IMCR

MKT CAP:$1B

Immunocore Holdings plc

Market Cap

$1B

Healthcare·Biotechnology·🇬🇧 United Kingdom·NASDAQ

Healthcare·Biotechnology·🇬🇧·NASDAQ

Stock Price

$29.23-$4.55 (-13.47%)

Apr 23, 2026

Company Details

Immunocore Holdings plc, a commercial-stage biotechnology company, engages in the development of immunotherapies for the treatment of cancer, infectious, and autoimmune diseases. The company offers KIMMTRAK for the treatment of patients wit...

CEO

Bahija Jallal

IPO Date

Feb 5, 2021

Website

www.immunocore.com

Key Metrics TTM

Revenue

$347M

+35.9% YoY

Net Income

-$8M

EPS (Diluted)

-$0.17

Free Cash Flow

$69M

Revenue / Share

$6.91

Gross Margin

98.8%

Operating Margin

-12.4%

Net Margin

-2.3%

FCF Margin

19.9%

P/S

4.3x

P/E

—

Earnings Reports

Q3 2025

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$298MEPS -$0.53

Q2 2025

Aug 7, 2025

$98M+29.9%EPS -$0.21

Q1 2025

May 7, 2025

$94M+33.2%EPS $0.10

Q3 2024

Nov 6, 2024

$80MEPS $0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$10M	$10M	-$28M
Q3 20	$9M	$9M	-$32M
Q4 20	$10M	-$89M	-$27M
Q1 21	$11M	$11M	-$43M
Q2 21	$8M	$8M	-$47M
Q3 21	$8M	-$15M	-$42M
Q4 21	$9M	-$18M	-$51M
Q1 22	$30M	$30M	-$22M
Q1 23	$55M	$54M	-$15M
Q2 23	$60M	$59M	-$14M
Q4 23	$71M	$71M	-$17M
Q1 24	$71M	$70M	-$26M
Q2 24	$75M	$74M	-$16M
Q3 24	$80M	$80M	-$9M
Q1 25	$94M	$93M	-$4M
Q2 25	$98M	$97M	-$15M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q3 20	56.7x	—
Q4 20	53.4x	—
Q1 21	36.8x	—
Q2 21	41.5x	—
Q3 21	42.3x	—
Q4 21	42.1x	—
Q1 22	23.4x	—
Q1 23	23.6x	—
Q2 23	20.6x	—
Q4 23	16.1x	—
Q1 24	12.3x	—
Q2 24	6.6x	—
Q3 24	5.2x	—
Q1 25	4.6x	—
Q2 25	4.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	-$14M	-$15M
Q3 20	$872.3K	-$9.4K
Q4 20	-$28M	-$28M
Q1 21	-$35M	-$35M
Q2 21	-$44M	-$44M
Q3 21	-$29M	-$29M
Q4 21	-$22M	-$22M
Q1 22	-$42M	-$42M
Q1 23	$11M	$8M
Q2 23	$16.4K	-$1M
Q4 23	-$17M	-$18M
Q1 24	-$5M	-$5M
Q2 24	$23M	$23M
Q3 24	$21M	$20M
Q1 25	$435.0K	$137.0K
Q2 25	$26M	$26M

Capital Expenditures

Quarter	CapEx
Q2 20	$872.3K
Q3 20	$881.8K
Q4 20	$467.8K
Q1 21	$296.6K
Q2 21	$183.4K
Q3 21	$504.2K
Q4 21	$374.8K
Q1 22	$186.1K
Q1 23	$3M
Q2 23	$1M
Q4 23	$711.1K
Q1 24	$430.0K
Q2 24	$331.5K
Q3 24	$828.0K
Q1 25	$298.0K
Q2 25	$414.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+31.5%	-17.4%
Q1 21	+0.2%	+32.2%
Q2 21	-26.4%	+42.3%
Q3 21	-10.9%	+22.6%
Q4 21	-11.1%	+61.1%
Q1 22	+171.8%	-3.0%
Q1 23	+607.1%	+27.9%
Q2 23	+648.2%	+47.9%
Q4 23	+696.2%	+46.9%
Q1 24	+132.7%	+84.8%
Q2 24	+37.9%	+31.8%
Q3 24	+34.3%	+20.7%
Q1 25	+32.7%	+10.8%
Q2 25	+39.0%	+16.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$4M	40.9%
Q3 20	$2M	26.9%
Q4 20	$4M	40.2%
Q1 21	$12M	103.9%
Q2 21	$13M	163.0%
Q3 21	$12M	155.3%
Q4 21	$12M	132.3%
Q1 22	$10M	33.0%
Q1 23	$8M	15.1%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$9M	12.7%
Q2 24	$0	0.0%
Q3 24	$7M	8.2%
Q1 25	$9M	10.1%
Q2 25	$10M	10.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 20	$22M	$17M	—	—
Q3 20	$28M	$13M	—	—
Q4 20	$23M	$19M	—	—
Q1 21	$27M	$27M	—	—
Q2 21	$22M	$32M	—	—
Q3 21	$23M	—	—	$27M
Q4 21	$27M	—	—	$33M
Q1 22	$25M	—	—	$27M
Q1 23	$37M	—	—	$33M
Q2 23	$38M	$21M	$14M	—
Q4 23	$46M	—	—	$42M
Q1 24	$57M	—	—	$39M
Q2 24	$51M	$26M	$13M	—
Q3 24	$53M	$24M	$12M	—
Q1 25	$56M	—	—	$40M
Q2 25	$69M	—	—	$43M

Revenue Segments

Quarter	Sale of Therapies
Q1 25	$94M
Q2 25	$98M

Revenue by Geography

Quarter	Europe	Rest of World	United States	International
Q1 24	$19M	$1M	$50M	—
Q2 24	$15M	$4M	$56M	—
Q3 24	$21M	$2M	$57M	—
Q1 25	$33M	—	$57M	$4M
Q2 25	$33M	$835.0K	$64M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$365M	$0	$365M
Q2 22	$281M	$0	$281M
Q3 22	$468M	$0	$468M
Q4 22	$543M	$0	$543M
Q1 23	$417M	$0	$417M
Q2 23	$435M	$0	$435M
Q3 23	$443M	$0	$443M
Q4 23	$443M	$0	$443M
Q1 24	$833M	$0	$833M
Q2 24	$505M	$355M	$860M
Q3 24	$538M	$364M	$901M
Q4 24	$456M	$365M	$820M
Q1 25	$477M	$360M	$837M
Q2 25	$488M	$395M	$883M
Q3 25	$498M	$394M	$892M
Q4 25	$468M	$396M	$864M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	27M	0.0%	—
Q3 20	32M	+16.4%	—
Q4 20	38M	+21.0%	+40.8%
Q1 21	38M	0.0%	+40.8%
Q2 21	44M	+13.9%	+60.3%
Q3 21	44M	+0.0%	+37.8%
Q4 21	44M	+0.2%	+14.1%
Q1 22	44M	+0.0%	+14.1%
Q1 23	48M	+9.8%	+10.0%
Q2 23	49M	+1.1%	+11.2%
Q4 23	49M	+0.4%	+11.5%
Q1 24	50M	+2.0%	+13.7%
Q2 24	50M	+0.3%	+3.8%
Q3 24	53M	+5.6%	+8.4%
Q1 25	52M	-1.6%	+6.3%
Q2 25	50M	-3.2%	+0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	—	—
Q3 20	—	—
Q4 20	$34.4K	291
Q1 21	$38.3K	291
Q2 21	$26.6K	291
Q3 21	$27.4K	291
Q4 21	$27.4K	324
Q1 22	$93.5K	324
Q1 23	$134.0K	408
Q2 23	$146.5K	408
Q4 23	$142.4K	497
Q1 24	$141.9K	497
Q2 24	$151.7K	497
Q3 24	$161.5K	497
Q1 25	$190.4K	493
Q2 25	$198.7K	493

Revenue / Employee