Immunocore Holdings (IMCR)
NASDAQ:IMCR
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Immunocore Holdings
(NASDAQ:IMCR)
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Rating:53Neutral
Price Target:
$34.00
▲(7.46% Upside)
Action:ReiteratedDate:02/25/26
The score is led by improving fundamentals—strong revenue growth and high gross profitability with significantly reduced debt—but is held back by continued losses and uneven cash-flow generation. Technical signals are mixed-to-soft (negative MACD, neutral RSI), and valuation is constrained by negative earnings and no dividend support. Corporate events add balanced upside (pipeline milestones) and risk (R&D leadership change).
Positive Factors
Revenue growth & high gross margins
Sustained revenue scale to ~$400M with very strong gross profitability indicates attractive unit economics and commercial traction. Durable topline growth and high gross margins support reinvestment in sales and R&D, improving long-term operating leverage as volume expands.
Negative Factors
Persistent operating losses
Despite narrowing losses, continued negative net income means the company has not yet achieved self-sustaining profitability. Persistent losses increase reliance on cash reserves or external financing and raise execution risk if revenue growth slows or trial costs rise over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & high gross margins
Sustained revenue scale to ~$400M with very strong gross profitability indicates attractive unit economics and commercial traction. Durable topline growth and high gross margins support reinvestment in sales and R&D, improving long-term operating leverage as volume expands.
Read all positive factors
Immunocore Holdings (IMCR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.60B
Dividend YieldN/A
Average Volume (3M)400.19K
Price to Earnings (P/E)―
Beta (1Y)0.66
Revenue Growth27.51%
EPS Growth38.72%
CountryUS
Employees493
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.00
Shares Outstanding50,695,080
10 Day Avg. Volume484,455
30 Day Avg. Volume400,190
Financial Highlights & Ratios
PEG Ratio1.38
Price to Book (P/B)4.59
Price to Sales (P/S)5.87
P/FCF Ratio-156.07
Enterprise Value/Market Cap0.73
Enterprise Value/Revenue3.13
Enterprise Value/Gross Profit3.17
Enterprise Value/Ebitda-3.59K
Forecast
1Y Price Target
$62.67Price Target Upside98.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)-0.96
Revenue Forecast (FY)$448.98M
Immunocore Holdings Business Overview & Revenue Model
Company Description
Immunocore 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 unres...
How the Company Makes Money
Immunocore generates revenue primarily through the development and commercialization of its TCR therapies. This includes milestone payments from partnerships with larger pharmaceutical companies that seek to utilize Immunocore's technology in thei...
Immunocore Holdings Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where Immunocore Holdings is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where Immunocore Holdings is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyImmunocore Holdings Earnings Call Summary
Earnings Call Date:Aug 07, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call highlighted strong commercial execution for KIMTRAK (29% YoY revenue growth to $400M), broad global adoption (39 approvals, 30 launches), meaningful real-world survival and duration signals, a diversified pipeline anchored by three Phase 3 trials with near-term readouts, and a solid cash position (~$864M). Balanced against this are expected revenue-growth moderation in 2026, rising R&D investment, event-driven timing uncertainty for key OS trials, small early-stage cohorts (HIV), and competitive/operational risks tied to trial geography and evolving treatment options. Overall, the company presents momentum and optionality but with important clinical and timing risks that will be clarified by upcoming data readouts.Positive Updates
Strong KIMTRAK Revenue Growth
Net revenue of $400,000,000 for 2025, representing a 29% year-over-year increase versus 2024 (underlying growth ~20% when normalized for rebate reserves).
Negative Updates
Expected Moderation of Revenue Growth in 2026
Management expects growth to moderate as KIMTRAK enters its fifth year on the market; recent sequential quarterly revenue growth was in the 4%–7% range and is expected to slow further in 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong KIMTRAK Revenue Growth
Net revenue of $400,000,000 for 2025, representing a 29% year-over-year increase versus 2024 (underlying growth ~20% when normalized for rebate reserves).
Read all positive updates
Company Guidance
Management guided that KIMTRAK generated $400 million in 2025 net revenue (up >29% YoY; underlying ~20% when normalizing rebate reserves), is approved in 39 countries and launched in 30 markets, serves roughly 1,000 patients/year, and has a real‑world mean duration of therapy of 14 months with a 150‑patient RWE median overall survival of 28 months (one in four patients alive at 3 years); commercial penetration exceeds 70% across major markets, 70% of prescriptions come from the community, half of patient starts occur in the community, and 150 new accounts were activated in 2025. They reiterated three ongoing Phase 3 trials—TEBE‑AM (enrollment on track to complete in 2026 with top‑line as early as H2 2026), ATOM (adjuvant uveal melanoma active in Europe with U.S. site activations planned in 2026), and PRISM‑MEL (IDMC selected the 160 μg dose, >200 sites activated, enrollment targeted to complete in 2027)—and framed the midterm opportunity as up to ~6× current demand (TEBE‑AM potentially addressing ~4,000 patients; ATOM ~1,000). Financially, they closed 2025 with approximately $864 million in cash and marketable securities (up >$40M YoY), reported sequential quarterly revenue growth of about 4–7% recently with moderation expected in 2026, and anticipate modest R&D expense increases and only incremental SG&A increases (historical SG&A run‑rate ~$40M/quarter) as they invest in pipeline and potential label expansion.Immunocore Holdings Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
51
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 297.57M | 247.98M | 197.39M | 144.23M | 27.04M |
| Gross Profit | 291.36M | 242.44M | 196.57M | 138.94M | 27.04M |
| EBITDA | 387.18K | -38.50M | -40.87M | -38.35M | -123.58M |
| Net Income | -26.42M | -40.81M | -43.75M | -43.46M | -133.45M |
Balance Sheet | |||||
| Total Assets | 1.07B | 1.01B | 472.44M | 526.76M | 407.28M |
| Cash, Cash Equivalents and Short-Term Investments | 864.15M | 820.38M | 350.27M | 402.47M | 321.06M |
| Total Debt | 43.56M | 432.72M | 66.50M | 81.45M | 86.16M |
| Total Liabilities | 686.24M | 648.79M | 180.55M | 187.86M | 175.76M |
| Stockholders Equity | 381.03M | 360.72M | 291.89M | 338.90M | 231.53M |
Cash Flow | |||||
| Free Cash Flow | -11.20M | 20.89M | -1.97M | -51.41M | -144.49M |
| Operating Cash Flow | -7.97M | 26.06M | 2.33M | -49.21M | -143.11M |
| Investing Cash Flow | -12.16M | -355.13M | -4.29M | -2.20M | -1.28M |
| Financing Cash Flow | 9.20M | 343.88M | 27.18M | 145.44M | 288.19M |
Immunocore Holdings Technical Analysis
Positive
31.64
Price Trends
31.68
Negative
33.66
Negative
33.76
Negative
Market Momentum
<0.01
Negative
52.97
Neutral
62.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMCR, the sentiment is Positive. The current price of 31.64 is above the 20-day moving average (MA) of 30.73, below the 50-day MA of 31.68, and below the 200-day MA of 33.76, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.97 is Neutral, neither overbought nor oversold. The STOCH value of 62.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMCR.
Immunocore Holdings Risk Analysis
Immunocore Holdings disclosed 103 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $2.37B | 6.20 | -76.45% | ― | 45.38% | 92.85% | |
56 Neutral | $2.66B | -6.98 | -41.68% | ― | -73.94% | -31.70% | |
53 Neutral | $1.60B | -19.61 | -6.93% | ― | 27.51% | 38.72% | |
53 Neutral | $2.28B | -1.99 | -57.52% | ― | 47.15% | -311.26% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $5.90B | -7.30 | -100.22% | ― | ― | 4.32% |
* Healthcare Sector Average
IMCR
Immunocore Holdings
31.64
2.23
7.58%
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Immunocore Holdings Corporate Events
Business Operations and StrategyExecutive/Board Changes
Immunocore announces R&D chief resignation and leadership reshuffle
Negative
Jan 30, 2026
On January 27, 2026, Immunocore Holdings plc announced that its Head of Research Development, David Berman, had submitted his resignation, effective February 27, 2026, to pursue another opportunity, with the company noting that his departure did ...
Business Operations and StrategyFinancial Disclosures
Immunocore Sets 2026 Strategic Priorities for Melanoma Growth
Positive
Jan 9, 2026
On January 9, 2026, Immunocore outlined its 2026 strategic priorities, centered on expanding its melanoma franchise around KIMMTRAK through greater penetration in U.S. community oncology centers and global markets, and advancing three registration...
Executive/Board Changes
Immunocore Holdings Board Member Ranjeev Krishana Resigns
Neutral
Nov 28, 2025
On November 26, 2025, Ranjeev Krishana resigned from the board of directors and the Remuneration Committee of Immunocore Holdings plc, with his departure effective immediately. His resignation was not due to any disagreements with the company or i...
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.