--- title: "Immunocore | 10-K: FY2025 Revenue Misses Estimate at USD 400.02 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/276883036.md" datetime: "2026-02-25T12:04:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276883036.md) - [en](https://longbridge.com/en/news/276883036.md) - [zh-HK](https://longbridge.com/zh-HK/news/276883036.md) generator: "portal-rs" --- # Immunocore | 10-K: FY2025 Revenue Misses Estimate at USD 400.02 M Revenue: As of FY2025, the actual value is USD 400.02 M, missing the estimate of USD 403.09 M. EPS: As of FY2025, the actual value is USD -0.71. EBIT: As of FY2025, the actual value is USD -49.66 M. #### Net Losses and Accumulated Deficit Immunocore Holdings plc reported net losses of - $35.5 million for the year ended December 31, 2025, compared to - $51.1 million for the year ended December 31, 2024, and - $55.3 million for the year ended December 31, 2023. As of December 31, 2025, the company had an accumulated deficit of - $831.3 million. #### Segment Revenue - **Total Revenue:** Total revenue was $400.016 million in 2025, an increase of $89.814 million (29%) from $310.202 million in 2024. - **Revenue from Sale of Therapies, Net:** Net revenue from the sale of therapies was $400.016 million in 2025, compared to $309.989 million in 2024, representing an increase of $90.027 million (29%). In 2025, U.S. sales were $256.998 million, European sales were $131.422 million (including a net decrease in estimated reserves related to prior periods of $6.0 million), and International sales were $11.596 million. In 2024, U.S. sales were $226.687 million, European sales were $73.224 million, and International sales were $10.078 million. Year-over-year increases were $30.311 million (13%) in the United States, $58.198 million (79%) in Europe, and $1.518 million (15%) internationally. - **Collaboration Revenue:** Collaboration revenue was - $0 million in 2025, a decrease of - $0.213 million (-100%) from $0.213 million in 2024. #### Operational Metrics - **Research and Development (R&D) Expenses:** R&D expenses increased by $52.718 million (24%) to $274.869 million in 2025 from $222.151 million in 2024. - External R&D expenses increased by $37.632 million (25%) to $189.584 million in 2025 from $151.952 million in 2024. This included a - $7.783 million decrease (9%) in PRAME programs to $82.594 million, a $9.658 million increase (31%) in Tebentafusp programs to $40.824 million, and a - $0.212 million decrease (3%) in infectious disease programs to $6.450 million. All other external clinical and preclinical costs increased by $35.969 million (151%) to $59.716 million. - Internal R&D expenses increased by $15.086 million (21%) to $85.285 million in 2025 from $70.199 million in 2024. This was driven by a $6.192 million increase (14%) in salaries and other employee-related costs to $49.898 million, a $1.005 million increase (13%) in share-based compensation expense to $8.776 million, and a $5.493 million increase (19%) in all other internal R&D costs to $33.821 million. U.K. R&D tax credits decreased by $2.396 million (25%) to - $7.210 million. - **Selling, General and Administrative (SG&A) Expenses:** SG&A expenses increased by $9.6 million to $165.4 million in 2025 from $155.8 million in 2024. - **Interest Income:** Interest income decreased by - $9.1 million to $16.5 million in 2025 from $25.6 million in 2024. - **Interest Expense:** Interest expense decreased by - $6.6 million to $12.2 million in 2025 from $18.8 million in 2024. - **Foreign Currency (Loss) Gain:** Immunocore Holdings plc reported a $2.2 million gain in 2025, a $5.6 million favorable movement from a - $3.4 million loss in 2024. - **Other Income (Expense), Net:** Other income (expense), net, increased by $5.5 million to $19.7 million income in 2025 from $14.2 million income in 2024. - **Income Tax Benefit (Expense):** The company recorded a - $16.4 million expense in 2025, an - $18.3 million change from a $1.9 million benefit in 2024, primarily due to a $14.7 million deferred tax expense for a valuation allowance on U.S. deferred tax assets in 2025. #### Cash Flow - **Cash and Cash Equivalents:** Cash and cash equivalents were $467.7 million as of December 31, 2025, up from $455.7 million as of December 31, 2024. - **Marketable Securities:** Marketable securities increased to $396.4 million as of December 31, 2025, from $364.6 million as of December 31, 2024. - **Working Capital:** Working capital increased to $750.0 million as of December 31, 2025, from $717.7 million as of December 31, 2024. - **Net Cash (Used in) Provided by Operating Activities:** Net cash used in operating activities was - $10.712 million in 2025, a decrease of - $36.8 million from $26.061 million provided by operating activities in 2024. - **Net Cash Used in Investing Activities:** Net cash used in investing activities was - $16.340 million in 2025, compared to - $355.129 million in 2024. - **Net Cash Provided by Financing Activities:** Net cash provided by financing activities was $12.371 million in 2025, compared to $343.881 million in 2024. #### Unique Metrics - **KIMMTRAK Approvals and Commercial Launches:** KIMMTRAK was approved in 39 countries and commercially launched in 30 countries as of December 31, 2025. - **Patients Treated:** Over 2,000 cancer patients have been treated with KIMMTRAK (tebentafusp) and other ImmTAX product candidates. - **Tax Losses Carried Forward:** The company had $525.5 million in UK R&D tax losses carried forward as of December 31, 2025, and generated $73.6 million in US tax losses carried forward in 2025. - **Employee Headcount:** As of December 31, 2025, Immunocore Holdings plc had 524 full-time employees, with 276 in R&D and 248 in commercial/administrative functions, including 132 with Ph.D. degrees. - **Market Value and Shares Outstanding:** The market value of voting and non-voting ordinary shares (non-affiliates) was approximately $1.5 billion based on $31.38 per ADS on June 30, 2025. As of January 31, 2026, there were 50,695,078 ordinary shares outstanding, comprising 49,960,681 voting and 734,397 non-voting shares. #### Outlook / Guidance Immunocore Holdings plc’s strategic priorities for 2026 include growing KIMMTRAK sales and advancing new melanoma indications through ongoing Phase 3 trials (TEBE-AM and ATOM), alongside progressing brenetafusp in first-line melanoma. The company also aims to expand beyond melanoma into other tumor types with multiple Phase 1 readouts expected from PRAME bispecific candidates and IMC-R117C in colorectal cancer. Additionally, Immunocore plans to realize growth opportunities beyond oncology by continuing dose escalation in the HIV Phase 1 trial and initiating the Phase 1 trial for IMC-S118AI for type 1 diabetes, with a CTA submission planned for IMC-U120AI in the second half of 2026. ### Related Stocks - [IMCR.US](https://longbridge.com/en/quote/IMCR.US.md) ## Related News & Research - [Immunocore Completes Enrollment in Phase 3 Melanoma Trial](https://longbridge.com/en/news/298913537.md) - [Immunocore reaches 540-patient enrollment target in Phase 3 TEBE-AM trial of Kimmtrak in advanced melanoma](https://longbridge.com/en/news/298907550.md) - [UK's Immunocore Q2 EPS misses estimates](https://longbridge.com/en/news/295096639.md) - [Needham Reaffirms Their Buy Rating on Immunocore Holdings (IMCR)](https://longbridge.com/en/news/295146394.md) - [Immunocore (IMCR) Is Up 9.7% After Strong Q1 Results And KIMMTRAK Survival Data Release](https://longbridge.com/en/news/285869445.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**