Immunocore (IMCR) Q2 2026 earnings summary

Executive summary

• Achieved $223 million in net revenue for H1 2026, up 16% year-over-year, driven by KIMMTRAK's strong commercial performance and global market penetration, with over 70% penetration in major markets and approval in 39 countries.

• KIMMTRAK demonstrated a doubling of five-year overall survival rates in HLA-A2-positive metastatic uveal melanoma, establishing a new benchmark and standard of care.

• Net income for H1 2026 was $12.2 million, reversing a net loss of $5.3 million in H1 2025, reflecting increased sales and operational discipline.

• Advanced three Phase 3 melanoma trials (TEBE-AM, ATOM, PRISM-MEL-301) and expanded pipeline into ovarian, lung, HIV, and autoimmune diseases, with first patient dosing in type 1 diabetes expected soon.

• KIMMTRAK is now commercially launched in over 30 countries, with over 5,000 patients treated to date.

Financial highlights

• Q2 2026 net product revenue was $115.9 million, up 18% year-over-year; H1 2026 net revenue was $223 million, up 16% year-over-year.

• U.S. revenue for H1 2026 was $142.4 million (up 18%), Europe $68.5 million (up 4%), and international $11.7 million (up 120%).

• R&D expenses for H1 2026 were $135.1 million (up 8% year-over-year); Q2 2026 R&D expenses were $74 million.

• SG&A expenses for H1 2026 were $81.7 million, slightly down year-over-year; Q2 2026 SG&A was $44 million.

• Cash and marketable securities totaled $880 million as of June 30, 2026.

Outlook and guidance

• Expect to pay approximately $120 million in sales-related rebates in H2 2026, mainly due to European revenue growth and a French pricing agreement; rebates expected to normalize in 2027.

• Topline data from the Phase 3 TEBE-AM trial in advanced cutaneous melanoma expected by end of 2026; additional PRAME and HIV data readouts anticipated in 2027.

• R&D expenses projected to increase modestly year-over-year, but at a slower rate than 2025.

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