Immunocore Holdings plc (IMCR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$430.8M

Revenue growth

21.0%

Net income, last twelve months

-$18.1M

Earnings per share

-$0.37

Gross margin

98.9%

Operating margin

-5.2%

Net margin

-4.2%

Free cash flow

-$41.2M

Return on equity

-4.3%

Market value

$1.7B

Dividend yield

0.0%

Cash

$484.9M

Debt

$394.2M

Debt to equity

0.94

Shares outstanding

51.5M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Q2 KIMMTRAK sales up 18%. Q2 2026 KIMMTRAK net product sales were $115.9 million, compared with $98.0 million a year earlier, per the company.
• Volume drove the increase. Management said the rise in net product sales was primarily due to higher volumes in the United States and international regions.
• First-half sales up 16%. KIMMTRAK net product sales for the six months were $222.6 million, up 16% year over year. Q1 2026 sales were $106.7 million.
• Q2 net loss $0.8 million. Q2 net loss was $0.8 million, or $0.02 per share, compared with a net loss of $10.3 million, or $0.20 per share, a year earlier. Loss from operations was $3.0 million.
• Six-month net income positive. Net income for the six months was $12.2 million, or $0.23 per diluted share, compared with a net loss of $5.3 million in the same period of 2025.
• US sales up 17%. US quarterly sales grew 17% year over year, and mean duration of treatment was 14 months.
• Q2 regional sales split. Q2 2026 sales were $74.9 million in the United States, $34.1 million in Europe and $6.9 million in international regions. Europe was $34.4 million in Q1 2026.
• Europe and International up 21%. Combined Europe and International sales rose 21% year over year, which the company attributed to increased demand.
• Five-year survival benefit shown. Five-year OS was 16% on KIMMTRAK versus 8% in the control arm (HR 0.67). Median OS was 21.6 months versus 16.9 months. Data were presented at AACR 2026.
• Benefit held across subgroups. Management said the OS benefit was seen regardless of baseline characteristics, including high tumor burden, elevated LDH or tumor location, and was driven primarily by KIMMTRAK rather than later therapies.
• Standard of care in launched markets. Management said KIMMTRAK continues to be the standard of care in all major markets where it is launched. The prior release said most markets.
• Three growth areas named. The three areas are continued US community and global penetration in metastatic uveal melanoma, potential 2L+ advanced cutaneous melanoma expansion, and potential adjuvant uveal melanoma expansion.
• TEBE-AM enrollment nearing 540. TEBE-AM enrollment in previously treated advanced cutaneous melanoma is nearing the 540-patient target. The trial's primary endpoint is overall survival.
• PRISM-MEL-301 randomizing patients. Randomization continues 1:1 to brenetafusp 160 mcg plus nivolumab, or to a control arm of nivolumab or nivolumab plus relatlimab, in first-line advanced melanoma.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 33 held.

Every filing

The newest filings with the SEC of 132 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

166 funds held it at 30 Jun 2026: 74 added and 38 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Amgen Inc. (AMGN): revenue $38.1B, market value $244.4B
• Gilead Sciences, Inc. (GILD): revenue $30.5B, market value $197.6B
• Moderna, Inc. (MRNA): revenue $2.2B, market value $85.4B
• argenx SE (ARGX): revenue $4.2B, market value $55.2B
• Biogen Inc. (BIIB): revenue $10.3B, market value $36.1B
• BioNTech SE (BNTX): revenue $3.2B, market value $22.1B
• Exelixis, Inc. (EXEL): revenue $2.4B, market value $16.5B
• Halozyme Therapeutics, Inc. (HALO): revenue $1.7B, market value $14.8B
• Neurocrine Biosciences Inc. (NBIX): revenue $3.4B, market value $14.8B
• Bio-Techne Corp. (TECH): revenue $1.2B, market value $11.3B

What the company does

Immunocore Holdings plc is a commercial stage biotechnology company that develops medicines on its ImmTAX platform, which uses engineered T cell receptors (TCRs). Its marketed product is KIMMTRAK (tebentafusp), approved in 39 countries for HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma. As of 31 December 2025 the company had launched KIMMTRAK commercially in 30 countries, including the United States, Germany and France. It has treated over 2,000 cancer patients with KIMMTRAK and its other ImmTAX candidates. The pipeline covers cancer, infectious diseases and autoimmune diseases, and the company had 524 full-time employees at year end.

How the platform works

ImmTAX stands for Immune mobilizing monoclonal TCRs Against X disease. Each ImmTAX molecule is a bispecific with two parts: a TCR targeting system and an effector function. TCRs occur naturally on T cells and scan other cells for protein fragments presented by human leukocyte antigen (HLA). The company engineers these receptors for high affinity so they can bind specific targets, including proteins inside cells.

The filing says antibody-targeted therapies are limited to cell surface proteins, a subset of about 10% of the human proteome. The effector part is chosen for the disease. For cancer and viral infections it is a CD3 module that recruits and activates T cells. For autoimmune disease it is a PD1 agonist that suppresses pathogenic T cells in a chosen tissue.

The company has three platforms named by therapeutic area: - ImmTAC, for cancer - ImmTAV, for viruses - ImmTAAI, for autoimmune disease

What it sells and how

KIMMTRAK is the company's only approved product. It was the first approved therapy for metastatic uveal melanoma, according to the filing. The company uses a hybrid commercial model, with an in-house sales force in the United States and contracted resources in the United States and Europe.

- Medison Pharma Ltd. is the exclusive partner for Canada, Australia, New Zealand, Israel, Central and Eastern Europe, South and Central America and the Caribbean. - Er-Kim Pharmaceuticals Bulgaria EOOD covers Turkey, the Middle East, North Africa, the Caucasus and the Commonwealth of Independent States regions.

Revenue from therapies is reported by customer location in three groups: United States, Europe and International. Sales depend partly on coverage and reimbursement from government health programs, commercial insurers and managed healthcare organizations. The company has pricing and reimbursement agreements in more than 20 European and other territories, including Germany, France and Italy.

What is in development

In cancer, KIMMTRAK is in two Phase 3 trials: TEBE-AM in advanced cutaneous melanoma, and ATOM in adjuvant uveal melanoma, which is led by the European Organisation for Research and Treatment of Cancer. Brenetafusp targets PRAME and is in the Phase 3 trial PRISM-MEL-301 with nivolumab in first-line advanced cutaneous melanoma. It is also in a Phase 1/2 trial covering ovarian cancer and non-small cell lung cancer. IMC-P115C, a half-life extended PRAME candidate, is in Phase 1. IMC-R117C targets PIWIL1 and is in a Phase 1/2 trial in advanced solid tumors, including colorectal cancer.

In infectious disease, IMC-M113V is in the Phase 1/2 STRIVE trial in people living with HIV, with the aim of a functional cure. IMC-I109V, for chronic hepatitis B, has completed the single ascending dose part of a Phase 1 trial.

In autoimmune disease, IMC-S118AI targets pancreatic beta-cells in type 1 diabetes, and the company submitted a clinical trial application in December 2025. IMC-U120AI targets CD1a in atopic dermatitis. The company says it plans to file a clinical trial application or investigational new drug application for it in the second half of 2026.

Manufacturing and partners

The company does not own or operate manufacturing facilities and uses contract manufacturers for drug substance and drug product. Deutsche Post DHL Group in the Netherlands handles storage, distribution, packaging and labelling. The company develops the processes and assays in-house and transfers them to the manufacturers.

Under an agreement with Bristol-Myers Squibb, the company sponsors and funds the PRISM-MEL-301 trial and Bristol-Myers Squibb supplies nivolumab. No monetary consideration passes between them. A separate agreement with the Gates Foundation covers TCR bispecific candidates for neglected diseases, primarily tuberculosis and HIV.

Patents and competition

As of 31 December 2025 the company's portfolio held over 850 patents and pending applications, including at least 25 issued United States patents and more than 500 patents outside the United States. The issued United States composition of matter patents for brenetafusp are estimated to expire in 2038.

The company names many TCR-focused competitors, including Adaptimmune Therapeutics plc, Immatics Biotechnologies GmbH and Regeneron Pharmaceuticals, Inc. In melanoma it points to Delcath Systems' HEPZATO KIT for liver-directed treatment and Bristol Myers Squibb's Opdualag. It says many competitors have greater financial, technical and other resources.

Its people

Of the 524 full-time employees, 276 work in research and development and 248 in commercial, business development, finance, information systems, facilities, human resources or administrative roles. Employees work primarily in the United Kingdom and the United States, and 132 of them (25%) hold doctoral degrees. None are covered by collective bargaining agreements. The principal executive offices are in Abingdon, Oxfordshire, with United States offices in Radnor, Pennsylvania and Gaithersburg, Maryland.

*From Immunocore's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1671927/000167192726000005/imcr-20251231.htm)*

From the company's 10-K.