Iovance Biotherapeutics reported record third quarter 2026 results, with total revenue of $121.5 million exceeding analyst estimates. Performance was driven by robust U.S. demand for Amtagvi, which generated $102 million in sales, while the net loss per share narrowed significantly to $0.05. The company achieved a record gross margin of 60% and reaffirmed its full-year 2026 revenue guidance.
Key Highlights
- Total product revenue reached $121.5 million, an 80% year-over-year increase driven by the expansion of the authorized treatment center network to over 100 locations.
- U.S. Amtagvi sales rose 77% compared to the prior year to $102 million, while global Proleukin revenue contributed $20 million for the quarter.
- Gross margin expanded to 60% from 56% in the second quarter of 2026, reflecting higher sales volume and cost optimization programs across product production.
- Research and development expenses decreased 16% sequentially, marking the fifth consecutive quarter of operational efficiency improvements.