Immunocore Holdings plc
- Open
- 37.20
- Day high
- 37.20
- Day low
- 36.70
- Prev close
- 37.37
- Volume
- 9K
- Mkt cap
- $1.9B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 4.5
- P/S
- 4.7
- Yield
- —
- Per share
- —
Immunocore Holdings plc (IMCR) is a Healthcare company listed on NASDAQ. The stock is up 5% over the past year. Drillr has 1 published research article covering IMCR.
Immunocore Holdings plc (IMCR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IMCR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $-0.01 | $-0.02 | -100.0% | $116M | -22.0% |
| May 6, 2026 | $-0.26 | $0.25 | +196.2% | $145M | -0.3% |
| Feb 25, 2026 | $-0.28 | $-0.62 | -120.1% | $104M | -27.2% |
| Nov 6, 2025 | $-0.30 | $0.02 | +105.2% | $104M | -27.1% |
| Aug 7, 2025 | $-0.21 | $-0.20 | +4.8% | $134M | +0.1% |
| May 7, 2025 | $-0.35 | $0.10 | +128.6% | $121M | -0.3% |
| Feb 26, 2025 | $-0.31 | $-0.47 | -51.6% | $105M | +23.0% |
| Aug 8, 2024 | $-0.45 | $-0.23 | +48.9% | $95M | +0.3% |
| Feb 28, 2024 | $-0.28 | $-0.40 | -42.9% | $134M | +57.2% |
| Aug 10, 2023 | $-0.40 | $-0.37 | +7.5% | $77M | +2.6% |
| Mar 1, 2023 | $-0.00 | $-0.63 | -185194.1% | $59M | -5.4% |
| Nov 9, 2022 | $-0.26 | $0.14 | +153.8% | $46M | +4.5% |
IMCR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 28, 2026 | Ratcliffe Peter Johndirector | Grant | 27,492 | $28.52 |
| May 28, 2026 | Peterson Kristinedirector | Grant | 27,492 | $28.52 |
| May 28, 2026 | Pao Williamdirector | Grant | 27,492 | $28.52 |
| May 28, 2026 | Kaul Siddharthdirector | Grant | 27,492 | $28.52 |
| May 28, 2026 | Bell John Irvingdirector | Grant | 27,492 | $28.52 |
| May 28, 2026 | Herbst Roy Stevendirector | Grant | 27,492 | $28.52 |
| Feb 19, 2026 | Coy Travis Alanofficer: Chief Financial Officer | Grant | 95,637 | $32.38 |
| Feb 19, 2026 | Coy Travis Alanofficer: Chief Financial Officer | Grant | 33,353 | — |
| Feb 19, 2026 | Jallal Bahijadirector, officer: CHIEF EXECUTIVE OFFICER | Option | 23,817 | — |
| Feb 19, 2026 | Jallal Bahijadirector, officer: CHIEF EXECUTIVE OFFICER | Sell | 11,474 | $32.35 |
| Feb 19, 2026 | St Leger Tina Amberofficer: CHIEF HR OFFICER | Option | 2,119 | — |
| Feb 19, 2026 | GOLL JOHNofficer: SVP, FINANCE & CAO | Grant | 7,411 | — |
| Feb 19, 2026 | GOLL JOHNofficer: SVP, FINANCE & CAO | Sell | 698 | $32.35 |
| Feb 19, 2026 | GOLL JOHNofficer: SVP, FINANCE & CAO | Option | 1,351 | — |
| Feb 19, 2026 | Jallal Bahijadirector, officer: CHIEF EXECUTIVE OFFICER | Grant | 88,573 | — |
Source: IMCR SEC Form 4 filings, latest May 28, 2026. For informational purposes only — not investment advice.
See the full IMCR insider & 13F page →Immunocore Holdings plc company profile
Overview
Immunocore Holdings plc (NASDAQ:IMCR) is a commercial-stage biotechnology company founded in 1999 and headquartered in Abingdon, United Kingdom. The company went public in February 2021 and has established itself as a pioneer in developing a novel class of immunotherapies called ImmTAC (Immune mobilizing monoclonal TCRs Against Cancer) therapeutics. Immunocore's lead product, KIMMTRAK, became the first FDA-approved treatment for unresectable or metastatic uveal melanoma, a rare and deadly form of eye cancer. The company has evolved from a research-focused organization into a commercial enterprise with global operations, having launched KIMMTRAK in 24 countries and treating over 2,000 patients worldwide.
Business
Immunocore operates in the biotechnology sector, specifically developing immunotherapies using its proprietary ImmTAC platform technology. ImmTACs are engineered proteins that combine elements of T-cell receptors with antibody-like targeting capabilities, designed to redirect the body's immune system to attack cancer cells, infectious agents, or autoimmune targets with unprecedented precision. The company's core technology works by using engineered T-cell receptors that can recognize specific protein fragments (called peptides) presented on the surface of diseased cells. Unlike traditional antibodies that can only target proteins on cell surfaces, ImmTACs can "see" inside cells by targeting peptides that are displayed on a cellular structure called HLA (Human Leukocyte Antigen). This allows the therapy to target a much broader range of disease-causing proteins, including those that are typically considered "undruggable." Immunocore's business is organized around three main therapeutic areas: 1. Oncology Programs (approximately 95% of current revenue): The company's primary focus, led by KIMMTRAK for uveal melanoma treatment. The pipeline includes multiple Phase III trials in cutaneous melanoma, as well as programs targeting ovarian cancer, lung cancer, and other solid tumors. These programs target various cancer-associated antigens including gp100, PRAME, and PIWIL. 2. Infectious Disease Programs (development stage): Focused on developing functional cures for chronic viral infections, particularly HIV and Hepatitis B. The HIV program aims to reduce viral reservoirs and achieve sustained viral control without continuous antiretroviral therapy. 3. Autoimmune Programs (early development): A newer area targeting tissue-specific immune suppression for conditions like Type 1 diabetes and atopic dermatitis, using a novel approach that avoids systemic immunosuppression.
Revenue model
Immunocore generates revenue primarily through product sales of KIMMTRAK, which generated $310 million in 2024. The company operates a traditional pharmaceutical business model where it sells its approved therapy to healthcare providers, hospitals, and specialty pharmacies. KIMMTRAK is typically administered as an intravenous infusion in clinical settings, with treatment continuing until disease progression or unacceptable toxicity. The company's paying customers are primarily healthcare institutions, oncology centers, and specialty pharmacies that purchase KIMMTRAK for treating patients with unresectable or metastatic uveal melanoma. In the United States, which represents over 70% of global sales, the therapy has achieved approximately 65% market penetration among eligible patients. The company has established reimbursement agreements in multiple countries, though European markets present more challenging reimbursement environments. Several factors influence Immunocore's margins and revenue potential. Positive margin drivers include the company's monopoly position in uveal melanoma treatment, premium pricing for rare disease therapies, expanding geographic footprint with 24 country launches, and potential label expansions into larger markets like cutaneous melanoma. The shift toward community-based treatment settings, which now accounts for nearly half of new patients, also supports broader market access. Margin pressures come from high manufacturing costs for complex biologics, significant ongoing R&D investments across multiple clinical programs, regulatory and market access challenges in international markets, and potential competition as the market matures. The company's gross margins are also affected by the costs associated with supporting a global commercial infrastructure and the inherent complexity of manufacturing ImmTAC therapeutics. Future revenue growth depends heavily on clinical trial outcomes, particularly the three ongoing Phase III trials in melanoma that could expand the addressable patient population from approximately 2,000 uveal melanoma patients to potentially 6,000 patients across multiple melanoma indications.
Competitive moat
Immunocore possesses a moderately strong technological moat built around its proprietary ImmTAC platform and first-mover advantage in targeting intracellular proteins via HLA presentation. The company's core competitive advantage lies in its deep expertise in T-cell receptor engineering and HLA biology, accumulated over more than two decades of research and development. This knowledge base creates significant barriers for competitors attempting to replicate the technology. The company's intellectual property portfolio provides substantial protection, with multiple patents covering the ImmTAC platform, specific therapeutic targets, and manufacturing processes. KIMMTRAK's position as the first and only approved therapy for metastatic uveal melanoma creates a strong commercial moat in this rare disease indication, supported by established relationships with key opinion leaders and treatment centers. However, the moat faces several potential challenges. Large pharmaceutical companies with substantial resources could potentially develop competing T-cell engager technologies or alternative approaches to targeting intracellular proteins. The emergence of CAR-T cell therapies, bispecific antibodies, and other novel immunotherapies represents ongoing competitive threats. Additionally, as the field of precision immunotherapy advances, new platforms targeting similar biological pathways could emerge. The company's expansion into larger markets like cutaneous melanoma will face significantly more competition from established players including checkpoint inhibitors, targeted therapies, and combination treatments. The autoimmune and infectious disease programs, while potentially offering new avenues for growth, will compete in crowded therapeutic areas with well-established treatment paradigms. The strength of Immunocore's moat ultimately depends on continued clinical success, platform innovation, and the ability to establish multiple approved products across different therapeutic areas before competitors can effectively challenge its technological leadership.
Risks & safety
Immunocore demonstrates a strong financial safety profile with substantial cash reserves and improving operational metrics, though the company remains in investment mode with ongoing cash consumption for R&D activities. • Liquidity and Solvency: Strong cash position of $456 million in cash and short-term investments as of Q1 2025, providing multiple years of operational runway. Current ratio of 6.36 indicates excellent short-term liquidity with current assets significantly exceeding current liabilities. • Debt Profile: Low debt burden with debt-to-equity ratio of 0.11, representing minimal financial leverage and reduced financial risk. • Cash Flow Trends: Achieved positive free cash flow of $137,000 in Q1 2025 and $20.9 million for full year 2024, marking improvement from historical cash burn patterns. Operating cash flow turning positive demonstrates progress toward self-sustainability. • Valuation Metrics: Trading at P/E ratio of 74x based on recent profitable quarters, though earnings remain volatile. Price-to-book ratio of 3.93 appears reasonable given the company's asset base and growth prospects. • Other Considerations: Revenue growth trajectory remains strong with 30% year-over-year growth in 2024. The company's dependence on single product (KIMMTRAK) creates concentration risk, though multiple pipeline programs provide diversification potential. Clinical trial risks remain significant given the company's development-stage programs.
Recent development
Over the past few years, Immunocore has executed a strategic transformation from a research-focused biotechnology company to a commercial-stage organization with global operations. The most significant development has been the successful commercialization of KIMMTRAK, which achieved $310 million in sales during 2024, representing 30% year-over-year growth and establishing the company's revenue foundation. The company has aggressively expanded its clinical pipeline, advancing from primarily oncology-focused programs to a diversified portfolio spanning three therapeutic areas. In oncology, Immunocore initiated three Phase III trials in melanoma, including the TEBE-AM trial in second-line cutaneous melanoma and the ATOM trial in first-line cutaneous melanoma. These represent potential market expansion opportunities that could increase the addressable patient population from 2,000 to approximately 6,000 patients. A major strategic pivot has been the expansion into infectious diseases, with programs targeting HIV and Hepatitis B representing potential breakthrough applications of the ImmTAC platform. The HIV program, aimed at achieving a functional cure by reducing viral reservoirs, represents a significant departure from traditional antiviral approaches and could address a massive unmet medical need. The most recent strategic development is the entry into autoimmune diseases, with programs targeting Type 1 diabetes and atopic dermatitis. This expansion demonstrates the versatility of the ImmTAC platform and opens entirely new market opportunities. The approach focuses on tissue-specific immune modulation rather than systemic immunosuppression, potentially offering safer and more targeted treatments. Geographically, the company has rapidly expanded KIMMTRAK's availability, launching in 24 countries and securing approvals in 39 countries, including recent approval in Brazil. The shift toward community-based treatment settings has improved patient access and now accounts for nearly half of new patients, supporting broader market penetration.
IMCR company profile · for informational purposes only — not investment advice.
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