Immunocore (IMCR) Guggenheim Securities Inaugural Healthcare Innovation Conference summary

Commercial performance and market dynamics

• Achieved $226 million in year-to-date sales for Kimmtrak, reflecting 32% growth over the prior year and 65% market penetration in the U.S., with even higher rates in Europe.

• Growth is increasingly driven by community adoption, with half of new patient starts now in community settings.

• Kimmtrak is standard of care in most of the 11 countries launched, with high market shares, such as over 80% in Germany.

• Duration of therapy is trending up, now exceeding 11 months in several European countries.

• New launches are expected in Poland in Q4 and potentially the UK next year, contributing to incremental growth.

Pipeline and label expansion opportunities

• Phase 2 data in cutaneous melanoma showed a 75% 12-month overall survival milestone, compared to 55% historically.

• The TEBE-AM study in cutaneous melanoma is on track to complete enrollment in H1 2026, with data expected in H2 2026 and potential launch in H1 2027.

• The second-line plus cutaneous melanoma market is 2,000–4,000 times larger than uveal melanoma, with plans to maintain current pricing due to high unmet need.

• Kimmtrak's competitive edge includes familiarity among melanoma treaters and advantages over non–off-the-shelf modalities.

PRAME program development

• Focus areas include cutaneous melanoma, non-small cell lung cancer, and ovarian cancer, with ongoing expansion in platinum-sensitive and refractory ovarian cancer.

• Durable disease control rates observed: 56% in late-line melanoma and up to 68% in ovarian cancer combinations.

• Advancing into first-line cutaneous melanoma based on favorable comparisons to current standards like Opdualag.

• Next steps in lung cancer include combination therapy and earlier line treatment, especially in EGFR-positive patients.

• T cell fitness signature is being used to guide development, targeting settings with higher immune fitness.