Immunocore (IMCR) Q2 2024 earnings summary

Executive summary

• KIMMTRAK net sales reached $146 million in H1 2024, up 34% year-over-year, with strong U.S. performance and launches in nine new countries, expanding to 19 launched and 38 approved markets.

• Advanced pipeline with nine clinical programs, including multiple Phase 3 trials for KIMMTRAK and brenetafusp in melanoma, and new Phase 1 starts in oncology, infectious, and autoimmune diseases.

• Key data readouts expected for brenetafusp in ovarian and lung cancer, and for the HIV program in early 2025, with further milestones anticipated through 2028.

• Net loss for H1 2024 was $36.1 million, with Q2 2024 net loss at $11.6 million, reflecting increased R&D and SG&A expenses as late-stage trials advanced.

• Cash, cash equivalents, and marketable securities totaled $860 million as of June 30, 2024, supporting ongoing R&D and commercial activities.

Financial highlights

• Q2 2024 KIMMTRAK net revenues were $75.3 million, up 32% year-over-year and 7% sequentially; H1 2024 sales totaled $146 million, up 34% year-over-year.

• U.S. KIMMTRAK sales reached $55.6 million in Q2 2024, with Europe contributing $15.4 million and international markets $4.3 million.

• R&D expenses rose to $51.1 million in Q2 2024, mainly due to PRAME program costs; SG&A expenses increased to $38.6 million.

• Net loss per share was $0.23 for Q2 2024, improved from $0.35 in Q2 2023.

• Net cash and marketable securities stood at $860 million as of June 30, 2024, or $770 million net of planned loan repayment and rebate payments.

Outlook and guidance

• Expect continued sequential global unit sales growth for KIMMTRAK in 2024, led by U.S. demand and new country launches.

• R&D expenses projected to marginally increase in H2 2024 as late-stage clinical programs accelerate.

• Multiple data readouts anticipated over the next four years, including from three Phase 3 trials and new trial starts in oncology, HIV, and autoimmune diseases.

• Enrollment for the TEBE-AM Phase 3 trial in cutaneous melanoma expected to complete in H1 2026; ATOM Phase 3 trial in adjuvant uveal melanoma to begin randomization in H2 2024.

• Existing cash and anticipated KIMMTRAK revenue are expected to fund operations for at least 12 months from the filing date.