Immunocore (ADR)
Develops ImmTAX-based immunotherapies and sells KIMMTRAK for eligible uveal melanoma patients.
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Profile
Develops soluble T-cell-receptor bispecific immunotherapies through ImmTAX. KIMMTRAK is the first approved product and the only currently significant therapy-sales revenue stream; the pipeline spans cancer, infectious disease, and autoimmune disease.
Develops soluble T-cell-receptor bispecific immunotherapies using its ImmTAX platform. KIMMTRAK, its first approved product, treats HLA-A*02:01-positive adults with unresectable or metastatic uveal melanoma and supplies the company’s only currently significant therapy-sales revenue stream. It was the first TCR therapeutic to receive FDA regulatory approval.
The same platform supports programs in cancer, infectious disease, and autoimmune disease, all managed in one immunotherapies operating segment. KIMMTRAK has approvals and commercial launches across multiple countries. Operations are based primarily in the United Kingdom and United States. The commercial business depends on KIMMTRAK and on treating the defined HLA-A*02:01-positive patient population.
Company facts
Key statistics
Year to date +8.4% · Average volume (30d) 421.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | Morgan Stanley | Target | $36 | $43 | ||
| Aug 3, 2026 | Mizuho Securities | Target | $38 | $35 | ||
| Mar 16, 2026 | Jefferies | Downgrade | Buy | Hold | ||
| Feb 19, 2026 | Mizuho Securities | Target | $72 | $38 | ||
| Jan 7, 2026 | UBS | Target | $24 | $55 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.01 | −$0.02 | −100.0% | $148.8M | $115.9M | −22.1% | +3.63% |
| May 6, 2026Q1 FY26 | −$0.26 | $0.25 | +196.2% | $145.4M | $145.0M | −0.3% | −0.36% |
| Feb 25, 2026Q4 FY25 | −$0.28 | −$0.60 | −114.3% | $144.5M | $140.1M | −3.1% | −0.37% |
| Nov 6, 2025Q3 FY25 | −$0.30 | $0.02 | +105.2% | $142.2M | $103.7M | −27.1% | +6.01% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $93.9M | $98.0M | $103.7M | $77.4M | $106.7M | $115.9M | |
| Gross profit | $93.1M | $96.9M | $103.2M | $74.8M | $106.2M | $114.8M | |
| Operating income | −$3.6M | −$14.9M | −$7.2M | −$14.6M | $7.3M | −$3.0M | |
| Net income | $5.0M | −$10.3M | $785.0K | −$22.3M | $13.0M | −$808.0K | |
| Diluted EPS | $0.10 | −$0.21 | $0.02 | −$0.44 | $0.25 | −$0.02 | |
| Gross margin | 99.1% | 98.9% | 99.5% | 96.6% | 99.6% | 99.1% | |
| Operating margin | -3.9% | -15.2% | -6.9% | -18.8% | 6.8% | -2.6% |
Fiscal years (4-quarter sums)FY21 $26.5M · FY22 $159.9M · FY23 $200.9M · FY24 $310.2M · FY25 $373.0M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $880.2M · Total debt $435.0M · Total assets $1.12B · Shareholders' equity $419.8M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 50.83M · Float 50.34M · 99.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Wellington Management Group LLP | 5.72M | 11.26% | 13F | Aug 14, 2026 |
| RTW Investments, LP | 4.87M | 9.58% | 13F | Aug 14, 2026 |
| FMR LLC | 4.31M | 8.47% | 13F | Aug 13, 2026 |
| Primecap Management Co/CA/ | 3.64M | 7.16% | 13F | Aug 14, 2026 |
| Bellevue Group AG | 2.79M | 5.49% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 18, 2026 | David M. Berman | officer: HEAD OF R&D | −5,965 | $32.35 |
| Feb 18, 2026 | Tina Amber st Leger | officer: CHIEF HR OFFICER | −1,000 | $32.35 |
| Feb 18, 2026 | John Goll | officer: SVP, FINANCE & CAO | −698 | $32.35 |
| Feb 18, 2026 | Bahija Jallal | director, officer: CHIEF EXECUTIVE OFFICER | −11,474 | $32.35 |
| Dec 4, 2025 | David M. Berman | officer: HEAD OF R&D | −31,341 | $40.26 |
Peers
- IDEAYA Biosciences
Darovasertib advances across primary and metastatic uveal melanoma
- Immatics
PRAME TCR therapies in metastatic uveal melanoma and solid tumors
- Replimune Group
Oncolytic-virus and PD-1 regimen in metastatic uveal melanoma
- Bristol-Myers Squibb
Checkpoint-inhibitor regimen evaluated in metastatic uveal melanoma
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Immunocore (ADR) | $36.62 | −0.03% | $1.86B | — | — | 4.6 | −13.7% |
| IDEAYA Biosciences | $40.11 | −0.05% | $3.81B | — | — | 16.3 | — |
| Immatics | $9.35 | −0.95% | $1.27B | — | — | 26.2 | +113.0% |
| Replimune Group | $15.45 | −0.39% | $1.30B | — | — | — | — |
| Bristol-Myers Squibb | $66.60 | +0.05% | $136.00B | 14.7 | 10.5 | 2.8 | +5.7% |
| Median | 14.7 | 10.5 | 16.3 | +59.3% |