Abstract

Iovance Biotherapeutics, Inc. will release its quarterly results on February 24, 2026 Pre-Market; forecasts point to revenue of $80.71 million, EPS of -$0.17, and EBIT of -$77.39 million, with year-over-year improvements across the board and continued momentum in product sales.

Market Forecast

Across the latest forecasts, Iovance Biotherapeutics, Inc. is projected to deliver revenue of $80.71 million this quarter, an 11.49% year-over-year increase, alongside an EBIT of -$77.39 million (a 7.78% year-over-year improvement) and EPS of -$0.17 (a 35.73% year-over-year improvement). Gross profit margin and net profit margin guidance for the current quarter were not disclosed; however, the last reported gross margin was 42.96% and the net margin was -135.28%, signaling substantial operating leverage potential as revenue scales. The main business is product revenue, which has been the primary driver of the top line and is expected to remain the focal point in the near term as commercialization continues to mature. The most promising segment is product sales, which last quarter reached $67.46 million, up 15.20% year-over-year, and represents both the core revenue engine and the largest incremental growth opportunity based on current momentum.

Last Quarter Review

Iovance Biotherapeutics, Inc. reported last quarter revenue of $67.46 million, a gross profit margin of 42.96%, GAAP net loss attributable to the parent company of $91.25 million, a net profit margin of -135.28%, and adjusted EPS of -$0.25; revenue rose 15.20% year-over-year while adjusted EPS improved by 10.71% year-over-year. A notable highlight was the mixed performance versus expectations: revenue missed by $4.95 million relative to forecasts, yet adjusted EPS beat by $0.01, indicating tighter control of operating expenses compared to the anticipated loss per share. Main business performance centered on product sales, which delivered $67.46 million and grew 15.20% year-over-year, underscoring ongoing uptake and the basis for further scaling as market access and patient utilization broaden.

Current Quarter Outlook

Main Business Trajectory

The core business of Iovance Biotherapeutics, Inc. is product revenue, and this remains the central driver for the quarter. The revenue estimate of $80.71 million suggests continued expansion from last quarter’s $67.46 million, while the year-over-year growth rate of 11.49% reflects incremental adoption and operational scaling. The last quarter’s gross margin of 42.96% provides a useful benchmark for understanding the margin profile; as volumes increase, there is scope for structural gross margin improvement through manufacturing efficiencies and cost absorption over a larger revenue base. Given the last quarter’s net margin of -135.28%, the path to narrowing losses involves stabilizing gross margin and driving disciplined operating expense management, both of which appear to be progressing based on the EPS trajectory. The estimate for EPS at -$0.17, a 35.73% improvement year-over-year, is consistent with a scenario where fixed costs become less burdensome relative to revenue, and overhead allocations align better with sales run-rate. For this quarter, the key checkpoints for the main business will be the sequential revenue ramp and whether gross margin demonstrates the early signs of positive leverage relative to the last reported levels; together, these elements will be pivotal for inflecting toward more sustainable loss reduction and, over time, the prospect of breakeven dynamics.

Largest Growth-Potential Segment

Product sales constitute both the largest segment and the area with the most visible growth potential. Last quarter’s $67.46 million in product revenue, up 15.20% year-over-year, demonstrates a clear trend of accelerating adoption, and the current quarter’s revenue estimate of $80.71 million suggests this trajectory is still intact. The growth potential is rooted in expanding patient reach and prescriber familiarity, which typically drive more consistent ordering patterns and a broader base of utilization across geographies and centers. The ability to maintain or improve the 42.96% gross margin while expanding volume would support a healthier contribution margin from this segment, which in turn improves consolidated profitability metrics. The near-term focus is on sustaining the revenue pace while minimizing volatility relative to internal forecasts; achieving that balance translates to more reliable quarter-to-quarter predictability, which markets tend to reward. Over the medium term, growth will also benefit from process refinements and commercial infrastructure optimization intended to streamline engagement, improve throughput, and minimize bottlenecks that could otherwise constraint top-line realization.

Stock Price Drivers This Quarter

Three key elements are likely to have the most impact on the stock price this quarter: top-line momentum versus expectations, loss-narrowing progress evident in EPS and EBIT, and visibility on margin trajectory. The market will first look at revenue: delivering $80.71 million or surpassing it would validate current ramp assumptions and reinforce confidence in near-term demand. The second driver is loss containment; an EBIT estimate of -$77.39 million and EPS of -$0.17 point to improvement versus the prior year, and if actual results are tighter than these forecasts, it will signal strengthening operating control and greater efficiency. The third factor is margin directionality. With last quarter’s 42.96% gross margin as a point of reference and the net margin deeply negative at -135.28%, investors will be attentive to any indication of improving cost structure or scaling benefits that translate to a more favorable margin profile. Clear commentary on operational execution, including production cadence, cost discipline, and commercial strategy efficiency, would enhance transparency and help bridge the gap between headline results and longer-term financial modeling. Any updates on revenue quality—such as mix, repeat utilization, and order consistency—could further influence sentiment by clarifying whether the current growth is durable and aligned with the company’s internal trajectory.

Analyst Opinions

The majority of published views in the recent period are bullish, with supportive ratings and targets from well-followed institutions; bearish opinions were absent across the collected reports, indicating a constructive skew in sentiment. Barclays has reiterated Buy ratings on Iovance Biotherapeutics, Inc., with price targets of $10.00 in one note and $4.00 in another, reflecting a range of valuation scenarios while maintaining a positive stance; their commentary points toward anticipated revenue growth and the potential for loss narrowing as commercialization scales. Mizuho Securities also maintained a Buy rating with a price target of $10.00, signaling confidence in continued product uptake and incremental operating leverage as quarterly volumes climb. The combined signal from these institutions emphasizes that, while near-term losses are expected, the directional improvement in EPS and EBIT is a focal point, and execution against revenue forecasts is seen as the main catalyst for recalibrating the equity narrative. From a consensus perspective, the bullish outlook is anchored in the expectation that product sales will continue to rise and provide the framework for margin enhancement, with the current quarter’s estimates (revenue $80.71 million, EPS -$0.17, EBIT -$77.39 million) serving as practical benchmarks to judge momentum. Analysts are likely to parse the composition of revenue and the stickiness of demand to assess whether subsequent quarters can sustain or exceed the current projections; achieving that would strengthen the case for ongoing rating support and uphold the constructive tone. In summary, the ratio of bullish versus bearish views is decisively tilted toward the bullish side, and the dominant analytical narrative centers on revenue outperformance and progressive loss reduction as the key value drivers in the near term.