Iovance Biotherapeutics Inc: 2Q26 Preview: Amtagvi Revenue Likely In-Line w/ Increased Infusions and Improved Attrition Rates & Gross Margin

Research evidence excerpt

Iovance Biotherapeutics Inc: 2Q26 Preview: Amtagvi Revenue Likely In-Line w/ Increased Infusions and Improved Attrition Rates & Gross Margin

estimate ~$312M in Amtagvi revenue (29% y/y growth) and $359 total revenue

(vs. $350-370M guidance). In our discussion, mgmt reiterated expectations for

improved demand from increased education and community initiatives.

Additionally, we expect more ATC activations as mgmt noted expectations for

~110 in 2026 vs. ~90 as of 1Q26 (Figure 3AmtagviOnboardedATCs). Improved manufacturing and ATC

performances are supported by positive trends in q/q scrap costs (Figure 4NotableExpenseandCostTrendsSinceAmtagviLaunch). While

community ATCs are likely to have a slower ramp, mgmt noted they are beginning

to see uptake and volume should be higher than academic ATCs at peak due to

strong referral networks (Figure 3AmtagviOnboardedATCs). Despite this, we remain conservative in our

estimates until we see indicators of growth acceleration.

Additional Things to Listen for on the Earnings Call:

Key ATC Metrics: Updates on ATC performance metrics, including patient

enrollment numbers, drop off rates, surgery success rates, and scrap costs. We'll

also look for commentary on any ATC logistic and workflow improvements.

New ATC launches: Updates on the number of newly activated ATCs and initial

launch performances. This include community ATCs, although we believe the

ramp could be slow as mgmt suggested operational bottlenecks can particularly

impact community sites, as they are building infrastructure for the first time vs.

large academic centers.

Proleukin Sales: Guidance implies ~$7M in Proleukin sales vs. $7.8/8.3M (UBSe/

cons). Mgmt indicated that Proleukin sales will follow a similar cadence to prior

quarters with some lumpiness.