Aston Martin cuts 2025 volume and profit guidance amid weak demand, tariff risks
SAN CARLOS, Calif. - Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) reported fourth quarter 2024 financial results that fell short of analyst expectations on the revenue front, sending shares down 5.3% in after-hours trading.
The commercial-stage biotechnology company posted revenue of $73.7 million for the quarter, missing the consensus estimate of $77.33 million. However, adjusted earnings per share came in at -$0.26, slightly better than the -$0.27 analysts were expecting.
Total (EPA:TTEF) product revenue for Q4 included $48.7 million from sales of Amtagvi, the company’s recently launched cell therapy for advanced melanoma, and $25.0 million from Proleukin sales. For the full year 2024, Iovance reported total product revenue of $164.1 million, reaching the upper end of its guidance range of $160-$165 million.
"In 2024, we successfully drove strong early adoption for our U.S. commercial launch of Amtagvi for patients with previously treated advanced melanoma," said Frederick Vogt, Ph.D., J.D., Interim President and CEO of Iovance. "Strong demand and growth are continuing and on track to accelerate for both Amtagvi and Proleukin in 2025 and beyond in the U.S. and globally."
The company reaffirmed its 2025 total product revenue guidance of $450-$475 million. Iovance expects cash burn for 2025 to be under $300 million as it completes expansion of its cell therapy manufacturing center.
As of February 26, 2025, Iovance had approximately $422 million in cash, cash equivalents, investments and restricted cash, which it believes will fund operations into the second half of 2026.
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