Iovance Biotherapeutics, Inc. (IOVA) saw its stock price plunge by 9.51% in after-hours trading on November 7, 2024, despite reporting strong financial results and positive corporate updates for the third quarter of 2024.

The biotechnology company announced total revenue of $58.6 million for Q3 2024, primarily driven by $42.1 million in sales of its newly launched cancer therapy Amtagvi (lifileucel) and $16.5 million in sales of Proleukin, which is used in the Amtagvi treatment regimen. This represented a significant increase from the prior year, driven by the successful commercial launch of Amtagvi in the U.S. in February 2024.

Iovance reaffirmed its guidance for total product revenue in the range of $160 to $165 million for the full year 2024, reflecting three quarters of Amtagvi sales. The company also maintained its guidance for total product revenue in the range of $450 to $475 million for the full year 2025, the first full calendar year of Amtagvi sales.