10-K · February 25, 2026
Immunocore presents a commercial-stage oncology and infectious disease pipeline anchored by KIMMTRAK, approved in 39 countries and commercially launched in 30, with over 2,000 treated patients. The company is advancing…
Earnings analysis · 10-Q
IMCR earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Immunocore Holdings demonstrated a revenue growth of 13.6% year-over-year, driven primarily by increased sales of KIMMTRAK, resulting in net revenue of $106.7 million and a notable net income of $13.0 million compared…
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Immunocore Holdings demonstrated a revenue growth of 13.6% year-over-year, driven primarily by increased sales of KIMMTRAK, resulting in net revenue of $106.7 million and a notable net income of $13.0 million compared to a $5.0 million income a year prior. Management remains cautious about future operating expenses and financing needs due to ongoing losses and the unpredictable nature of drug development and commercialization.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $13
What stood out
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Revenue Growth of 13.6%
Net revenue from sale of therapies increased to $106.7 million, up from $93.9 million in the prior year.
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Significant Net Income
Net income for Q1 2026 was $13.0 million, contrasting with $5.0 million for Q1 2025.
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U.S. Revenue Surge
Revenue from the United States rose 19.1% to $67.4 million over the same period last year.
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R&D Activity Ramp-Up
R&D expenses grew to $61.1 million, a rise of 8.2% from $56.5 million, indicating continued investment in developmental programs.
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Slight Decrease in SG&A Expenses
SG&A expenses decreased to $37.9 million from $40.2 million, reflecting operational efficiencies.
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Foreign Currency Gains
Foreign currency gains increased to $3.8 million from $3.1 million due to favorable exchange rates.
What to watch
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Accumulated Deficit Pursue
Accumulated deficit reached $818.3 million as of March 31, 2026.
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R&D Expenses May Escalate
R&D expenses are expected to rise further, impacting future profitability as clinical trials advance.
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Future Funding Concerns
The company may need additional funding as ongoing losses persist despite recent revenue growth.
Management's outlook
Management anticipates continued operational losses in the near future despite recent net income.
Earlier filings 4
10-Q · November 6, 2025
Immunocore reported Q3 revenue of $103.693M, up 29.2% YoY (Q3 2024: $80.248M), driven by U.S. and European KIMMTRAK sales. Operating loss narrowed to $7.171M from $8.502M a year ago and net (loss) income was $(0.177)M…
10-Q · August 7, 2025
Immunocore reported Q2 revenue of $97.964M, up 29.9% from $75.400M a year ago, driven by KIMMTRAK sales in the U.S. and Europe. Operating loss narrowed modestly to $14.875M (−15.2% operating margin) and GAAP EPS…
10-Q · May 7, 2025
Immunocore reported strong commercial momentum with total revenue of $93,881,000 for Q1 2025, up from $70,502,000 a year ago, and GAAP net income of $5,023,000 versus a net loss of $(24,436,000) in Q1 2024. Operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.