Iovance Shares Fall 11% Despite Third-Quarter Revenue Rising to $122 Million
Key Facts
Iovance Biotherapeutics shares closed at $7.74 on November 5, down about 11.0% from the previous session’s close of $8.70, according to EL7 data. The decline came on a day when the company reported record third-quarter product revenue of about $122 million. Iovance said revenue rose about 80% from about $67 million in the third quarter of the previous year. It also increased about 22% from about $99 million in the second quarter of 2026. The share decline therefore coincided with strong commercial growth, while available sources did not establish a direct causal link between the stock move and the company’s results.
Amtagvi accounted for the largest share of revenue, with U.S. sales of about $102 million in the third quarter. The company said those sales increased about 77% year over year and about 12% from the second quarter. U.S. sales of the drug exceeded $100 million for the first time, according to figures reported by the company. Global Proleukin revenue was about $20 million in the same quarter. The figures show the differing contributions of the two products to total revenue of about $122 million, with Amtagvi remaining the leading growth driver.
Gross margin improved to about 60% in the third quarter, from 56% in the second quarter. Iovance attributed the increase to higher Amtagvi sales volumes and internal cost optimization programs that included product manufacturing. The company said research and development expenses fell about 16% from the previous quarter, driven by operational efficiencies. It added that this marked the fifth consecutive quarter of improvement in those expenses. The higher margin and lower operating expenses add another dimension to the quarter’s revenue growth.
On treatment uptake, Iovance said more than 1,000 patients had received commercial Amtagvi by its third-quarter update. Its network of approved treatment centers also exceeded 100 in the United States, Canada and Australia. The company expects the number of active centers to reach at least 110 by the end of 2026. In clinical development, it reported a response rate of 59.1% in a selected biomarker subgroup in the IOV-LUN-202 trial. The company said this development led to the start of enrollment in the Positively trial during November, targeting 80 patients.
In other clinical data, the company said an updated analysis of patients with undifferentiated pleomorphic sarcoma and pleomorphic liposarcoma showed a confirmed response rate of 55.6%, or 5 of 9 patients. It added that two responses remained ongoing for more than a year after infusion. These results provide context on the company’s clinical programs alongside the expansion of commercial sales, without changing the reported quarterly financial figures. For the broader market, Reuters reported that U.S. stocks came under selling pressure on November 5 amid concerns that Democratic election gains could lead to rules that slow the construction of artificial intelligence infrastructure. The Nasdaq Composite fell 5.56% in the same session, a concurrent market backdrop that does not establish the cause of Iovance’s share decline.
Iovance reaffirmed that it remains on track to achieve total product revenue of between $410 million and $420 million in 2026. The company said it expects gross margin to continue improving, excluding incidental one-time items. This guidance coincides with the expansion of its treatment-center network, which is targeted to reach at least 110 active centers by year-end. The company also began enrollment in November in the Positively trial, which targets 80 patients, following results from the selected biomarker subgroup. These commercial and clinical targets keep attention on execution of the annual guidance and the trial’s progress in the coming period.