Immunocore HoldingsIMCR +1.11%72 Gross Margin % is 99.59% as of Mar. 2026, which is 0% above its 10-year median of 99.25. GuruFocus rates IMCR with a GF Score™ of 72/100 and a GF Value™ of $46.11 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 736 Biotechnology companies, Immunocore Holdings ranks better than 96.06% on this metric.
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Immunocore Holdings had a gross margin of 99.59% for the quarter that ended in Mar. 2026 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Immunocore Holdings Gross Margin % Related Terms
Immunocore Holdings Gross Margin % Historical Data
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The historical data trend for Immunocore Holdings's Gross Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
IMCR vs MAZE, DMRA, AVBP: Gross Margin % Comparison
For the Biotechnology subindustry, Immunocore Holdings's Gross Margin %, along with its competitors' market caps and Gross Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Immunocore Holdings Gross Margin % vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Immunocore Holdings's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Immunocore Holdings's Gross Margin % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Immunocore Holdings (IMCR) has a Gross Margin % of 99.59% as of Mar. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on Immunocore Holdings and its competitors. This is near median its historical median of 99.25. Over the past decade, Immunocore Holdings' Gross Margin % has ranged from 98.73 to 99.58. According to the industry distribution chart, Immunocore Holdings ranks #29 out of 736 companies in the Biotechnology industry, placing it in the top 3.9%.
Is Immunocore Holdings' Gross Margin % too high?
Immunocore Holdings' current Gross Margin % of 99.59% is near median its 10-year median of 99.25. Over the past 10 years, this metric has ranged from a low of 98.73 to a high of 99.58. The Biotechnology industry median Gross Margin % is 60.91. Immunocore Holdings' value of 99.59% is 63.5% above this industry median. Based on the distribution chart, Immunocore Holdings ranks #29 out of 736 companies in the Biotechnology industry, which is in the top quartile — a strong position relative to peers. Overall, Immunocore Holdings has a GF Score™ of 72/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Immunocore Holdings' Gross Margin % compare to MAZE and DMRA?
According to the Biotechnology industry distribution chart, Immunocore Holdings ranks #29 out of 736 companies for Gross Margin %. This places Immunocore Holdings in the top 4% of its industry — outperforming the majority of peers. The industry median Gross Margin % is 60.91. Immunocore Holdings' value of 99.59% is 63.5% above this benchmark. Historically, Immunocore Holdings' own Gross Margin % has ranged from 98.73 to 99.58 over the past decade. While the company's 10-year median is 99.25 vs. the industry median of 60.91, Immunocore Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Gross Margin % for a Biotechnology company?
The median Gross Margin % among Biotechnology companies is 60.91, based on 736 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Immunocore Holdings's current Gross Margin % of 99.59% is 63.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Immunocore Holdings and its competitors. For the Biotechnology industry, the median Gross Margin % is 60.91 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Immunocore Holdings's current Gross Margin % is 99.59%, which is near median its own 10-year median of 99.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Immunocore Holdings stock overvalued right now?
Based on GuruFocus' analysis, Immunocore Holdings (IMCR) is currently considered Possible Value Trap. The stock's GF Value™ is $46.11, compared to a current price of $30.87 — trading 33.1% below its estimated fair value. The current Gross Margin % is 99.59%, which is near median its 10-year median of 99.25 and 63.5% above the Biotechnology industry median of 60.91. Immunocore Holdings' overall GF Score™ is 72/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Immunocore Holdings (IMCR), the current Gross Margin % is 99.59% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Immunocore Holdings (IMCR) Overvalued in 2026?
Based on GuruFocus' analysis, Immunocore Holdings stock appears to be undervalued.
The current stock price of $30.87 is trading 33.1% below its estimated GF Value™ of $46.11.
GuruFocus considers Immunocore Holdings to be Possible Value Trap.
Key valuation signals for IMCR:
Gross Margin %: 99.59% (near median its 10-year median of 99.25)
GF Value™: $46.11 vs. price of $30.87 (33.1% below fair value)
Industry Position: 63.5% above the Biotechnology median (#29 of 736)
No single metric tells the full story. See the IMCR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Immunocore Holdings PLC is a commercial-stage biotechnology company. Using its ImmTAX platform, the company is developing a deep pipeline in multiple therapeutic areas, including clinical stage programs in oncology and infectious disease, pre-clinical programs in autoimmune disease, and earlier pre-clinical programs across three therapeutic areas. The company's main product, KIMMTRAK, is used for the treatment of unresectable or metastatic uveal melanoma (mUM). The other drug candidates in its pipeline include Brenetafusp, IMC-P115C, IMC-T119C, IMC-R117C, IMC-S118AI, IMC-U120AI, and others, being developed as a potential treatment for various oncology, infectious, and autoimmune diseases.
72GF Score
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