Iovance Biotherapeutics (IOVA) Jefferies Global Healthcare Conference summary

Early commercial launch progress

• Amtagvi launch began after February 16th approval, with 30 ATCs at launch, growing to 50 by May and targeting over 70 by year-end.

• Over 100 patients enrolled, with an additional 60 in the workup phase, reflecting strong month-over-month growth and increasing site engagement.

• Community referrals are increasing, expanding the patient pool and driving more infusions, which are the key revenue events.

• The initial surge in demand is expected to moderate, with organic growth from newly diagnosed, healthier patients expected to sustain momentum.

• Patient dropout rates are similar to other cell therapies, but patient selection and outcomes are expected to improve over time.

Reimbursement and patient journey

• Financial clearance for patients typically takes 2–6 weeks, with prior authorization averaging about 3 days.

• The manufacturing turnaround time is about 37 days, followed by 7 days of lymphodepletion and then infusion.

• Reimbursement timelines are expected to shorten as centers and payers gain experience, improving revenue recognition speed.

• Over 200 million covered lives have payer approval for Amtagvi, aided by strong clinical data and NCCN guidelines.

• No plans for broad commercial contracts with payers; single case agreements set the foundation for faster future approvals.

Financial outlook and guidance

• No formal financial guidance yet, but performance is being compared to first-generation CD19 CAR T launches, such as Yescarta's $150–160M in first-year sales.

• Revenue is recognized at infusion for Amtagvi, with Proleukin sales acting as a leading indicator due to earlier distribution.

• Plans to provide more detailed financial guidance, potentially breaking out Amtagvi and Proleukin contributions.

• Second quarter reporting will likely show a single revenue line with additional detail on product contributions.

• Confidence remains high in resources and strategy to achieve a strong launch despite being a smaller company.