The company achieved a positive operating margin of 6.8% in 2026Q1, supported by a structural gross margin profile that has remained above 96% throughout the observed period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Sep'14 | Sep'13 |
|---|
| Sales/Revenue | 385.76M | 297.57M | 247.98M | 197.39M | 144.23M | 27.04M | 30.11M | 25.67M | 23.65M | 19.17M | 20.21M | 16.93M | 10.29M | 3.3M |
| Revenue Growth % | 15.64% | 20% | 25.63% | 36.85% | 433.32% | -10.19% | 17.32% | 8.52% | 23.42% | -5.19% | 19.39% | 64.56% | 211.65% | - |
| Cost of Goods Sold | 4.61M | 6.21M | 5.54M | 820.63K | 5.29M | 0 | 74.81M | 99.99M | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 2.09% | 2.24% | 0.42% | 3.67% | - | 248.42% | 389.54% | - | - | - | - | - | - |
| Gross Profit | 381.15M | 291.36M | 242.44M | 196.57M | 138.94M | 27.04M | -44.7M | -74.32M | 23.65M | 19.17M | 20.21M | 16.93M | 10.29M | 3.3M |
| Gross Margin % | 98.81% | 97.91% | 97.76% | 99.58% | 96.33% | 100% | -148.42% | -289.54% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 20.18% | 23.34% | 41.47% | 413.74% | 160.51% | 39.86% | -414.2% | 23.42% | -5.19% | 19.39% | 64.56% | 211.65% | - |
| Operating Expenses | 410.51M | 325.09M | 298.77M | 243.77M | 181.71M | 156.46M | 41.5M | 44M | 117.73M | 109.94M | 60.09M | 37.11M | 22.08M | 11.04M |
| OpEx % of Revenue | - | 109.25% | 120.48% | 123.5% | 125.99% | 578.53% | 137.8% | 171.41% | 497.72% | 573.67% | 297.27% | 219.18% | 214.61% | 334.32% |
| Selling, General & Admin | 151.41M | 120.62M | 121.17M | 114.35M | 0 | 82.15M | 45.74M | 44.18M | 34.16M | 29.22M | 4.6M | 4.41M | 3.99M | 1.88M |
| SG&A % of Revenue | - | 40.54% | 48.86% | 57.93% | - | 303.76% | 151.89% | 172.13% | 144.4% | 152.47% | 22.76% | 26.07% | 38.77% | 57% |
| Research & Development | 259.11M | 204.47M | 177.44M | 129.42M | 84.31M | 74.31M | 74.81M | 99.99M | 83.58M | 81.13M | 56.5M | 32.69M | 19.69M | 10.55M |
| R&D % of Revenue | - | 68.71% | 71.55% | 65.57% | 58.45% | 274.77% | 248.42% | 389.54% | 353.32% | 423.34% | 279.51% | 193.11% | 191.33% | 319.72% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 97.4M | 0 | -79.05M | -100.18M | 0 | -411.37K | -1.01M | 0 | -1.59M | -1.4M |
| Operating Income | -29.36M | -33.74M | -56.28M | -47.2M | -42.77M | -129.42M | -86.19M | -118.32M | -93.45M | -90.78M | -39.88M | -20.18M | -11.79M | -7.74M |
| Operating Margin % | -7.61% | -11.34% | -22.7% | -23.91% | -29.66% | -478.53% | -286.22% | -460.95% | -395.09% | -473.67% | -197.27% | -119.18% | -114.61% | -234.32% |
| Operating Income Growth % | - | 40.05% | -19.23% | -10.36% | 66.95% | -50.15% | 27.15% | -26.61% | -2.95% | -127.66% | -97.62% | -71.13% | -52.43% | - |
| EBITDA | -27.16M | -31.31M | -52.92M | -43.97M | -38.36M | -123.79M | -79.75M | -111.56M | -86.75M | -85.53M | -36.57M | -18.17M | -10.64M | -7.04M |
| EBITDA Margin % | -7.04% | -10.52% | -21.34% | -22.27% | -26.6% | -457.72% | -264.82% | -434.61% | -366.74% | -446.26% | -180.92% | -107.33% | -103.42% | -213.19% |
| EBITDA Growth % | 37.61% | 40.84% | -20.37% | -14.61% | 69.01% | -55.23% | 28.52% | -28.6% | -1.43% | -133.86% | -101.25% | -70.79% | -51.18% | - |
| D&A (Non-Cash Add-back) | 2.2M | 2.43M | 3.36M | 3.24M | 4.41M | 5.63M | 6.45M | 6.76M | 6.71M | 5.25M | 3.3M | 2.01M | 1.15M | 697.53K |
| EBIT | -5.2M | -2.04M | -41.86M | -44.11M | -42.77M | -129.21M | -88.83M | -118.32M | -93.45M | -90.78M | -39.88M | -18.5M | -11.79M | -7.74M |
| Net Interest Income | 3.17M | 4.31M | 6.77M | 10.15M | -1.65M | -5.51M | -2.4M | -2.4M | -20K | 703.1K | 1.55M | 979.95K | 196.71K | 0 |
| Interest Income | 15.77M | 16.48M | 25.62M | 14.23M | 3.76M | 65K | 706K | 1.4M | 822K | 0 | 0 | 0 | 0 | 42.77K |
| Interest Expense | 6.13M | 12.17M | 18.84M | 4.08M | 5.41M | 5.57M | 3.11M | 3.8M | 842K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 21.54M | 19.53M | 14.01M | -982.07K | 8.95M | -3.92M | -1.17M | 36.65M | 5.28M | 3.76M | 1.55M | 41.48M | 196.71K | 42.77K |
| Pretax Income | -7.82M | -14.21M | -42.32M | -48.19M | -33.82M | -133.34M | -87.36M | -81.67M | -88.18M | -87.02M | -38.32M | 21.3M | -11.59M | -7.69M |
| Pretax Margin % | -2.03% | -4.77% | -17.07% | -24.41% | -23.45% | -493.04% | -290.1% | -318.18% | -372.78% | -454.06% | -189.58% | 125.81% | -112.69% | -233.03% |
| Income Tax | 10.4M | 12.21M | -1.48M | -4.43M | 9.65M | 111.19K | -13.27M | 22.26M | -16.55M | 21.26M | 9.92M | 1.42M | 2.57M | 1.73M |
| Effective Tax Rate % | -132.9% | -85.94% | 3.49% | 9.2% | -28.52% | -0.08% | 15.19% | -27.25% | 18.77% | -24.43% | -25.89% | 6.66% | -22.18% | -22.49% |
| Net Income | -18.82M | -26.42M | -40.81M | -43.75M | -43.46M | -133.45M | -74.09M | -103.93M | -71.63M | -65.76M | -28.4M | 19.88M | -9.02M | -5.96M |
| Net Margin % | -4.88% | -8.88% | -16.45% | -22.17% | -30.13% | -493.45% | -246.04% | -404.89% | -302.82% | -343.13% | -140.5% | 117.43% | -87.7% | -180.63% |
| Net Income Growth % | 12.98% | 35.26% | 6.73% | -0.66% | 67.43% | -80.11% | 28.71% | -45.09% | -8.93% | -131.54% | -242.86% | 320.34% | -51.31% | - |
| Net Income (Continuing) | -18.82M | -26.42M | -40.84M | -43.75M | -43.46M | -133.45M | -74.09M | -103.93M | -71.63M | -65.76M | -28.4M | 19.88M | -9.02M | 0 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.36 | -0.53 | -1.02 | -0.89 | -0.95 | -3.00 | -2.33 | -3.81 | -2.62 | -26.74 | -11.60 | 0.00 | -4.08 | 0.00 |
| EPS Growth % | 11.2% | 48.04% | -14.61% | 6.32% | 68.33% | -28.76% | 38.85% | -45.42% | 90.2% | -130.52% | - | 100% | - | - |
| EPS (Basic) | - | -0.53 | -1.02 | -0.89 | -0.95 | -3.13 | -2.33 | -3.81 | -2.62 | -26.74 | -11.60 | 0.00 | -4.08 | 0.00 |
| Diluted Shares Outstanding | 52.93M | 50.35M | 49.99M | 48.89M | 45.71M | 43.86M | 31.78M | 27.31M | 27.31M | 2.46M | 2.45M | 0 | 2.21M | 0 |
| Basic Shares Outstanding | 50.75M | 50.35M | 49.99M | 48.89M | 45.71M | 42.49M | 31.78M | 27.31M | 27.31M | 2.46M | 2.45M | 0 | 2.21M | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
HLA-restriction market ceiling
According to recent financial disclosures, Immunocore's revenue growth has exhibited significant quarterly variance, peaking at 59.8% in 2024Q2 before decelerating to 13.6% by 2026Q1, reflecting the inherent lumpiness of milestone-dependent collaboration income alongside the ongoing commercial scaling of its lead therapeutic, KIMMTRAK, in niche oncology markets.
The inconsistent top-line trajectory suggests that while commercial adoption is progressing, the company remains heavily reliant on non-recurring collaboration payments to supplement product sales. Investors should monitor whether the underlying patient demand for KIMMTRAK can sustain consistent growth as the initial launch phase matures and the addressable patient population is fully penetrated.
As reported in quarterly filings, Immunocore maintains a robust gross margin profile consistently exceeding 96%, with a peak of 99.7% in 2024Q1, underscoring the high-value, low-variable-cost nature of its proprietary ImmTAC biologic platform compared to traditional manufacturing-heavy pharmaceutical peers in the oncology space.
This near-total conversion of revenue to gross profit provides the company with significant flexibility to fund its intensive R&D pipeline without immediate reliance on external debt. However, this margin profile may face pressure if future pipeline candidates require more complex manufacturing processes or if competitive pricing dynamics emerge in broader solid tumor indications.
Based on the provided income statements, Immunocore has demonstrated a narrowing operating loss trend, culminating in a positive operating income of $7.3 million in 2026Q1, which suggests that the company is successfully scaling its commercial infrastructure against a relatively stable base of research and development expenditures.
The transition to positive operating income indicates that the company's commercial engine is beginning to offset the high fixed costs of its clinical development programs. Continued monitoring is warranted to determine if this operating leverage is sustainable or if future large-scale Phase III trials will necessitate a return to significant operating deficits.
Financial data indicates that research and development remains the dominant cost driver, with quarterly expenditures frequently exceeding $60 million, representing a substantial commitment to pipeline expansion that continues to dictate the company's overall profitability profile despite the high-margin nature of its commercialized product portfolio.
The company's expense discipline appears focused on prioritizing clinical milestones, as evidenced by the consistent R&D spend relative to SG&A. While this investment is necessary for long-term growth, it leaves the bottom line vulnerable to any delays or failures in the clinical development of its PRAME-targeting candidates.
Analysis of the company's reported figures suggests that the reliance on a single HLA-restricted indication creates a structural ceiling on total addressable market, which may be overlooked by investors focusing solely on the recent positive operating income and the high gross margin of the ImmTAC platform.
Short-term profitability improvements may mask the long-term challenge of expanding beyond the HLA-A*02:01 restricted patient population. If the company fails to successfully diversify its clinical pipeline into broader solid tumor indications, the current valuation may prove difficult to justify based on the limited reach of its existing commercial assets.
Quick answers to the most common questions about buying IMCR stock.
For fiscal year 2025, Immunocore Holdings plc (IMCR) reported total revenue of $297.6M. This represents a 8913.9% increase compared to $3.3M in 2013.
Immunocore Holdings plc (IMCR) reported a net loss of $26.4M for the fiscal year ending 2025.
Immunocore Holdings plc (IMCR) reported an operating income of $-33.7M, resulting in an operating profit margin of -11.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Immunocore Holdings plc (IMCR) generated $291.4M in gross profit for the year, representing a gross profit margin of 97.9%. This demonstrates the company's core pricing power and production efficiency.