Immunocore Holdings plc (IMCR) Stock Analysis
Healthcare · Biotechnology · NasdaqGS
Immunocore Holdings plc (IMCR) posted $400.02M in revenue for fiscal 2025 (up 29.0% year over year), with a net loss of $35.51M, and has compounded revenue about 82.0%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Immunocore Holdings plc
Immunocore Holdings plc has grown revenue from $36.48M to $400.02M over the last 5 fiscal years, compounding about 82% a year. The most recent year was up 29%, so growth has cooled from its longer-run pace.
Net margin sits at -8.9%, up 7.6 points year over year on a 98.7% gross margin. It carries about $393.13M of total debt.
The one thing worth a second look in the filings is debt with negative operating cash flow.
Synthesised from Immunocore Holdings plc's SEC filings — descriptive, not advice. Ask the analyst your own question →
Immunocore Holdings plc revenue & earnings — last 5 fiscal years
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $36.48M | $174.36M | $249.43M | $310.20M | $400.02M |
| Gross profit | — | $173.27M | $248.39M | $307.47M | $394.93M |
| Net income | $-180.03M | $-52.54M | $-55.29M | $-51.09M | $-35.51M |
| Net margin | -493.4% | -30.1% | -22.2% | -16.5% | -8.9% |
Source: Immunocore Holdings plc SEC filings (10-K).
Immunocore Holdings plc: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Debt with negative operating cash flowCarries $393.1M of debt while last year's operating cash flow was negative ($-10.7M).
- Currently unprofitableThe latest fiscal year was a net loss (net margin -8.9%).
Explore 5 years of Immunocore Holdings plc financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Immunocore Holdings plc financial history by metric
About Immunocore Holdings plc
Immunocore Holdings plc, together with its subsidiaries, engages in the development and commercialization of immunomodulating medicines for patients with cancer, infectious diseases, and autoimmune disease in the United States, Europe, and internationally. The company offers KIMMTRAK for the treatment of unresectable or metastatic uveal melanoma. It also develops oncology programs, including tebentafusp which is in Phase 3 clinical trial for the treatment of advanced cutaneous melanoma and adjuvant uveal melanoma; brenetafusp which is in Phase 3 clinical trial for the treatment of first-line advanced cutaneous melanoma and in Phase 1/2 clinical trial for the treatment of various tumor types; IMC-R117C which is in Phase 1/2 clinical trial for the treatment of advanced solid tumors, such as colorectal cancer; and IMC-P115C which is in Phase 1 clinical trial for patients with tumors that express PRAME. In addition, the company is involved in the development of IMC-M113V which is in Phase 1 clinical trial for a potential functional cure of human immunodeficiency virus; and IMC-I109V which is in Phase 1 clinical trial for a potential functional cure of hepatitis B virus. Further, it develops IMC-S118AI which is in pre-investigation stage for the treatment of type 1 diabetes; and IMC-U120AI which is in pre-investigation stage for the treatment of atopic dermatitis. The company was founded in 1999 and is headquartered in Abingdon, the United Kingdom.
Immunocore Holdings plc — frequently asked questions
What is Immunocore Holdings plc's revenue?
Immunocore Holdings plc (IMCR) reported revenue of $400.02M for fiscal year 2025, up 29.0% from the prior year, according to its SEC filings.
Is Immunocore Holdings plc profitable?
No — IMCR reported a net loss of $-35.51M in fiscal 2025.
What is IMCR's P/E ratio?
Immunocore Holdings plc trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is Immunocore Holdings plc growing?
IMCR's revenue grew at roughly 82.0% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Immunocore Holdings plc have?
As of fiscal year 2025, IMCR carried roughly $393.13M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Immunocore Holdings plc's gross margin?
IMCR's gross margin was 98.7% in fiscal 2025 — gross profit of $394.93M on revenue of $400.02M.
What is Immunocore Holdings plc's market cap?
Immunocore Holdings plc (IMCR) has a market capitalization of about $1.44B, based on the latest data in our nightly-refreshed cache.
When does Immunocore Holdings plc's fiscal year end?
IMCR's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Immunocore Holdings plc's official SEC filings (10-K and 10-Q), covering 5 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.