Immunocore Holdings plc reported fourth‑quarter 2025 net product sales of $104.5 million, a 24% year‑over‑year increase, and full‑year sales of $400.0 million, up 29% from $310.0 million in 2024. The company posted an actual earnings per share of $‑0.60, missing the consensus estimate of $‑0.28. The miss reflects higher research and development and selling‑general‑administrative expenses, as well as cost inflation in manufacturing and distribution, which outweighed the revenue growth driven by its flagship product KIMMTRAK.
KIMMTRAK continued to be the primary revenue driver, delivering 15 consecutive quarters of growth and expanding its commercial footprint to 39 countries and 30 markets. The product’s strong demand in the United States and Europe, combined with new country launches, underpinned the revenue increase, while the company’s pricing strategy maintained margin stability despite the higher operating costs.
The company’s clinical pipeline remains on track, with three Phase 3 trials—TEBE‑AM, ATOM, and PRISM‑MEL‑301—remaining on schedule. Topline overall‑survival data for TEBE‑AM are expected in the second half of 2026, and Phase 1/2 data for the PRAME‑targeted candidate and the HIV functional‑cure program will also be presented in the same period.
Immunocore’s cash position was $864.2 million as of December 31, 2025, providing a strong runway for continued R&D investment. Management indicated that revenue growth is expected to moderate in 2026 as market penetration matures, signaling a shift from aggressive expansion to consolidation of existing markets.
Investors reacted cautiously to the earnings release, citing the EPS miss and the anticipated slowdown in revenue growth. The company’s focus on advancing its oncology, infectious‑disease, and autoimmune pipelines remains a key driver of long‑term value, but the current results highlight the need for disciplined cost management and continued execution on its commercial strategy.
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