IMCR (Immunocore Holdings plc) Stock Financials & Earnings | Market Cap Arena

IMCR (Immunocore Holdings plc) Stock Financials & Earnings | Market Cap Arena

IMCRImmunocore Holdings plc

Mkt Cap$2B

Healthcare·Biotechnology·🇬🇧 United Kingdom·NASDAQ

Revenue (TTM)$373M

Net Income (TTM)-$27M

EPS (TTM)-$0.54

Free Cash Flow (TTM)-$15M

Gross Margin98.7%

Op. Margin-10.8%

Net Margin-7.2%

FCF Margin-4.0%

P/S Ratio (TTM)4.6x

P/E Ratio (TTM)—

YoY Rev Growth+20.2%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$55M	$54M	-$15M
Q2 23	$60M	$59M	-$14M
Q3 23	$65M	$65M	-$14M
Q4 23	$71M	$71M	-$17M
Q1 24	$71M	$70M	-$26M
Q2 24	$75M	$74M	-$16M
Q3 24	$80M	$80M	-$9M
Q4 24	$84M	$84M	-$19M
Q1 25	$94M	$93M	-$4M
Q2 25	$98M	$97M	-$15M
Q3 25	$104M	$103M	-$7M
Q4 25	$77M	$75M	-$15M

Valuation

Quarter	P/S	P/E
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	6.8x	—
Q1 24	6.4x	—
Q2 24	6.0x	—
Q3 24	5.7x	—
Q4 24	5.5x	—
Q1 25	5.1x	—
Q2 25	4.8x	—
Q3 25	4.5x	—
Q4 25	4.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$11M	$8M
Q2 23	$16K	-$1M
Q3 23	$9M	$9M
Q4 23	-$17M	-$18M
Q1 24	-$5M	-$5M
Q2 24	$23M	$23M
Q3 24	$21M	$20M
Q4 24	-$14M	-$18M
Q1 25	$435K	$137K
Q2 25	$26M	$26M
Q3 25	-$4M	-$5M
Q4 25	-$33M	-$36M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$3M
Q2 23	$1M
Q3 23	$730K
Q4 23	$711K
Q1 24	$430K
Q2 24	$331K
Q3 24	$828K
Q4 24	$4M
Q1 25	$298K
Q2 25	$414K
Q3 25	$748K
Q4 25	$3M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 24	+29.0%	+39.8%
Q2 24	+26.2%	+24.4%
Q3 24	+23.7%	+12.4%
Q4 24	+18.8%	+17.7%
Q1 25	+33.2%	+0.5%
Q2 25	+29.9%	+23.4%
Q3 25	+29.2%	+24.9%
Q4 25	-7.9%	-11.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$8M	15.1%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$9M	12.7%
Q2 24	$0	0.0%
Q3 24	$7M	8.2%
Q4 24	$9M	10.3%
Q1 25	$9M	10.1%
Q2 25	$10M	10.2%
Q3 25	$10M	9.5%
Q4 25	$8M	10.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 23	$37M	—	—	$33M
Q2 23	$38M	$21M	$14M	—
Q3 23	$43M	$23M	$12M	—
Q4 23	$46M	—	—	$42M
Q1 24	$57M	—	—	$39M
Q2 24	$51M	$26M	$13M	—
Q3 24	$53M	$24M	$12M	—
Q4 24	$61M	—	—	$42M
Q1 25	$56M	—	—	$40M
Q2 25	$69M	—	—	$43M
Q3 25	$71M	—	—	$40M
Q4 25	$58M	—	—	$31M

Revenue Segments

Quarter	Sale of Therapies
Q4 24	$84M
Q1 25	$94M
Q2 25	$98M
Q3 25	$104M

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	$835K	$64M	—
Q3 25	$34M	$3M	$67M	—

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	48M	—
Q2 23	49M	+1.1%
Q3 23	54M	+11.2%
Q4 23	49M	-9.7%
Q1 24	50M	+2.0%
Q2 24	50M	+0.3%
Q3 24	53M	+5.6%
Q4 24	50M	-5.3%
Q1 25	52M	+3.9%
Q2 25	50M	-3.2%
Q3 25	50M	+0.2%
Q4 25	50M	-0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 23	$502K	497
FY 24	$503K	493
FY 25	$568K	524