Immunocore Holdings plc IMCR
We are a commercial stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases, and autoimmune diseases. Leveraging our proprietary, flexible, off-the-shelf ImmTAX® (Immune mobilizing monoclonal TCRs Against X disease) platform, we are developing a deep pipeline in multiple therapeutic areas, including clinical stage programs in oncology and infectious disease, advanced pre-clinical programs in autoimmune disease and earlier pre-clinical programs across three therapeutic areas.
In 2022, we received approval for our lead product, KIMMTRAK, for the treatment of unresectable or metastatic uveal melanoma ("mUM") from the FDA, the European Commission and other health authorities. KIMMTRAK is now approved in 39 countries and the Company has commercially launched the product in 30 countries, including the United States, Germany and France, among other territories.
IMCR is a depositary receipt: one IMCR stands for 1 share of this company, per the cover page of its latest 10-K. The market cap and the multiples above are stated per receipt; the statements below, including EPS, are as filed and are per underlying share.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States - Revenue from sale of therapies, net
- Europe - Revenue from sale of therapies, net
- International - Revenue from sale of therapies, net
| Region | FY2025 | FY2024 |
|---|---|---|
| United States - Revenue from sale of therapies, net | $257.0M | $226.7M |
| Europe - Revenue from sale of therapies, net | $131.4M | $73.2M |
| International - Revenue from sale of therapies, net | $11.6M | $10.1M |
As the company reported it, from the “Revenue - Schedule of Revenue by Region Based on Location of Customer (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $400.0M | $310.2M | $249.4M | $174.4M | $4.1M | — |
| Cost of revenue | $5.1M | $2.7M | $1.0M | $1.1M | $0 | — |
| Gross profit | $394.9M | $307.5M | $248.4M | $173.3M | $4.1M | — |
| R&D | $274.9M | $222.2M | $163.5M | $101.9M | $100.2M | — |
| SG&A | $165.4M | $155.8M | $144.5M | $123.1M | $110.8M | — |
| Operating income | -$45.4M | -$70.5M | -$59.6M | -$51.7M | -$174.6M | — |
| Interest expense | $12.2M | $18.8M | $5.2M | $5.4M | $5.6M | — |
| Pre-tax income | -$19.1M | -$52.9M | -$60.9M | -$40.9M | -$179.9M | — |
| Income tax | $16.4M | $1.9M | $5.6M | $11.7M | $150.0K | — |
| Net income | -$35.5M | -$51.1M | -$55.3M | -$52.5M | -$180.0M | — |
| EPS, basic | -0.71 | -1.02 | -1.13 | -1.15 | -4.24 | — |
| EPS, diluted | -0.71 | -1.02 | -1.13 | -1.15 | -4.24 | — |
| Shares, diluted (wtd. avg.) | 50.3M | 50.0M | 48.9M | 45.7M | 42.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $467.7M | $455.7M | $442.6M | $402.5M | $321.1M | $176.7M |
| Short-term investments | $396.4M | $364.6M | $0 | — | — | — |
| Receivables | — | $63.0M | $52.1M | $33.6M | — | — |
| Inventory | $6.7M | $5.4M | $4.5M | $692.0K | — | — |
| Total current assets | $996.7M | $929.9M | $528.8M | $474.0M | — | — |
| Property, plant and equipment | $11.5M | $10.1M | $9.2M | $7.8M | — | — |
| Total assets | $1.07B | $1.01B | $597.0M | $526.8M | — | — |
| Accounts payable | $24.4M | $25.1M | $17.8M | $14.4M | — | — |
| Total current liabilities | $246.7M | $212.2M | $139.0M | $100.8M | — | — |
| Total liabilities | $686.2M | $648.8M | $228.2M | $187.9M | — | — |
| Retained earnings | -$831.3M | -$795.8M | -$744.7M | -$689.4M | — | — |
| Total equity | $381.0M | $360.7M | $368.8M | $338.9M | $233.7M | $76.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$10.7M | $26.1M | $2.9M | -$49.2M | -$143.1M | — |
| Depreciation and amortisation | $3.1M | $4.2M | $4.1M | $5.3M | $7.6M | — |
| Stock-based compensation | $37.7M | $34.2M | $32.5M | $32.9M | $48.9M | — |
| Capital expenditure | $4.3M | $5.2M | $5.4M | $2.2M | $1.4M | — |
| Investing cash flow | -$16.3M | -$355.1M | -$5.4M | -$2.2M | -$1.3M | — |
| Financing cash flow | $12.4M | $343.9M | $34.3M | $145.4M | $288.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-015122.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | $4.1M | $174.4M | $249.4M | $310.2M | $400.0M |
| Gross profit | — | $4.1M | $173.3M | $248.4M | $307.5M | $394.9M |
| Net income | — | -$180.0M | -$52.5M | -$55.3M | -$51.1M | -$35.5M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Item 5.02
- Results announced Item 2.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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