IOVANCE BIOTHERAPEUTICS, INC. Revenue Disclosure
NOTE 7. REVENUE
Net revenue for the periods presented represents sales of Amtagvi® and Proleukin® as follows (in thousands):
| Years Ended December 31, | |||||||||
2025 | 2024 | 2023 | ||||||||
Amtagvi® | $ | 220,024 | $ | 103,567 | $ | — | ||||
Proleukin® | 43,478 | 60,503 | 1,189 | |||||||
$ | 263,502 | $ | 164,070 | $ | 1,189 | |||||
Revenue from Proleukin® was primarily related to sales made to specialty distributors and authorized treatment centers (“ATCs”) in the U.S. market to support the commercialization of Amtagvi®. Amtagvi® revenue is recognized upon patient infusion, while Proleukin® revenue is recognized upon transfer of control, either upon shipment or upon delivery to customers, which include specialty distributors, clinical manufacturers, research organizations, and ATCs.
Revenue from product sales was recorded net of GTN adjustments. The following table summarizes GTN adjustments for the periods presented (in thousands):
Years Ended December 31, | ||||||||||
2025 | 2024 | 2023 | ||||||||
Gross revenue | $ | 268,005 | $ | 169,170 | $ | 1,192 | ||||
GTN adjustments: | ||||||||||
Government rebates and chargebacks | (600) | (172) | — | |||||||
Wholesaler fees and cash discounts | (2,819) | (3,226) | (3) | |||||||
Other rebates, returns, discounts and adjustments | (1,084) | (1,702) | — | |||||||
Total GTN adjustments |
| (4,503) |
| (5,100) |
| (3) | ||||
$ | 263,502 | $ | 164,070 | $ | 1,189 | |||||
Consolidated net product revenue by geographic area for the periods presented is as follows (in thousands):
| Years Ended December 31, | |||||||||
2025 | 2024 | 2023 | ||||||||
United States | $ | 259,013 | $ | 161,043 | $ | — | ||||
Rest of world | 4,489 | 3,027 | 1,189 | |||||||
$ | 263,502 | $ | 164,070 | $ | 1,189 | |||||
Net product revenue in the U.S. is comprised of Amtagvi® revenue, as well as Proleukin® sales to support the ongoing commercialization of Amtagvi®. Net product revenue to date for the rest of world is comprised of sales of Proleukin® into markets outside of the U.S., primarily into European markets.
The following table summarizes the amount and percentage of gross revenue attributable to customers that represented more than 10% of the Company’s gross revenue and all other customers as a group for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively (in thousands, except percentages):
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | |||||||||||||||
$ | % | $ | % | $ | % | |||||||||||||
Customer A | $ | * | 0% | $ | 28,395 | 17% | $ | * | 0% | |||||||||
Other customers | 268,005 | 100% | 140,775 | 83% | 1,192 | 100% | ||||||||||||
Gross revenue | $ | 268,005 | 100% | $ | 169,170 | 100% | $ | 1,192 | 100% | |||||||||
GTN adjustments | (4,503) | (5,100) | (3) | |||||||||||||||
$ | 263,502 | $ | 164,070 | $ | 1,189 | |||||||||||||
* Represents customer below 10% | ||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.