By Katherine Hamilton
Iovance Biotherapeutics shares declined after its primary cancer treatment fell short of revenue expectations.
The stock fell 19% to $4.28 on Friday, at one point dropping to a 52-week low of $3.62. Shares are down 75% in the past year.
The San Carlos, Calif., biotechnology company said Thursday revenue from Amtagvi was $48.7 million in the fourth quarter, missing Wall Street's estimate of $54 million. Full-year revenue for the product of $103.6 million also fell short of the $109 million analyst forecast.
The February 2024 launch of Amtagvi, which treats patients with metastatic melanoma, was the primary driver of revenue growth during the year, Iovance said.
Revenue overall rose to $73.7 million, up from $482 million the year before. Analysts polled by FactSet expected revenue of $72.1 million.
Iovance posted a loss of $78.6 million, or 26 cents a share, compared with a loss of $116.4 million, or 45 cents a share, in the prior year. Analysts expected a loss of 27 cents a share, according to FactSet.
Iovance reaffirmed its total product revenue guidance of $450 million to $475 million for this year. Analysts were guiding for $445.5 million.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 28, 2025 15:22 ET (20:22 GMT)
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