Iovance Biotherapeutics (NASDAQ:IOVA) stock is taking a beating on Friday after the biotechnology company announced its earnings for the second quarter of the year.
Iovance Biotherapeutics starts that report with adjusted earnings per share of -34 cents. That’s just barely above the -35 cents per share Wall Street was expecting. It’s also better than the -47 cents per share from the same period of the year prior.
Revenue reported by Iovance Biotherapeutics also came in at $31.11 million. That’s another beat compared to analysts’ estimate of $24.23 million for the quarter. It also comes in higher than the $238,000 reported in the second quarter of 2023.
Investors will note that the sudden increase in revenue is tied to approval for Amtagvi in February. This allowed the company to start selling the advanced melanoma treatment.
What’s Next for IOVA Stock?
Iovance Biotherapeutics provides revenue guidance of $53 million to $55 million for the third quarter of the year. That’s above Wall Street’s revenue guidance of $49.04 million.
Iovance Biotherapeutics also offers a 2024 revenue guidance of $160 million to $165 million. yet again, that’s higher than analysts’ estimate of $143.21 million.
Finally, the company expects revenue for 2025 to be between $450 million and $475 million. That would be another beat on Wall Street’s estimate of $403.71 million.
All of this news has IVOA stock up 18.1% as of Friday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
