Immunocore (IMCR) Q2 2025 earnings summary

Executive summary

• KIMMTRAK net sales reached $192 million in H1 2025, up 32% year-over-year, with approvals in 39 countries and launches in 28, maintaining standard of care status in HLA-A*02:01-positive metastatic uveal melanoma and 68% market penetration.

• Robust pipeline progress with three Phase III registrational trials in oncology (TEBE-AM, ATOM, PRISM-MEL-301), expansion into autoimmunity and infectious diseases, and a type 1 diabetes program set to start clinical trials in 2026.

• Cash and marketable securities totaled $883 million as of June 30, 2025, supporting continued R&D and commercial activities.

• Net loss for H1 2025 narrowed to $5.3 million from $36 million in the prior year, reflecting revenue growth outpacing operating expenses.

• SG&A and R&D expenses increased, with R&D up 35% year-over-year in Q2 2025, reflecting pipeline advancement.

Financial highlights

• Q2 2025 net sales were $98 million, up 30% year-over-year, with H1 2025 net sales at $191.8 million, up 32% year-over-year.

• US Q2 2025 revenue was $64.1 million (up 15% year-over-year); Europe was $33 million (up 115% year-over-year), driven by launches and price agreements.

• Net loss for Q2 2025 was $10.3 million, with basic and diluted net loss per share at $(0.20); H1 2025 net loss per share was $(0.11).

• SG&A expenses averaged $42 million per quarter and are expected to remain flat for the rest of 2025.

• Cash and marketable securities increased to $883 million from $820.4 million at year-end 2024.

Outlook and guidance

• KIMMTRAK is expected to continue growing at a moderate rate as the product matures, with further expansion in new geographies and indications.

• R&D expenses will increase as investments in three Phase III trials and early-stage programs continue.

• TEBE-AM Phase III trial enrollment expected to complete within 12 months, with data readout possible in H2 2026.

• Dose selection for PRISM-MEL-301 Phase III trial anticipated in H2 2025; ATOM trial site activation ongoing.

• Approximately $65 million in sales-related rebate accruals expected to be paid in H2 2025.