Immunocore (IMCR) Q4 2025 earnings summary

Executive summary

• Achieved $400 million in KIMMTRAK net sales for FY 2025, up 29% year-over-year, with 15 consecutive quarters of growth and ≥70% market penetration in major markets.

• KIMMTRAK approved in 39 countries and launched in 30, with strong global and U.S. community adoption and real-world therapy duration at 14 months.

• Advanced three Phase III melanoma trials (TEBE-AM, ATOM, PRISM-MEL-301) and expanded pipeline into HIV, Hepatitis B, type 1 diabetes, atopic dermatitis, ovarian, and lung cancer.

• Ended 2025 with $864 million in cash, cash equivalents, and marketable securities, supporting ongoing R&D and commercial expansion.

• Real-world evidence showed significant survival benefit for uveal melanoma patients, with median overall survival of 28 months.

Financial highlights

• FY 2025 net sales of $400 million, up 29% year-over-year, with US revenue up 13% and Europe up 79%.

• R&D expenses increased to $274.9 million, SG&A to $165.4 million, reflecting pipeline and commercial investments.

• Net loss narrowed to $35.5 million from $51.1 million in the prior year.

• Cash and marketable securities at year-end totaled $864 million, up from $820.4 million in 2024.

• Operating loss reduced as revenue growth outpaced expense increases.

Outlook and guidance

• Expect moderating KIMMTRAK revenue growth in 2026 as market penetration increases.

• Multiple registrational and proof-of-concept data readouts anticipated in 2026, including Phase III melanoma, HIV, and autoimmune programs.

• R&D expenses to increase modestly in 2026, with continued investment in pipeline and commercial preparations.

• Plans to initiate first autoimmune disease trial in 1H 2026.