Immunocore — Q3 2026 Earnings Summary

Financial Performance

• Total net product revenue for Q3 2026 was $102.2 million, compared to $103.7 million in Q3 2025; normalized underlying revenue growth was approximately 10% year-over-year after adjusting for US wholesaler stocking in Q2 2026 and an additional sales week in Q3 2025.
• Net sales for the nine months ended September 30, 2026, were $324.8 million, representing growth from $295.5 million in the same period of 2025.
• Geographic revenue breakdown for Q3 2026 was $62.2 million in the United States, $34.9 million in Europe, and $5.1 million in international regions.
• Geographic revenue breakdown for the nine months ended September 30, 2026, was $204.6 million in the United States, $103.5 million in Europe, and $16.7 million in international regions.
• Research and development expenses for Q3 2026 were $74.7 million, up from $70.6 million in Q3 2025.
• Selling, general and administrative expenses for Q3 2026 were $40.5 million, compared to $39.8 million in Q3 2025.
• Net loss for Q3 2026 was $14.2 million ($0.28 per share), compared to a net loss of $0.2 million ($0.00 per share) in Q3 2025.
• Net loss for the nine months ended September 30, 2026, was $2.1 million ($0.04 per share), compared to $5.5 million ($0.11 per share) in the same period of 2025.
• Cash, cash equivalents, and marketable securities totaled $901.3 million as of September 30, 2026, compared to $864.2 million as of December 31, 2025.
• The Company expects to pay approximately $120 million in sales-related rebate accruals in the fourth quarter of 2026.
• Interest income for Q3 2026 was $3.6 million, compared to $4.1 million in Q3 2025; interest expense was $3.1 million in Q3 2026 versus $3.0 million in Q3 2025.
• Operating lease liabilities were $1.8 million current and $39.2 million non-current as of September 30, 2026.
• Interest-bearing loans and borrowings were $394.8 million as of September 30, 2026, compared to $393.1 million as of December 31, 2025.

Guidance and Future Outlook

• Topline overall survival data from the Phase 3 TEBE-AM trial is expected in the second quarter of 2027.
• The Company plans to start the randomized Phase 2/3 DUET-UVEAL trial to evaluate the combination of KIMMTRAK and brenetafusp for metastatic uveal melanoma.
• Clinical data for brenetafusp from ovarian and lung cohorts in the Phase 1/2 trial is expected to be presented at a medical conference later in the year.
• The Company plans to file a clinical trial application (CTA) or investigational new drug (IND) application before the end of 2026 for its second autoimmune program, IMC-U120AI.
• Analysis of additional patient data from higher dose cohorts in the IMC-M113V HIV trial is ongoing, with results planned to be shared early next year.
• The Company identifies three key growth areas for KIMMTRAK: continued US community and global market penetration in metastatic uveal melanoma, potential expansion into 2L+ advanced cutaneous melanoma, and potential expansion into adjuvant uveal melanoma.

Business Segments and Product Lines

• KIMMTRAK is approved in 39 countries and launched in over 30 countries for HLA-A*02:01 positive patients with unresectable or metastatic uveal melanoma.
• The five-year overall survival data from the KIMMTRAK Phase 3 trial in metastatic uveal melanoma has been accepted by the European Medicines Agency for inclusion in the European SmPC.
• KIMMTRAK received the International Prix Galien 2026 for orphan/rare diseases, marking the fifth such award for the product.
• The Phase 3 TEBE-AM trial for previously treated advanced cutaneous melanoma has completed target enrollment of 540 patients.
• The Phase 3 ATOM trial for adjuvant uveal melanoma is currently enrolling patients in Europe and the United States.
• The Phase 3 PRISM-MEL-301 trial for brenetafusp in first-line advanced cutaneous melanoma continues enrollment with 1:1 randomization.
• Phase 1 data for the combination of KIMMTRAK and brenetafusp in metastatic uveal melanoma showed an overall response rate of 29% in 17 evaluable first-line patients, with a median duration of response of 24.1 months and a two-year overall survival rate of 70%.
• Phase 1 data for brenetafusp monotherapy in second-line or later metastatic uveal melanoma showed an overall response rate of 19% in 16 evaluable patients, with a median duration of response of 14.5 months.
• The first patient with type 1 diabetes was dosed in the Phase 1 trial of IMC-S118AI, the Company's first tissue-specific autoimmune candidate.
• Translational data for IMC-M113V in HIV demonstrated robust type I and II interferon-associated immune programs in participants who maintained viral control after treatment interruption.

Market and Competitive Landscape

• KIMMTRAK remains the standard of care in all major markets where it is launched.
• The Company estimates up to 4,000 HLA-A*02:01 positive, previously treated, advanced cutaneous melanoma patients in the US and Europe.
• The Company estimates the HLA-A*02:01 positive, high-risk adjuvant uveal melanoma patient population could represent up to 1,200 patients in the US and Europe.
• The Company estimates an addressable population of 10,000 HLA-A*02:01 positive patients across the US and Europe for first-line advanced cutaneous melanoma.
• There is currently no therapy approved that has shown an overall survival improvement following progression on checkpoint inhibitors in a randomized clinical trial for second- and later-line cutaneous melanoma.

Risks and Challenges

• Q3 2026 sales were impacted by US wholesaler stocking in Q2 2026 and an additional week of sales in the US in Q3 2025.
• Clinical trial results may differ from final data, and regulatory authorities may interpret data differently.
• Macroeconomic conditions, including health epidemics, geopolitical tensions, and inflation, could impact the business and clinical trial progress.
• The Company faces risks related to obtaining clinical and commercial supply, maintaining regulatory approvals, and enforcing intellectual property.
• Safety risks associated with KIMMTRAK include cytokine release syndrome (CRS), skin reactions, elevated liver enzymes, and embryo-fetal toxicity.

Management Commentary and Tone

• CEO Bahija Jallal stated that KIMMTRAK remains the proven standard of care nearly five years after launch and that the TEBE-AM trial enrollment completion advances the mission to bring the therapy to more patients.
• Management highlighted two significant firsts: the first data demonstrating clinical activity and a manageable safety profile with a combination of two T cell engagers in a solid tumor, and the first patient dosed in the tissue-specific autoimmune program for type 1 diabetes.
• The Company believes the combination data of KIMMTRAK and brenetafusp represents the first data showing clinical activity and a manageable safety profile for two T cell engagers in a solid tumor.

Other Key Points

• The Company received the International Prix Galien 2026 for KIMMTRAK in the orphan/rare diseases category.
• The Company will present promising Phase 1 data with KIMMTRAK plus brenetafusp as a late-breaking oral presentation at the SITC Annual Meeting.
• KIMMTRAKConnect provides patient support services including dedicated nurse case managers, educational resources, and financial assistance in the US.
• The Company's ImmTAC platform targets intracellular cancer antigens with ultra-high affinity and selectively kills cancer cells via an anti-CD3 immune-activating effector function.
• The Company is advancing ImmTAV molecules for infectious diseases aiming for a functional cure in HIV.
• The Company is advancing ImmTAAI molecules for autoimmune diseases designed for tissue-specific down modulation of the immune system.