Immunocore (IMCR) Jefferies Global Healthcare Conference 2025 summary

Commercial performance and market expansion

• KIMMTRAK achieved $94 million in Q1 net revenues, marking a 33% year-over-year increase and its 12th consecutive quarter of growth.

• Penetration in the US metastatic uveal melanoma market is about 65%, with ongoing efforts to deepen reach in community settings.

• New launches in the UK, Poland, and Netherlands are contributing to international growth, with over 80% penetration in France and Germany.

• Duration of therapy averages 12 months in real-world use, surpassing the 10 months seen in clinical trials.

• Physicians are keeping patients on therapy beyond radiologic progression due to observed patient benefit and lack of alternative options.

Competitive landscape and clinical outcomes

• KIMMTRAK is the first approved therapy for HLA-A*02:01 positive uveal melanoma, showing a median overall survival of 22 months and a 27% three-year survival rate.

• The drug is well-tolerated, with adverse events improving over time and a predictable safety profile.

• Potential competition is emerging, but KIMMTRAK remains the standard of care with established long-term survival data.

Pipeline development and clinical trials

• A pivotal phase III trial for KIMMTRAK in cutaneous melanoma is underway, with three arms: monotherapy, combination with pembrolizumab, and a control arm; primary endpoint is overall survival.

• Phase I/IB data in cutaneous melanoma showed a 75% one-year survival rate, supporting the phase III trial.

• Enrollment for the phase III cutaneous melanoma trial is expected to complete in the first half of next year, with readouts possible in the second half.

• An adjuvant KIMMTRAK trial in uveal melanoma is also progressing.