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Immunocore
Immunocore (IMCR) investor relations material
Immunocore Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Achieved $400M in KIMMTRAK net sales for FY 2025, up 29% year-over-year, with 15 consecutive quarters of growth and ≥70% market penetration in major markets; strong global expansion and deep U.S. community penetration.
KIMMTRAK now approved in 39 countries and launched in 30 markets, with real-world therapy duration at 14 months and median overall survival of 28 months.
Advanced three Phase 3 melanoma trials (TEBE-AM, ATOM, PRISM-MEL-301) and expanded pipeline into ovarian, lung, GI cancers, HIV, Hepatitis B, type 1 diabetes, and atopic dermatitis.
Ended 2025 with $864M in cash, cash equivalents, and marketable securities, supporting ongoing R&D and clinical expansion.
Initial Phase 1 HIV data showed delayed viral rebound and good tolerability.
Financial highlights
FY 2025 net sales of $400M for KIMMTRAK, up 29% year-over-year; US sales up 13%, Europe up 79%.
R&D expenses increased 24% to $274.9M; SG&A expenses rose 6% to $165.4M.
Net loss narrowed to $35.5M from $51.1M in the prior year.
Cash and marketable securities totaled $864M at year-end 2025.
Operating loss reduced in 2025 as revenue outpaced expense growth.
Outlook and guidance
Expects moderating revenue growth for KIMMTRAK in 2026 as market penetration increases.
Multiple registrational and proof-of-concept readouts anticipated throughout 2026, including Phase 3 melanoma trials and data from HIV and autoimmune programs.
Commercial preparations underway for potential KIMMTRAK expansion into cutaneous melanoma.
Plans to initiate first autoimmune disease trial in 1H 2026.
How will new indications impact KIMMTRAK revenue growth?
Which 2H 2026 data readout is most impactful?
What is the projected cash burn for 2026?
How robust are TEBE-AM control arm assumptions?
PRAME HLE: What data drives asset selection?
Autoimmune: How to assess early clinical success?
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Next Immunocore earnings date
Leerink Global Healthcare Conference 20269 Mar, 2026
Immunocore
Next Immunocore earnings date
Leerink Global Healthcare Conference 20269 Mar, 2026
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Frequently asked questions
Immunocore Holdings plc is a commercial-stage biotechnology company focused on the development of innovative immunotherapies for cancer, infectious diseases, and autoimmune diseases. Utilizing its proprietary T cell receptor (TCR) technology, the company aims to create transformative medicines to address unmet medical needs. Among its notable products is KIMMTRAK, designed for the treatment of patients with unresectable or metastatic uveal melanoma. Immunocore is headquartered in Abingdon, the United Kingdom, and is listed on the NASDAQ stock exchange under the ticker symbol IMCR.
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