Immunocore (IMCR) Morgan Stanley 24th Annual Global Healthcare Conference summary

Macro and industry trends

• China-origin innovation is raising the bar for early-stage assets, shifting differentiation from speed to complexity and uniqueness of targets.

• Business development standards have increased, with greater scrutiny on asset selection due to global competition.

• FDA predictability is the most impactful policy variable, especially for rare disease trials with significant investment and long timelines.

• Scenario planning is emphasized to prepare for evolving regulatory and policy environments.

Technology and R&D innovation

• AI has replaced labor-intensive structural biology work, accelerating upstream research through in silico simulations.

• Incremental AI-driven improvements across drug development steps are targeted to compress timelines.

• TCR engineering and specificity are prioritized over speed, focusing on complex intracellular targets.

Pipeline and clinical progress

• ImmTAC bispecifics access 90% of the proteome, treating both cold and hot tumors, and have established a new standard of care in uveal melanoma.

• Over 2,000 patients have been treated, with real-world data feeding back into research for ongoing innovation.

• TEBE-AM phase III trial completion could expand the addressable patient population from 1,000 to 5,000 if positive, with further potential in cutaneous melanoma and ovarian cancer.

• ATOM adjuvant trial targets 1,200 high-risk patients, aiming to prevent metastasis post-tumor removal, with recruitment ongoing in Europe and the U.S.