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Immunocore Holdings (IMCR)
NASDAQ:IMCR
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Immunocore Holdings
(NASDAQ:IMCR)
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Rating:63Neutral
Price Target:
$36.00
▲(10.43% Upside)
Immunocore Holdings' overall score is driven by strong earnings call highlights, including robust sales growth and pipeline progress. However, financial performance is hindered by negative profitability, and valuation metrics are unattractive due to ongoing losses. Technical indicators suggest a neutral market sentiment.
Positive Factors
Revenue Growth
The strong revenue growth from KIMMTRAK indicates robust demand and successful market penetration, supporting long-term business expansion.
Global Expansion
The extensive global reach of KIMMTRAK enhances Immunocore's market position and diversifies revenue streams, reducing dependence on any single market.
Strong Financial Position
A robust cash position allows Immunocore to invest in R&D and strategic initiatives, ensuring sustained innovation and competitive advantage.
Negative Factors
Negative Profitability
Ongoing negative margins highlight operational inefficiencies, potentially limiting reinvestment capabilities and affecting long-term financial health.
Operating Expenses Increase
Rising operating expenses may pressure margins and profitability, challenging the company's ability to maintain cost efficiency as it scales.
Moderating Growth Expectations
Anticipated slower growth for KIMMTRAK could impact future revenue projections, necessitating new growth drivers to sustain momentum.
Immunocore Holdings (IMCR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.64B
Dividend YieldN/A
Average Volume (3M)290.79K
Price to Earnings (P/E)―
Beta (1Y)1.02
Revenue Growth26.90%
EPS Growth62.72%
CountryUS
Employees493
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.20
Shares Outstanding50,387,070
10 Day Avg. Volume239,353
30 Day Avg. Volume290,790
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.69
Enterprise Value/Revenue3.18
Enterprise Value/Gross Profit3.20
Enterprise Value/Ebitda-108.13
Forecast
1Y Price Target
$59.11Price Target Upside81.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
Immunocore Holdings Business Overview & Revenue Model
Company DescriptionImmunocore Holdings plc, a commercial-stage biotechnology company, engages in the development of immunotherapies for the treatment of cancer, infectious, and autoimmune diseases. The company offers KIMMTRAK for the treatment of patients with unresectable or metastatic uveal melanoma. Its other programs for oncology comprise IMC-C103C that is in Phase I/II dose escalation trial in patients with solid tumor cancers, including non-small-cell lung (NSCLC), gastric, head and neck, ovarian, and synovial sarcoma cancers; IMC-F106C, which is in a Phase I/II dose escalation trial in patients with multiple solid tumor cancers comprising NSCLC, small-cell lung, endometrial, ovarian, cutaneous melanoma, and breast cancers. In addition, the company's programs for infectious diseases include IMC-I109V, which is in a Phase I/II clinical trial in patients with chronic hepatitis B virus; and IMC-M113V that is in pre-clinical development stage for patients with human immunosuppression virus. Further, it develops product candidates to provide precision targeted immunosuppression for the treatment of autoimmune diseases. Immunocore Holdings plc was founded in 1999 and is headquartered in Abingdon, the United Kingdom.
How the Company Makes MoneyImmunocore Holdings makes money primarily through the development and commercialization of its TCR bispecific immunotherapies. The company generates revenue through a combination of product sales, licensing agreements, and strategic partnerships. A significant portion of its revenue comes from collaborations with pharmaceutical companies, where Immunocore licenses its technology or co-develops therapies, often receiving milestone payments and royalties. Additionally, the company benefits from research and development funding provided by partners and various grants, contributing to its financial stability and growth.
Immunocore Holdings Earnings Call Summary
Earnings Call Date:Aug 07, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 05, 2025
Earnings Call Sentiment Positive
The earnings call showcased strong financial performance with significant growth in KIMMTRAK sales and global expansion. The company is advancing its pipeline with multiple Phase III trials and early-stage programs. While operating expenses have increased, the overall financial health remains robust, and growth is expected to moderate. The highlights significantly outweigh the lowlights, indicating a positive sentiment.Q2-2025 Updates
Positive Updates
KIMMTRAK Revenue Growth
Generated $192 million in KIMMTRAK revenue for the first half of 2025, representing 32% growth year-over-year. Q2 net sales reached $98 million, a 30% increase from the previous year and a 4% sequential increase over Q1 2025.
Expansion and Global Reach
KIMMTRAK is launched in 28 countries and approved in 39 globally. Recent successful launches in the UK, Poland, and Netherlands contributed to an exceptional 115% year-on-year growth in European markets.
Strong Financial Position
Net loss reduced from $36 million to $5 million in the first half of the year compared to last year. A strong balance sheet with $883 million in cash and marketable securities.
Pipeline Advancements
Progressing multiple early-stage programs in oncology and infectious diseases. On track to file the CTA for autoimmune candidates in type 1 diabetes by year-end 2025.
Phase III Clinical Trials Progress
Three Phase III clinical trials in progress, including TEBE-AM, the only registrational Phase III trial in adjuvant uveal melanoma setting.
Negative Updates
Operating Expenses Increase
Increase in operating expenses due to ongoing investments in Phase III trials and early-stage research programs.
Moderating Growth Expectations
Expected more modest growth for KIMMTRAK moving forward as it enters its fourth year on the market.
Revenue Variability in International Markets
Revenue from international regions outside the U.S. and Europe showed variability due to different buying patterns.
Company Guidance
During the Immunocore Q2 and first half 2025 earnings call, the company reported a strong start to the year with $192 million in KIMMTRAK revenue, representing a 32% year-over-year growth. KIMMTRAK has been launched in 28 countries and approved in 39, and in Q2 alone, net sales reached $98 million, marking the 13th consecutive quarter of growth. In the U.S., the net revenue was $64 million, a 15% increase from Q2 2024, with a market penetration of around 68%. In Europe, Q2 net revenue was $33 million, reflecting a 115% quarterly growth year-on-year, driven by successful launches in the U.K., Poland, and the Netherlands. The company is also advancing three Phase III clinical trials and plans to file a CTA for their type 1 diabetes autoimmune candidate by year-end. With a strong balance sheet holding $883 million in cash and marketable securities, Immunocore is well-positioned to continue strategic investments across its diversified pipeline.Immunocore Holdings Financial Statement Overview
Summary
Immunocore Holdings shows promising revenue and cash flow growth, with effective debt management. However, profitability remains a concern due to negative margins, indicating operational challenges.Income Statement
Immunocore Holdings has shown a positive revenue growth rate of 6.76% in the TTM, indicating a strong upward trajectory in sales. The gross profit margin remains exceptionally high at 99.26%, showcasing efficient cost management. However, the company is still facing challenges with profitability, as evidenced by a negative net profit margin of -5.70% and negative EBIT and EBITDA margins. This suggests ongoing operational inefficiencies and high expenses relative to revenue.65
Positive
Balance Sheet
The company's debt-to-equity ratio has improved significantly to 0.11 in the TTM, reflecting a strong reduction in leverage compared to previous years. However, the return on equity remains negative at -5.40%, indicating that the company is not generating sufficient returns on its equity base. The equity ratio is not explicitly calculated, but the overall asset base has increased, suggesting a stable financial structure.58
Neutral
Cash Flow
Immunocore Holdings has demonstrated a healthy free cash flow growth rate of 9.25% in the TTM, indicating improved cash generation capabilities. The operating cash flow to net income ratio is 0.20, suggesting that the company is generating positive cash flow from operations despite net losses. The free cash flow to net income ratio of 0.85 further supports the company's ability to convert earnings into cash, which is a positive indicator for liquidity.72
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 356.14M | 310.20M | 249.43M | 143.74M | 26.98M | 30.11M |
| Gross Profit | 353.50M | 307.47M | 248.39M | 143.28M | -47.15M | -44.70M |
| EBITDA | -10.47M | -38.50M | -51.65M | -38.35M | -166.72M | -82.38M |
| Net Income | -20.31M | -51.09M | -55.29M | -52.54M | -133.13M | -74.09M |
Balance Sheet | ||||||
| Total Assets | 1.08B | 1.01B | 597.00M | 435.52M | 301.77M | 197.19M |
| Cash, Cash Equivalents and Short-Term Investments | 882.81M | 820.38M | 442.63M | 332.54M | 237.89M | 176.78M |
| Total Debt | 44.40M | 432.72M | 84.03M | 69.30M | 63.84M | 63.89M |
| Total Liabilities | 693.91M | 648.79M | 228.16M | 156.76M | 130.23M | 141.85M |
| Stockholders Equity | 388.48M | 360.72M | 368.84M | 278.76M | 171.55M | 55.35M |
Cash Flow | ||||||
| Free Cash Flow | 28.45M | 20.89M | -2.48M | -33.47M | -130.76M | -63.65M |
| Operating Cash Flow | 33.58M | 26.06M | 2.94M | -31.27M | -129.75M | -60.57M |
| Investing Cash Flow | -25.08M | -355.13M | -5.42M | 233.00K | -495.00K | 467.00K |
| Financing Cash Flow | -45.09M | 343.88M | 34.35M | 138.23M | 276.25M | 115.94M |
Immunocore Holdings Technical Analysis
Negative
32.60
Price Trends
33.99
Negative
33.25
Negative
31.45
Positive
Market Momentum
0.11
Positive
39.29
Neutral
9.35
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMCR, the sentiment is Negative. The current price of 32.6 is below the 20-day moving average (MA) of 34.22, below the 50-day MA of 33.99, and above the 200-day MA of 31.45, indicating a neutral trend. The MACD of 0.11 indicates Positive momentum. The RSI at 39.29 is Neutral, neither overbought nor oversold. The STOCH value of 9.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMCR.
Immunocore Holdings Risk Analysis
Immunocore Holdings disclosed 107 risk factors in its most recent earnings report. Immunocore Holdings reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Immunocore Holdings Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | 2.81B | -21.95 | -12.00% | ― | 0.00% | 0.00% | |
63 Neutral | $1.64B | ― | -5.38% | ― | 26.90% | 62.72% | |
51 Neutral | 2.26B | -6.80 | -25.91% | ― | -41.48% | -73.55% | |
49 Neutral | 2.22B | -12.18 | -516.25% | ― | 87.94% | 57.84% | |
43 Neutral | 2.11B | -13.58 | 0.00% | ― | 0.00% | -22.19% | |
39 Underperform | 1.63B | -7.15 | 0.00% | ― | 0.00% | -62.51% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
Performance Comparison
IMCR
Immunocore Holdings
32.60
1.80
5.84%
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SRPT
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17.43
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-86.03%
CDTX
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68.71
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532.11%
COGT
Cogent Biosciences
11.97
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12.39%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.