Iovance Biotherapeutics reported record third-quarter 2026 revenue, with higher sales of its cancer therapy Amtagvi lifting gross margin. The company also highlighted clinical results for lifileucel in lung and soft-tissue cancers, alongside plans to advance trials and prepare a regulatory submission.
Key details
- Revenue reached about $122 million, up roughly 80% from $67 million a year earlier and 22% from the second quarter. Iovance said this was its second consecutive record quarter.
- U.S. Amtagvi revenue was about $102 million, up 77% year over year and 12% sequentially. Global revenue from Proleukin was about $20 million.
- Gross margin rose to about 60%, from 56% in the second quarter. Iovance attributed the improvement to higher Amtagvi sales volume and production-cost optimization.
- Research and development spending fell about 16% from the prior quarter. The company said operating efficiencies have reduced R&D expenses for five consecutive quarters while it expands development into additional indications.
- The company reiterated its 2026 revenue outlook of $410 million to $420 million, saying third-quarter performance and demand growth kept it on track. It also said more than 1,000 patients had been commercially treated with Amtagvi.
- In the IOV-LUN-202 study of metastatic non-small-cell lung cancer, the objective response rate was 24.6% among 69 patients in Cohorts 1 and 2. Iovance said responses were durable and that it is completing enrollment in those cohorts while preparing a supplemental application for the treatment.
- A biomarker-selected subgroup in the lung cancer study had a 59.1% objective response rate. Iovance said this result supports two new trials, POSITILITY and OPTILISM; POSITILITY is underway.
- In a separate study involving undifferentiated pleomorphic sarcoma and dedifferentiated liposarcoma, the confirmed response rate increased to 55.6% among nine patients. The result supports the ongoing SARATOGA registrational trial.
The quarter’s reported growth came primarily from Amtagvi sales, while the higher gross margin reflects both greater sales volume and lower production costs. The clinical results point to Iovance’s efforts to broaden lifileucel’s development beyond its existing commercial use, though the lung and sarcoma findings are from clinical trials, not established commercial indications.