Immunocore Holdings Plc Q2 FY2024 earnings call

• KIMMTRAK Performance: Achieved sequential revenue growth in Q2, with strong U.S. performance driven by community focus and increased duration of therapy. Launched in 19 countries, including 9 new launches in 2024. Rolled out an AI-enabled patient finding tool to expand reach.
• Pipeline Updates: Brenetafusp Phase I data in cutaneous melanoma supports Phase III trial in first-line. Ovarian cancer Phase I data to be presented at ESMO, lung cancer data in Q4. HIV program STRIVE ongoing, enrolling patients in the MAD portion with data expected in Q1 2025.
• Financial Highlights: Q2 net revenue $75.3M, up 7% Q/Q. Net cash and marketable securities increased $860M as of June 30, 2024, with strong sales revenue contributing to the increase in net cash.

In Q2 2024, KIMMTRAK generated net revenues of $75.3 million, a 7% increase compared to the first quarter. For the first half of 2024, net sales were $146 million, representing a 34% year-over-year growth. The U.S. contributed over 70% of global net sales. KIMMTRAK has been launched in 19 countries, with 9 new launches in 2024, and an estimated 65% market share in the U.S.

• Anticipate continued sequential growth in KIMMTRAK unit sales in 2024.
• Expect data readouts from brenetafusp in ovarian (ESMO), lung (Q4), HIV Phase I study (Q1 2025), and KIMMTRAK Phase III trials.
• Plan to advance nine clinical programs, including three Phase III trials, starting new Phase Is, and expanding into new therapeutic areas.

• Reimbursement challenges in Europe impacting growth.
• Uncertainty in clinical trial outcomes for pipeline programs.
• Potential pricing pressure with expanded indications and launches in new markets.

Q: On KIMMTRAK reimbursement in Europe, details on the $6.7M reserve and go-forward adjustments?

A: The $6.7M reserve was a one-time adjustment based on latest negotiations, with erosion from France and Germany expected.

Q: Brene ovarian data at ESMO, patient split and promising data?

A: Mostly monotherapy with some combinations, disease control rates vs benchmarks in heavily pretreated, platinum-resistant setting are promising.

Q: HIV program progress, biological activity at 300 micrograms?

A: Enrolling patients in MAD portion, seeing biological activity but early with few patients per cohort; plan to enroll more and dose higher for data release in Q1 2025.