Immunocore Holdings Plc Q4 FY2025 earnings call

• 2025 was a year of consistent execution. KIMTRAK net revenue up 29% to $400M. • KIMTRAK approved in 39 countries, launched in 30 markets, with growth from U.S. community penetration and global expansion. • Two Phase 3 trials for KIMTRAK life cycle management: TEBE-AM in second-line cutaneous melanoma enrollment on track for 2026 completion; ATOM in adjuvant uveal melanoma enrolling in Europe and planning U.S. sites in 2026. • PRISM-MEL-301 with brenetafusp in first-line cutaneous melanoma, IDMC selected 160 microgram dose. • Expanding oncology platform into ovarian, lung, colorectal, and GI cancers. • Promising data for HIV functional cure program at CROI and hepatitis B candidate Phase 1 results. • Submitted CTA for type 1 diabetes program, expect first patient dosed in Phase 1 in 2026. • Balance sheet strong with ~$864M in cash.

KIMTRAK generated $400,000,000 in net revenue in 2025, up over 29% from prior year. KIMTRAK is approved in 39 countries and launched in 30 markets. Growth driven by deeper U.S. community penetration and global expansion. Real-world duration of therapy is 14 months. Beyond KIMTRAK, pipeline includes Phase 3 trials in melanoma and other oncology, infectious disease, and autoimmune areas.

• 2026 expected growth to moderate as KIMTRAK enters fifth year on market with significant penetration. Underlying sequential quarterly revenue growth last few quarters 4%-7%, expects slowdown to continue in 2026. • R&D expenses expected to increase modestly in 2026, slower than 2025. • SG&A expenses expected to have only incremental increases in 2026 driven by commercial preparations for KIMTRAK expansion into cutaneous melanoma.

Q: Michael He on TEBE-AM enrollment geographic breakdown and DSMB analysis.

A: Mohammed M. Dar said majority enrollment from Europe, 10-15% from U.S., rest from other countries. TEBE design was Phase 2/3 converted to Phase 3 seamless single consolidated trial design, no DSMB looked at mono vs combo data.

Q: Tyler Van Buren on TEBE-AM treatment arms powered for OS and likelihood of monotherapy and combo success.

A: Mohammed M. Dar said designed to meet statistically significant and clinically meaningful threshold difference from control, at least 30% difference from control, typically don't get into statistical plan details but logic supports combo may outperform mono.

Q: Eric Schmidt on KIMTRAK growth deceleration and cash flow breakeven.

A: Travis A. Coy said 2025 year-on-year growth 29% but normalized for rebate reserves underlying growth around 20%, 2026 expects R&D expenses to modestly increase, SG&A expenses have incremental increases.

Q: Jack Allen on TEBE-AM pricing in cutaneous melanoma.

A: Ralph Torbay said if data positive, believe can defend price appropriately given OS endpoint, data-dependent.

Q: Sean M. Laaman on autoimmune entry success evaluation and capital intensity.

A: Bahija Jallal said chose type 1 diabetes to answer early on target binding and surrogate for efficacy, can find out early if potential active.

Q: Graig Suvannavejh on PRAME portfolio scenarios.

A: Bahija Jallal and Mohammed M. Dar said typical Phase 1 exploration, Phase 1b, mining data from brenetafusp, PRAME HLE trial ongoing, will have totality of data to guide next steps.

Q: Rajan Sharma on HIV program patient number in dataset and dose push.

A: Mohammed M. Dar said HIV trial in multiple-ascending-dose portion, continuing to escalate, Phase 1 dose escalation, anticipate by end of 2026 to identify right dose and impact on viral reservoir and rebound.

Q: Fesel Khorshed on competitor readout in frontline uveal.

A: Ralph Torbay said need to see randomized Phase 3 data from competitor, look for hazard ratio and safety, Bahija Jallal said confident KIMTRAK is standard of care with robust data.

Q: James John Shin on TEBE-AM control arm percentage mix.

A: Mohammed M. Dar said looked at recent real-world data, about a third of control arm patients likely get retreated with checkpoint, majority enrollment in Europe where TILs not approved.

Q: Paul Jeng on KIMTRAK in second-line cutaneous melanoma vs competitors.

A: Ralph Torbay said KIMTRAK has OS endpoint, TILs and TCR-T have response rate, PFS endpoints, KIMTRAK off the shelf, long-term safety, half of cutaneous melanoma patients treated in centers experienced with KIMTRAK. Mohammed M. Dar said ultimately data drives physician choices.

Q: Eva Forte on brenetafusp ovarian and lung readout requirements.

A: Mohammed M. Dar said ovarian data will be safety cohorts focused on maintenance setting, lung data across multiple heterogeneous subsets, totality of data and PRAME HLE to guide next steps.

Q: Romy O'Connor on PRAME half-life–extended program.

A: Mohammed M. Dar said PRAME HLE is brenetafusp with Fc added, will look at totality of data to determine next steps.

Q: Patrick Trucchio on TEBE-AM OS primary endpoint assumptions and timing.

A: Bahija Jallal said trial is event-driven, will have better idea when trial done, Mohammed M. Dar said OS assumptions for control arm made at start of trial haven't changed as no randomized trial established survival improvement in this setting.