Iovance Biotherapeutics (IOVA) Wells Fargo 21st Annual Healthcare Conference summary

Commercial performance and market expansion

• AMTAGVI sales rose from $60M in Q1 to $91M in Q2, driven by increased physician awareness, real-world evidence, and expansion of authorized treatment centers, expected to reach 110 by year-end.

• Positive demand trends continue, with quarter-over-quarter growth anticipated for the remainder of the year, though Q1–Q2 growth was partly timing-related.

• Nearly 100 centers currently offer AMTAGVI, with a balanced mix of academic and community sites; about one-third are community centers, broadening patient access.

• Centers are investing in expanding capacity due to strong demand, with about half increasing resources and bed capacity.

• Strategic investments in sales, reimbursement, and operations teams support center engagement and information dissemination, with 95% of Americans within two hours of a center and strong payer coverage.

International and product portfolio updates

• AMTAGVI is approved in Australia and Canada, with launches prioritized and pricing negotiations ongoing; expansion into Switzerland and the UK is underway.

• The global target population is about 30,000 previously treated melanoma patients, with efforts to establish treatment centers and capture private pay patients.

• Proleukin sales were $9M in Q2, down from $11M in Q1 due to inventory timing, but demand remains strong and growth is expected in Q3 and Q4.

• Proleukin is projected to represent about 16% of total revenue at steady state, a figure expected to mature in the second half of the year.

Margin improvement and operational efficiency

• Gross margin improved to 56% in Q2 from 41% in Q1, primarily due to bringing manufacturing in-house, process optimization, and increased volume.

• Further margin improvements are expected, with a long-term goal of around 70%, though no specific timeframe is provided.

• Margin growth was mainly driven by AMTAGVI, with Proleukin contributing less in Q2.