Immunocore Holdings PLC (NAS:IMCR)

Q2 2026 Immunocore Holdings PLC Earnings Call Transcript

Aug 6, 2026 / 07:00 AM GMT

Release Date Price: $34.53 (+3.71%)

Transcript 10-Q8-K

Key Points

Positve

Kimtrak generated $223 million in net revenue in the first half of 2026, representing 16% year-over-year growth, with strong US performance contributing $75 million in Q2.
Five-year overall survival data presented at AACR showed Kimtrak doubles the likelihood of survival at five years (16% vs 8%) for HLA-A2-positive metastatic uveal melanoma, with survival curves separating early and remaining durable.
The company is advancing three Phase 3 trials in melanoma (TEBI-AM, ATOM, PrismMel-301), with TEBI-AM enrollment nearing completion and top-line data expected as early as end of 2026.
Brenetafusp (PRAME) showed promising Phase 1/2 data in heavily pretreated melanoma, with a 17% overall response rate and median overall survival of 14.3 months at the 160-microgram dose, supporting its selection for the Phase 3 trial.
The balance sheet remains exceptionally strong with $880 million in cash and marketable securities, providing flexibility to support commercial execution and pipeline advancement.
The pipeline is diversified beyond oncology, with the first autoimmune candidate (S118AI) in type 1 diabetes entering clinical testing and HIV program advancing with higher dose cohorts.

Negative

Q2 US sales were partially inflated by approximately $6 million in wholesaler stocking, which will create a headwind in Q3, and underlying sequential growth was only 3%.
The company expects moderating growth for Kimtrak in its fifth year on the market due to high penetration (over 70% in major markets), limiting future expansion potential.
R&D expenses increased significantly to $74 million in Q2 (from $59 million in the prior year) due to advancing multiple Phase 3 trials, with expectations of further increases.
The company expects to pay approximately $120 million in sales-related rebates in the second half of 2026, primarily due to the French pricing agreement, impacting cash flow despite revenue growth.
TEBI-AM enrollment has been slightly delayed, and while the company reiterates end-of-2026 data readout, there is inherent risk of falling into 2027 if event rates are not met.
The HIV program data will not be shared until early 2027, and the company has not yet reached a maximum tolerated dose, indicating uncertainty about the optimal dosing and efficacy.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

IMCR.OQ - Immunocore Holdings PLC
Q2 2026 Immunocore Holdings PLC Earnings Call
Aug 06, 2026 / 07:00AM GMT

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Presentation
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Unidentified_1 [1]
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Greetings, and welcome to the ImmunoCorps conference calling webcast. At this time, all participants are in the listen-only mode. A question-and-answer session will follow the formal presentation. You may be placed in the question queue at any time by pressing star 1 on your telephone keypad. We ask that you please limit yourselves to one question, then return to the queue. As a reminder, this conference is being recorded. If anyone should require operator assistance, please press star 0. It's now my pleasure to turn the call over to Ryan Baker, Vice President, investor relations. Ryan, please go ahead.

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Unidentified_2 [2]
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