Immunocore (IMCR) Q4 2024 earnings summary

Executive summary

• Achieved $310 million in 2024 KIMMTRAK net sales, up 30% year-over-year, with Q4 revenue of $84.1 million and launches in 14 new countries, now approved in 39 and launched in 24.

• Advanced three Phase 3 melanoma trials (TEBE-AM, ATOM, PRISM-MEL), initiated two Phase 1 trials (PIWIL1, PRAME HLE), and progressed infectious disease and autoimmune pipelines, including HIV, HBV, type 1 diabetes, and atopic dermatitis candidates.

• Ended 2024 with $820.4 million in cash, cash equivalents, and marketable securities, and fully repaid $50 million Pharmakon loan.

• Welcomed new CFO Travis Coy and appointed Dr. William Pao to the Board of Directors.

Financial highlights

• 2024 net revenues reached $310 million, a 30% increase over 2023; Q4 2024 net revenues were $84.1 million.

• U.S. KIMMTRAK net revenue grew 34% year-over-year to $226.7 million; Europe up 8% to $73.2 million; International revenue was $10.1 million.

• R&D expenses rose to $222.2 million in 2024, mainly due to PRAME and tebentafusp trials; SG&A expenses increased to $155.8 million.

• Net loss for 2024 was $51.1 million, improved from $55.3 million in 2023; basic and diluted loss per share was $1.02.

• Gross margin remains high, with cost of revenue at $2.7 million on $310 million net sales.

Outlook and guidance

• Expects incremental KIMMTRAK revenue growth in 2025, led by further U.S. penetration, community expansion, and new international launches.

• R&D expenses anticipated to rise as clinical and preclinical pipeline advances; SG&A to remain consistent with Q4 2024 levels.

• Key data readouts expected in the next 12-18 months, including Phase 1 HIV (IMC-M113V) in Q1 2025, Phase 1 HBV (IMC-1109V) in 2H 2025, and Phase 3 melanoma trial updates.

• Plans to submit two CTA/INDs in autoimmune indications (type 1 diabetes and atopic dermatitis) within the next 18 months.

• Anticipates completion of TEBE-AM Phase 3 enrollment in 1H 2026 and ongoing PRAME portfolio expansion.