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Iovance Biotherapeutics shares surge after Q2 revenue jump
Second-quarter revenue rose to $99.3 million, with Amtagvi accounting for about $91 million, as the company builds demand after a third marketing approval for Australia.
Iovance Biotherapeutics saw its stock surge to a fresh 52-week high after reporting a sharp increase in second-quarter results, driven by strengthening demand for its advanced melanoma treatment Amtagvi. Yahoo Finance reports the shares rose as much as 47% in intraday trading, then finished up 43.09% at $6.21 after earlier hitting a high of $6.39.
The company said revenues totaled $99.3 million for the quarter, up 66% from $59.9 million in the same period last year. Amtagvi generated around $91 million of that figure, up 68% year over year, while Proleukin contributed about $9 million and is expected to grow later in the year.
Iovance also reported that its second-quarter net loss narrowed by 57.6% to $47.3 million from $111.6 million a year earlier. The revenue strength followed continued optimism for Amtagvi's growth outlook after securing its third marketing approval to sell the treatment in Australia, following the US and Canada.
According to the report, Iovance said it is authorizing its first Australian treatment center as part of an expansion strategy. The Therapeutic Goods Administration granted approval based on safety and efficacy results from the global, multicenter C-144-01 trial in patients with advanced melanoma previously treated with anti-PD-1 therapy and targeted therapy, if applicable.