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Develops tumor-infiltrating lymphocyte (TIL) cell therapies for advanced solid tumors, led by approved product Amtagvi.
Develops tumor-infiltrating lymphocyte (TIL) cell therapies for advanced solid tumors, led by approved product Amtagvi.
Earns from per-patient sales of Amtagvi, a one-time infusion made from the patient's own tumour tissue and shipped back to the hospital, so revenue depends on how many authorised treatment centres refer patients and how fast the manufacturing site can produce doses. It had no product sales before the 2024 approval.
Moat: narrow (IP / patents, regulatory licence, process know-how). First approved TIL therapy with complex manufacturing know-how, though the science is replicable.
Headquarters: San Carlos, California, US · Founded: 2007 · Employees: 975
Size Iovance Biotherapeutics (IOVA) is a United States Health Care company (Biotechnology) with a market value of $3.64B, the 1406th largest of 3,117 United States companies the cockpit tracks. Shares closed at $4.34 on 6 Nov 2026.
Performance Over six months the shares gained 64.4%, against +3.9% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 34.5% over the last twelve months (peer median +5.4%); the operating margin is -91.2% (peer median -35.3%).
Valuation It trades at 10.4× enterprise value to sales against a peer median of 14.9× (8th cheapest of 17).
Capital Return on invested capital runs 57.5 points below its cost of capital (9.2% WACC).
Short interest Short interest is 13.0% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $325M | $264M | $164M | $1.19M | $0 |
| Revenue growth | — | +61% | +13,699% | — | — |
| Gross profit | $121M | $54.4M | $17.7M | -$31.9M | -$21.1M |
| EBITDA | -$251M | -$351M | -$352M | -$427M | -$378M |
| Net income | -$290M | -$391M | -$372M | -$444M | -$396M |
| Free cash flow | -$296M | -$336M | -$364M | -$384M | -$313M |
| Capital expenditure | $32.2M | $33.8M | $11.1M | $22.3M | $20.4M |
| Total debt | $46.0M | $49.4M | $58.3M | $75.9M | $85.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Iovance Biotherapeutics IOVA | $3.64B | +64% | +35% | -91% | 10.4× | n/a |
| Bristol Myers Squibb BMY | $127B | +12% | +4% | 33% | 3.2× | -12.9% |
| Merck & MRK | $362B | +33% | +5% | 18% | 5.4× | 4.1% |
| Replimune REPL | $2.05B | +547% | n/a | n/a | n/a | n/a |
| Immunocore Holdings Plc Shs Sponsored American Depositary Shares Repr 1 Sh IMCR | $1.60B | +5% | +20% | -5% | 2.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IOVA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | +2.9% | 10th lowest of 21 |
| 6-month return | +64.4% | +3.9% | 4th highest of 21 |
| Distance from 52-week high | -23.1% | -25.7% | 10th highest of 21 |
| Revenue growth (TTM) | +34.5% | +5.4% | 4th highest of 16 |
| Operating margin | -91.2% | -35.3% | 8th lowest of 17 |
| EV / Sales | 10.4× | 14.9× | 8th cheapest of 17 |
| ROIC minus cost of capital | -57.5 pp | -16.0 pp | 3rd lowest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Iovance Biotherapeutics IOVA | United States | $3.64B | +64% | +35% | -91% | 10.4× | n/a | n/a |
| Tango Therapeutics TNGX | United States | $3.63B | -7% | +121% | -253% | 49.1× | n/a | n/a |
| Enliven Therapeutics ELVN | United States | $3.62B | +21% | n/a | n/a | n/a | n/a | n/a |
| Lin BioScience 6696.TWO | Taiwan | $3.74B | +129% | n/a | n/a | n/a | n/a | n/a |
| Beijing Tiantan Biological Products 600161.SS | China | $3.76B | -11% | -13% | 21% | 4.8× | 3.2% | +12.5% |
| Disc Medicine IRON | United States | $3.50B | +16% | n/a | n/a | n/a | n/a | n/a |
| AbCellera Biologics ABCL | United States | $3.85B | +149% | +101% | -340% | 51.7× | n/a | n/a |
| Virbac VIRP.PA | France | $3.38B | +5% | +4% | 15% | 2.1× | 6.2% | +9.4% |
| Dyne Therapeutics DYN | United States | $3.37B | +3% | n/a | n/a | n/a | n/a | n/a |
| Hualan Biological Engineering 002007.SZ | China | $3.37B | -15% | -11% | 17% | 5.6× | 16.7% | -1.8% |
| XtalPi 2228.HK | Hong Kong | $3.35B | -34% | +4% | -127% | 26.3× | n/a | n/a |
| Relay Therapeutics RLAY | United States | $4.08B | +46% | +24% | -2,999% | 308.8× | n/a | n/a |
| Telix Pharmaceuticals TLX.AX | Australia | $3.22B | -6% | +27% | -1% | 3.9× | n/a | n/a |
| Denali Therapeutics DNLI | United States | $3.22B | +2% | n/a | -2,488% | 128.0× | n/a | n/a |
| HLB 028300.KS | South Korea | $3.06B | -49% | +29% | -96% | 45.9× | n/a | n/a |
| Caliway Biopharmaceuticals 6919.TW | Taiwan | $3.01B | -37% | -54% | -6,983% | 6,237.3× | n/a | n/a |
| JOINN Laboratories (China) 6127.HK | Hong Kong | $4.43B | +9% | +17% | -4% | 15.1× | n/a | n/a |
| Adaptive Biotechnologies ADPT | United States | $4.47B | +103% | +50% | -12% | 14.7× | n/a | n/a |
| Changchun High-Tech Industry (Group) 000661.SZ | China | $4.51B | -13% | -18% | -1% | 2.8× | 32.2% | +7.1% |
| Bavarian Nordic A/S BAVA.CO | Denmark | $2.93B | +27% | -3% | 16% | 2.8× | -2.0% | +27.4% |
| Zai Lab 9688.HK | Hong Kong | $2.92B | +13% | +5% | -59% | 5.5× | n/a | n/a |