Immunocore Holdings PLC (NAS:IMCR)

Q2 2026 Immunocore Holdings PLC Earnings Call Transcript

Aug 6, 2026 / 12:00 PM 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% growth year-over-year, with strong US performance contributing $75 million in Q2.
Five-year overall survival data presented at AACR showed Kimtrak doubles the likelihood of being alive at five years for patients with HLA-A2-positive metastatic uveal melanoma, with a 16% OS rate versus 8% for investigators' choice.
The company is advancing three ongoing Phase 3 trials in melanoma (TEBI-AM, ATOM, and PrismMel-301), with TEBI-AM enrollment nearing completion and top-line data expected as early as the 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 as of June 30, 2026, providing flexibility for commercial execution and pipeline advancement.
The pipeline is diversified beyond oncology, with the first autoimmune candidate (S118AI) for type 1 diabetes entering clinical testing and HIV program progressing with higher dose cohorts, presenting multiple value creation opportunities.

Negative

Q2 US sales were partially influenced 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 revenue expansion.
R&D expenses increased to $74 million in Q2, up from $59 million in the prior year, driven by the advancement of three Phase 3 trials, with expectations for further increases.
The company expects to pay approximately $120 million in sales-related rebates during the second half of 2026, which is higher than prior years due to European growth and the French pricing agreement, impacting cash flow.
TEBI-AM enrollment is slightly delayed, with the number of patients left to enroll in the 10s, and while top-line data is still expected as early as end of 2026, there is a risk it could slip into 2027.
The company faces competitive risk from IDEAYA's oral regimen in uveal melanoma, which could potentially include HLA-positive patients in its initial label, though management downplays the impact.

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 / 12:00PM 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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