Immunocore (IMCR) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $13.0 million, more than doubling from $5.0 million in Q1 2025, driven by increased KIMMTRAK sales and global expansion.

• Q1 2026 net product revenue reached $106.7 million, up 13.6%–14% year-over-year, primarily from KIMMTRAK sales in the US and Europe.

• KIMMTRAK is approved in 39 countries, commercially launched in over 30, and has treated over 2,000 patients to date.

• Five-year overall survival data from the pivotal Phase 3 KIMMTRAK trial showed a doubling of survival rates in unresectable or metastatic uveal melanoma.

• Cash, cash equivalents, and marketable securities totaled $845 million as of March 31, 2026.

Financial highlights

• Q1 2026 net sales were $106.7 million (US: $67.4M, Europe: $34.4M, International: $4.8M), up from $93.9 million in Q1 2025.

• R&D expenses rose to $61.1 million, reflecting increased clinical trial activity, especially for PRAME programs and Phase 3 trial progression.

• SG&A expenses decreased to $37.9 million, mainly due to higher share-based compensation forfeitures.

• Cash and marketable securities at quarter-end: $844.9 million.

• Working capital increased to $763.7 million from $750.0 million at year-end 2025.

Outlook and guidance

• Continued expansion of KIMMTRAK in the US and globally, with focus on metastatic uveal melanoma and potential new indications.

• Enrollment ongoing for Phase 3 trials in advanced cutaneous melanoma and adjuvant uveal melanoma, with topline data expected in late 2026.

• Additional Phase 1/2 data from pipeline candidates expected in the second half of 2026.

• Existing cash, marketable securities, and anticipated KIMMTRAK revenue expected to fund operations for at least 12 months.

• Additional financing may be sought to support long-term clinical development and commercialization.