Shares of Iovance Biotherapeutics declined 11.5% following the earnings release, reflecting investor disappointment primarily driven by cautious full-year guidance and signs of operational deceleration despite solid revenue growth.

• Q1 revenue grew approximately 45% year-over-year, driven by Amtagvi adoption.
• Q2 revenue guidance of $86 million to $88 million implies a more modest sequential growth trajectory despite continued uptake.
• Full-year 2026 revenue guidance was set at $350 million to $370 million, reflecting cautious outlook relative to implied peak sales potential.
• Temporary manufacturing capacity reductions earlier in the quarter impacted production continuity, though in-house manufacturing is now fully resumed.
• Margin improvement is expected over time from operational efficiencies, but no near-term margin expansion details were provided.