NASDAQ$IMCR
Immunocore Holdings plc · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Immunocore reported Q4 2025 KIMMTRAK net sales of $104.5 million and full-year net sales of $400.0 million.
Immunocore generated Q4 2025 KIMMTRAK (tebentafusp) net sales of $104.5 million, bringing full-year 2025 product revenue to $400.0 million with 15 consecutive quarters of growth. Cash, cash equivalents, and marketable securities totaled $864.2 million at year-end. The company is advancing multiple Phase 3 melanoma trials (TEBE-AM, ATOM) while expecting moderating KIMMTRAK revenue growth rates as the base scales.
- Q4 KIMMTRAK net sales $104.5M; full-year $400.0M.
- 15th consecutive quarter of KIMMTRAK revenue growth.
- Cash ~$864M supports clinical pipeline execution.
- Phase 3 programs in uveal and cutaneous melanoma advancing.
Headline financials
Revenue & EPS history
Immunocore · Revenue · Quarterly
$105M
Forward guidance
Management expects moderating KIMMTRAK growth in 2026 while prioritizing Phase 3 readouts; detailed revenue guidance is provided on the company's outlook slides.
Tailwinds
- Commercial traction in first-in-class TCR bispecific for uveal melanoma.
- Strong liquidity runway for oncology pipeline.
- Diverse clinical portfolio beyond KIMMTRAK.
Headwinds
- Growth rate normalization as KIMMTRAK matures.
- Clinical trial execution and regulatory risks on label expansions.
- Competitive IO landscape in melanoma.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
-0.3%
Avg return
Earnings day
+0.9%
Avg return
5 days after
-1.2%
Avg return
30 days after
48%
10 / 21 earnings
Positive
+8.3%
Q3 2023
Best reaction
-11.0%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +6.6% | +0.0% | -2.1% | |
| Q4 2025 | -4.8% | -3.0% | -12.6% | |
| Q3 2025 | -3.2% | +9.7% | +21.5% | |
| Q1 2025 | +6.3% | +5.3% | +32.8% | |
| Q4 2024 | +5.3% | -1.1% | +1.3% | |
| Q3 2024 | +4.0% | +5.0% | -4.5% | |
| Q2 2024 | +0.8% | +1.7% | -9.5% | |
| Q1 2024 | -1.9% | -6.6% | -31.7% | |
| Q4 2023 | -4.6% | -7.2% | -7.7% | |
| Q3 2023 | +8.3% | +4.6% | +15.8% | |
| Q2 2023 | -3.3% | -5.9% | -12.7% | |
| Q1 2023 | -1.5% | +3.2% | -4.6% | |
| Q4 2022 | -4.9% | -5.1% | -9.9% | |
| Q3 2022 | +2.9% | +13.7% | +9.3% | |
| Q2 2022 | +1.6% | +5.8% | -13.5% | |
| Q1 2022 | -11.0% | +2.7% | +1.4% | |
| Q4 2021 | -0.7% | +7.5% | +37.7% | |
| Q3 2021 | +0.4% | -0.2% | -21.3% | |
| Q2 2021 | -4.9% | -9.5% | -1.4% | |
| Q1 2021 | -1.5% | -9.4% | -5.3% | |
| Q4 2020 | +0.1% | +6.8% | -7.1% | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — |
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