31, 2026, Iovance had cash, cash equivalents and investments of $319 million compared with $303 million in the previous quarter. Management now expects its existing cash balance to fund operations into 2028 (previously: third-quarter 2027), driven by ongoing cost discipline alongside revenue growth and improving manufacturing leverage.
Iovance discussed its approach to financing on the call, describing its use of the at-the-market facility as opportunistic and aimed at limiting the overall cost of capital while it drives toward breakeven. The company said it continues to evaluate non-dilutive options as it scales commercial execution and advances multiple trials.
IOVA Issues 2026 Outlook
Iovance expects product revenues for 2026 to be between $350 million and $370 million, with the range described as predominantly fueled by Amtagvi. The company anticipates product revenues for second-quarter 2026 in the range of $86-$88 million, which includes Amtagvi sales between $79 million and $81 million.
On the earnings call, management attributed the tighter quarterly outlook to greater operational visibility, citing improved forecasting around treatment-center activity and manufacturing execution. Leadership also said the commercial organization is focused on expanding capacity and onboarding additional centers over time to support growth through the year.
Updates on IOVA’s Pipeline & Other News
Regulatory applications for Amtagvi in the melanoma indication are under review, with potential approvals in Australia and Switzerland later this year. Last year, IOVA voluntarily withdrew its regulatory filing in the European Union due to a lack of alignment with the EMA on the clinical data supporting the submission. The company is in discussions with the agency to resubmit a regulatory filing in 2026.
Iovance continues to advance its development programs for Amtagvi. It is evaluating the drug in combination with Merck’s Keytruda in the phase III TILVANCE-301 study as a potential treatment for frontline advanced melanoma. This study will serve as a confirmatory study seeking full approval for Amtagvi in the melanoma indication.
Beyond melanoma, Iovance is developing Amtagvi for other cancer indications. Alongside earnings results, the company reported initial data from the mid-stage IOV-END-201 study evaluating the therapy in previously treated metastatic serous endometrial cancer. Data from the study showed that Amtagvi-treated patients achieved a confirmed objective response rate of 40% and a 100% disease control rate in the first five evaluable patients. Management characterized the setting as an area of high unmet need and said it plans to engage the FDA on an expedited approval pathway.
Amtagvi is being evaluated in separate mid-stage studies for cervical cancer and non-small cell lung cancer indications.
Over the past 60 days, estimates for Amarin’s 2026 loss per share have narrowed from $7.01 to $6.36. Over the same period, loss per share estimates for 2027 have improved from $5.50 to $4.64. AMRN shares have risen 6% year to date.
Amarin’s earnings beat estimates in three of the trailing four quarters but missed the mark on one occasion, delivering an average surprise of 50.02%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 EPS have increased from $3.03 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.46. INDV shares have risen 10% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 65.44%.
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IOVA Q1 Earnings Match Estimates, Sales Miss, Stock Down 13%
Key Takeaways
Iovance Biotherapeutics (IOVA - Free Report) incurred a first-quarter 2026 loss of 19 cents per share, in line with the Zacks Consensus Estimate. In the year-ago quarter, the company reported a loss of 36 cents.
Total revenues for the quarter rose 45% year over year to $71.4 million, generated entirely from the sales of the company’s two marketed drugs. The top line missed the Zacks Consensus Estimate of $77.1 million.
IOVA's Earnings in Detail
Iovance currently has two marketed drugs in its portfolio — the IL-2 product Proleukin and the TIL therapy Amtagvi. While Proleukin is approved to treat metastatic renal cell carcinoma and metastatic melanoma in adults, Amtagvi is approved for the advanced melanoma indication.
The company recorded approximately $60 million from Amtagvi sales during the quarter, up 38% from the year-ago period. Demand trends improved through the quarter, with management pointing to accelerating referrals and earlier use in the treatment pathway as awareness builds across treatment centers. Yet, the drug’s sales missed the Zacks Consensus Estimate and our model estimate, each pegged at $70 million.
Proleukin sales rose 91% to about $11 million during the quarter, benefiting from its use alongside Amtagvi. The figure also missed the Zacks Consensus Estimate and our model estimate, both pegged at $23 million.
Shares of Iovance plunged 13% yesterday, likely due to the soft sales performance of both therapies.
Still, the stock has rallied 30% so far this year against the industry’s 2% decline.
Image Source: Zacks Investment Research
IOVA Reduces Operating Costs While Extending Cash Runway
Research & development expenses totaled $62.5 million in the quarter, down 12% from the year-ago period, reflecting ongoing operational efficiencies alongside pipeline expansion efforts.
Selling, general and administrative expenses declined 11% to about $39 million. Management positioned the cost structure as improving alongside manufacturing centralization and internal efficiency initiatives, aimed at supporting a clearer path to profitability as revenues scale.
As of March 31, 2026, Iovance had cash, cash equivalents and investments of $319 million compared with $303 million in the previous quarter. Management now expects its existing cash balance to fund operations into 2028 (previously: third-quarter 2027), driven by ongoing cost discipline alongside revenue growth and improving manufacturing leverage.
Iovance discussed its approach to financing on the call, describing its use of the at-the-market facility as opportunistic and aimed at limiting the overall cost of capital while it drives toward breakeven. The company said it continues to evaluate non-dilutive options as it scales commercial execution and advances multiple trials.
IOVA Issues 2026 Outlook
Iovance expects product revenues for 2026 to be between $350 million and $370 million, with the range described as predominantly fueled by Amtagvi. The company anticipates product revenues for second-quarter 2026 in the range of $86-$88 million, which includes Amtagvi sales between $79 million and $81 million.
On the earnings call, management attributed the tighter quarterly outlook to greater operational visibility, citing improved forecasting around treatment-center activity and manufacturing execution. Leadership also said the commercial organization is focused on expanding capacity and onboarding additional centers over time to support growth through the year.
Updates on IOVA’s Pipeline & Other News
Regulatory applications for Amtagvi in the melanoma indication are under review, with potential approvals in Australia and Switzerland later this year. Last year, IOVA voluntarily withdrew its regulatory filing in the European Union due to a lack of alignment with the EMA on the clinical data supporting the submission. The company is in discussions with the agency to resubmit a regulatory filing in 2026.
Iovance continues to advance its development programs for Amtagvi. It is evaluating the drug in combination with Merck’s Keytruda in the phase III TILVANCE-301 study as a potential treatment for frontline advanced melanoma. This study will serve as a confirmatory study seeking full approval for Amtagvi in the melanoma indication.
Beyond melanoma, Iovance is developing Amtagvi for other cancer indications. Alongside earnings results, the company reported initial data from the mid-stage IOV-END-201 study evaluating the therapy in previously treated metastatic serous endometrial cancer. Data from the study showed that Amtagvi-treated patients achieved a confirmed objective response rate of 40% and a 100% disease control rate in the first five evaluable patients. Management characterized the setting as an area of high unmet need and said it plans to engage the FDA on an expedited approval pathway.
Amtagvi is being evaluated in separate mid-stage studies for cervical cancer and non-small cell lung cancer indications.
IOVA’s Zacks Rank
Iovance currently carries a Zacks Rank #3 (Hold).
Iovance Biotherapeutics, Inc. Price
Iovance Biotherapeutics, Inc. price | Iovance Biotherapeutics, Inc. Quote
Our Key Picks Among Biotech Stocks
Some better-ranked stocks from the sector are Amarin Corporation (AMRN - Free Report) and Indivior Pharmaceuticals (INDV - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Amarin’s 2026 loss per share have narrowed from $7.01 to $6.36. Over the same period, loss per share estimates for 2027 have improved from $5.50 to $4.64. AMRN shares have risen 6% year to date.
Amarin’s earnings beat estimates in three of the trailing four quarters but missed the mark on one occasion, delivering an average surprise of 50.02%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 EPS have increased from $3.03 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.46. INDV shares have risen 10% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 65.44%.