Immunocore Holdings plc

What they do

Immunocore uses its proprietary ImmTAX platform to engineer off-the-shelf bispecific T cell receptor therapeutics that target proteins presented by HLA on diseased cells. KIMMTRAK, its only marketed product, is approved in 39 countries and launched in over 30, including the United States, Germany and France. Manufacturing occurs in Denmark and Germany with final packaging in the Netherlands, and commercialization uses an in-house U.S. sales force plus contracted resources and partners Medison and Er-Kim in other regions.

Revenue drivers

• KIMMTRAK - United States — Q2 2026 net product sales were $74.9 million, roughly two-thirds of total KIMMTRAK revenue, up 17% year-over-year. Dosing is in HLA-A*02:01 positive metastatic uveal melanoma patients.
• KIMMTRAK - Europe — Q2 2026 net product sales were $34.1 million. European and international sales combined grew 21% year-over-year, driven by increased demand.
• KIMMTRAK - International regions — Q2 2026 net product sales were $6.9 million, the smallest of the three reported geographies, supported by distribution partners Medison and Er-Kim.

Recent performance

Q2 2026 KIMMTRAK net product revenue was $115.9 million versus $98.0 million in Q2 2025, an 18% increase. First-half 2026 KIMMTRAK sales were $222.6 million, up 16% year-over-year, with first-half net income of $12.2 million compared to a $5.3 million net loss in the prior-year period. Q2 2026 net loss was $0.8 million ($0.02 per share) versus a $10.3 million loss ($0.20 per share) in Q2 2025. R&D expense rose to $73.9 million from $69.0 million, and SG&A was $43.9 million versus $42.8 million. Cash, cash equivalents and marketable securities were $880.2 million as of June 30, 2026.

Strategy

Management is pursuing three growth areas for KIMMTRAK: deeper U.S. community and global penetration in metastatic uveal melanoma, potential expansion into second-line or later advanced cutaneous melanoma via the Phase 3 TEBE-AM trial, and potential expansion into adjuvant uveal melanoma. Three late-stage ImmTAC programs are underway, including KIMMTRAK and PRAME-targeted brenetafusp, whose Phase 3 PRISM-MEL-301 trial in first-line advanced melanoma uses a dose selected from Phase 1 monotherapy data presented at ASCO. The company is also advancing earlier programs across oncology, infectious disease and autoimmune disease. It expects to pay approximately $120 million in sales-related rebate accruals in the second half of 2026.

Risks

• Single-product concentration — All revenue comes from KIMMTRAK, which is approved only for metastatic uveal melanoma, and the company has no other approved product or indication.
• No profitability to date — Immunocore has incurred net losses every year since inception, with net losses of $35.5 million, $51.1 million and $55.3 million in 2025, 2024 and 2023, and an accumulated deficit of $831.3 million as of December 31, 2025.
• Pipeline and regulatory uncertainty — Approvals in additional indications such as advanced cutaneous melanoma and adjuvant uveal melanoma, and for candidates like brenetafusp, are not assured and depend on ongoing Phase 3 trials.
• Future funding needs — The company states it may need additional funding and may be unable to raise capital or enter collaborations on favorable terms, particularly given volatile capital markets.

Outlook

Enrollment in the Phase 3 TEBE-AM trial for previously treated advanced cutaneous melanoma is nearing the target of 540 patients, and data could come as early as end of 2026. At AACR 2026, five-year overall survival data for KIMMTRAK showed an OS rate of 16% versus 8% in the control arm (HR 0.67), with median OS of 21.6 versus 16.9 months. Management expects to continue incurring significant expenses and operating losses while advancing clinical programs. The company expects to pay approximately $120 million in sales-related rebate accruals in the second half of 2026.