IMCRNasdaqBiological Products, (No Diagnostic Substances)US GAAP · USD

Immunocore Holdings plc

Immunocore Holdings plc is a commercial-stage biotechnology company built around its proprietary ImmTAX platform, which engineers TCR-based medicines to redirect the immune system against cancer, infectious diseases, and autoimmune disease. Its first approved product, KIMMTRAK, is marketed for unresectable or metastatic uveal melanoma, while the rest of the pipeline remains in clinical and preclinical development.

Kysy yhtiöstä
Liikevaihto400milj. USD
+29,0 %v/v
Liikevoitto (EBIT)−45,4milj. USD
+35,6 %v/v
EBIT-marginaali−11,3%
+11,4 %-yks.v/v
Nettotulos−35,5milj. USD
+30,5 %v/v
Vapaa kassavirta−15,1milj. USD
−172,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−2000200400600milj. USD20202021: 36 milj. USD2021: EBIT −175 milj. USD20212022: 174 milj. USD2022: EBIT −52 milj. USD20222023: 249 milj. USD2023: EBIT −60 milj. USD20232024: 310 milj. USD2024: EBIT −70 milj. USD20242025: 400 milj. USD2025: EBIT −45 milj. USD2025400−45
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Commercial oncology product100 %

Approved therapy sold to treat unresectable or metastatic uveal melanoma.

Clinical-stage oncology pipeline0 %

Investigational TCR-based cancer programs aimed at expanding beyond KIMMTRAK.

Infectious disease pipeline0 %

Clinical programs targeting chronic viral disease, including hepatitis B.

Autoimmune discovery pipeline0 %

Preclinical programs designed to extend the platform into autoimmune disease.

Asiakkaat

Immunocore sells primarily to distributors, hospitals, and healthcare providers that administer KIMMTRAK to eligible patients with uveal melanoma. The end demand is driven by oncologists and treatment centers in major markets such as the United States and Europe, where reimbursement and launch execution determine uptake. For its pipeline programs, the company’s future customers would be patients, payers, and healthcare systems if and when additional products are approved.

U.S. oncology treatment centers

Hospitals and specialty clinics in the United States that buy KIMMTRAK for eligible mUM patients and drive the largest revenue base.

European distributors and providers

Regional distributors and healthcare providers in Europe that purchase and dispense KIMMTRAK under local reimbursement systems.

International commercial partners

Partners such as Medison and Er-Kim that commercialize KIMMTRAK in selected territories outside core markets.

Clinical trial investigators and sites

Research centers enrolling patients in PRISM-MEL-301 and HBV studies to advance the pipeline toward approval.

Strategia

Immunocore is focused on expanding KIMMTRAK adoption in existing markets while adding new country launches through partners and direct commercialization. At the same time, it is advancing a broader pipeline in oncology, HBV, and autoimmune disease to reduce dependence on a single product and create a longer-term growth base.

Expand KIMMTRAK commercializationLyhyt aikaväli

KIMMTRAK is the only revenue-generating asset and funds the broader platform.

Advance late-stage oncology developmentKeskipitkä aikaväli

New oncology approvals would broaden the addressable market beyond uveal melanoma.

Build a multi-therapeutic pipelinePitkä aikaväli

Diversification reduces single-product dependence and improves long-term optionality.

Maantiede

The company is headquartered in the United Kingdom, with principal offices in Abingdon and U.S. offices in Pennsylvania and Maryland. Commercial revenue is concentrated in the United States and Europe, while manufacturing and logistics are outsourced across Denmark, Germany, and the Netherlands. This geography matters because the business depends on cross-border clinical development, regulatory approvals, reimbursement negotiations, and third-party supply chains.

Riskit

The company remains highly dependent on KIMMTRAK, so any slowdown in uptake, reimbursement, or supply would have an outsized effect on results. It also faces the usual biotechnology risks: clinical trial failure, regulatory delays, pricing pressure, and the need for additional capital before the pipeline can generate meaningful revenue. Because manufacturing and clinical operations are international and outsourced, supply-chain, compliance, and geopolitical risks are material.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Single-product revenue concentration1Clinical development failure2Manufacturing and supply disruption3Capital needs and dilution4International regulatory and geopolitical exposure5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Single-product revenue concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    KIMMTRAK is the only marketed product and funds most of the business.

    Kohdistuu: Commercial revenue and cash generation

  2. Clinical development failureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Pipeline assets may not show sufficient efficacy or safety to reach approval.

    KohdistuuPRISM-MEL-301HBVPRAMEAutoimmune programs
  3. Manufacturing and supply disruptionVaikutus: KorkeaTodennäköisyys: Matala

    Production is outsourced to third-party CMOs and depends on compliant scale-up.

    KohdistuuDrug substanceDrug productPackagingDistribution
  4. Capital needs and dilutionVaikutus: KorkeaTodennäköisyys: Matala

    The company may need external funding before pipeline assets become commercial.

    Kohdistuu: R&D and commercialization funding

  5. International regulatory and geopolitical exposureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Operations, suppliers, and trials span multiple jurisdictions with changing rules.

    KohdistuuUKEUU.SPartner territories

Kirjanpito

Harkinnanvaraiset erät
Revenue deductions reserve estimation

Net revenue depends on estimates for rebates, chargebacks, and returns.

Vaikutus: A 20% change in estimated rebate/chargeback rates moved quarterly revenue by about $1.7 million.

Consignment and delivery timing

Revenue is recognized when control transfers, not when product is shipped in all cases.

Vaikutus: Can shift revenue between quarters depending on distributor inventory movements.

Pricing negotiations in Europe

Negotiated prices in countries such as France and Germany affect accrued deductions.

Vaikutus: Can create one-time changes in reported revenue and margins.

Tax loss carryforwards and valuation allowance

The company has significant accumulated losses and limited near-term taxable profits.

Vaikutus: Deferred tax assets may remain partially or fully reserved.

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Päivitetty: 24.9.2026