Immunocore (IMCR) Q4 2025 earnings summary

Executive summary

• Achieved $400M in KIMMTRAK net sales for FY 2025, up 29% year-over-year, with 15 consecutive quarters of growth and ≥70% market penetration in major markets; strong global expansion and deep U.S. community penetration.

• KIMMTRAK now approved in 39 countries and launched in 30 markets, with real-world therapy duration at 14 months and median overall survival of 28 months.

• Advanced three Phase 3 melanoma trials (TEBE-AM, ATOM, PRISM-MEL-301) and expanded pipeline into ovarian, lung, GI cancers, HIV, Hepatitis B, type 1 diabetes, and atopic dermatitis.

• Ended 2025 with $864M in cash, cash equivalents, and marketable securities, supporting ongoing R&D and clinical expansion.

• Initial Phase 1 HIV data showed delayed viral rebound and good tolerability.

Financial highlights

• FY 2025 net sales of $400M for KIMMTRAK, up 29% year-over-year; US sales up 13%, Europe up 79%.

• R&D expenses increased 24% to $274.9M; SG&A expenses rose 6% to $165.4M.

• Net loss narrowed to $35.5M from $51.1M in the prior year.

• Cash and marketable securities totaled $864M at year-end 2025.

• Operating loss reduced in 2025 as revenue outpaced expense growth.

Outlook and guidance

• Expects moderating revenue growth for KIMMTRAK in 2026 as market penetration increases.

• Multiple registrational and proof-of-concept readouts anticipated throughout 2026, including Phase 3 melanoma trials and data from HIV and autoimmune programs.

• Commercial preparations underway for potential KIMMTRAK expansion into cutaneous melanoma.

• Plans to initiate first autoimmune disease trial in 1H 2026.