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.
Valuation FY2025 figures against the last close
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.
Others in SIC 2836
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AMGN | AMGEN INC | $236.38B | 30.7x | 10.0% |
| GILD | GILEAD SCIENCES, INC. | $187.23B | 22.3x | 2.4% |
| MRNA | Moderna, Inc. | $58.11B | — | -39.9% |
| RVMD | Revolution Medicines, Inc. | $45.01B | — | — |
| BIIB | BIOGEN INC. | $32.60B | 25.1x | 2.2% |
| SCNI | Scinai Immunotherapeutics Ltd. | $25.80B | — | 99.2% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $15.82B | 33.3x | 21.4% |
| EXEL | EXELIXIS, INC. | $14.62B | 21.2x | 7.0% |