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 performance and >70% market penetration in major markets.

• KIMMTRAK demonstrated a doubling of five-year overall survival rates in metastatic uveal melanoma, setting a new benchmark and establishing standard of care in over 30 launched countries.

• 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.

• Achieved net income of $12.2 million for H1 2026, reversing a prior year loss, with operational discipline and increased KIMMTRAK sales.

• KIMMTRAK is approved in 39 countries, commercially launched in over 30, and has treated over 5,000 patients to date.

Financial highlights

• Q2 2026 net sales reached $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 grew 18% to $142.4 million; European revenue increased 4% to $68.5 million; international revenue surged 120% to $11.7 million.

• 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 moderating KIMMTRAK sales growth due to high market penetration and inventory effects.

• Anticipate $120 million in sales-related rebates in H2 2026, mainly from European revenue growth and French pricing agreement; rebates expected to normalize in 2027.

• Topline data from TEBE-AM Phase 3 trial in advanced cutaneous melanoma expected by end of 2026.

• Additional data readouts expected from PRAME franchise and HIV program in 2027.

• Existing cash and anticipated revenue expected to fund operations for at least 12 months from filing date.