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Immunocore Holdings plc
NASDAQ: IMCR Healthcare Pharma 🔎 Screen
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$1.8B
Market Cap
P/E
PEG
-8.3%
ROCE
-0.7%
ROE
1.14
D/E
-11.3%
OPM
-7.0%
% from 52W High
77
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for IMCR including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Immunocore Holdings plc, together with its subsidiaries, engages in the development and commercialization of immunomodulating medicines for patients with cancer, infectious diseases, and autoimmune disease in the United States, Europe, and internationally.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding IMCR
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 1.10M $33.2M 0.04% Mar 2026
Jim Simons Renaissance Technologies LLC 164.0K $4.9M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Immunocore: KIMMTRAK revenue $400M in 2025, up 29% YoY; three phase III trials ongoing.
Revenue & Profitability
Full-year 2025 KIMMTRAK net sales were $400 million, a 29% increase over 2024, driven by volume growth across U.S., Europe, and international regions. Operating expenses increased due to investments in three phase III trials and earlier-stage programs. The company reduced its operating loss in 2025 as revenue grew faster than expenses. Cash and marketable securities totaled $864 million at year-end, an increase of over $40 million versus the prior year.
Outlook
Management highlighted sustained high unmet need in second-line cutaneous melanoma, where no therapy has proven overall survival benefit; 1-year survival is approximately 55%. In adjuvant uveal melanoma, no approved standard of care exists. The company sees significant expansion opportunity with a potential 6x larger market from two phase III lifecycle management trials. In infectious disease, the HIV functional cure program shows early promise in impacting the viral reservoir. Overall, management expressed confidence in continued commercial execution and pipeline advancement.
Growth Drivers
Key growth drivers include deeper U.S. community penetration (70% of KIMMTRAK prescriptions from community, 150 new accounts in 2025), further global expansion (30 launched markets out of 39 approved), and two phase III lifecycle trials: TEBE-AM in second-line cutaneous melanoma (up to 4,000 additional patients) and ATOM in adjuvant uveal melanoma (up to 1,000 additional patients). Real-world data (28-month median OS) and planned 5-year overall survival data further support the value proposition. The PRAME franchise (brenetafusp) targets ovarian and lung cancer, with data expected H2 2026.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Not discussed in this earnings call.
Key Risks
Risks flagged include potential competitor readouts (e.g., IDEAYA in front-line uveal melanoma), the uncertainty of TEBE-AM data timing (event-driven OS endpoint could slip into 2027), and the natural moderation of KIMMTRAK revenue growth as the product enters its fifth year on market with high penetration. Other risks include the evolving landscape in second-line cutaneous melanoma and the need for positive data from ongoing phase III trials.
Generated by AI · Q4 2025 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
KIMMTRAK drove 16% year-over-year revenue growth in H1 2026, supported by strong U.S. and European market penetration and landmark five-year survival data. Pipeline progress includes three phase III melanoma trials, expansion into ovarian, lung, HIV, and autoimmune diseases, and a robust cash position of $880 million.
Q4 2025 Q4 2025 2026-02-25
KIMMTRAK delivered $400M in 2025 net sales (29% YoY growth), with strong global adoption and a robust pipeline spanning oncology, infectious disease, and autoimmune. Three phase III trials are ongoing, and key data readouts are expected in 2026, supported by $864M in cash.
Q2 2025 Q2 2025 2025-08-07
KIMMTRAK delivered strong H1 2025 results with $192M in revenue, 32% growth year-over-year, and robust U.S. and European performance. Three Phase III trials are progressing, with continued pipeline expansion and a strong cash position supporting future growth.
Q4 2024 Q4 2024 2025-02-26
2024 revenue grew 30% to $310 million, driven by KIMMTRAK's U.S. and global expansion, with strong pipeline progress in oncology, infectious, and autoimmune diseases. Cash reserves reached $820 million, supporting further R&D and international launches.
Q2 2024 Q2 2024 2024-08-08
KIMMTRAK net sales grew 34% year-over-year to $146M in H1 2024, driven by strong U.S. performance and global expansion. Pipeline progress includes accelerated phase III trials in melanoma and promising early data in ovarian, lung, and HIV, with robust cash reserves supporting future growth.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
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