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.
• Net product revenue for the nine months ended September 30, 2026, was $324.8 million, compared to $295.5 million in the same period in 2025, representing 10% year-over-year growth.
• Q3 2026 revenue was impacted by US wholesaler stocking in Q2 2026 and an additional week of sales in the US in Q3 2025; normalized underlying revenue growth was approximately 10%.
• Geographic breakdown for Q3 2026: $62.2 million in the US, $34.9 million in Europe, and $5.1 million in international regions.
• Geographic breakdown for nine months 2026: $204.6 million in the US, $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, up from $39.8 million in Q3 2025.
• Net loss for Q3 2026 was $14.2 million ($0.28 per share), compared to $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 in 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.
• Total liabilities were $709.5 million as of September 30, 2026, compared to $686.2 million as of December 31, 2025.
• Interest-bearing loans and borrowings were $394.75 million as of September 30, 2026, compared to $393.1 million as of December 31, 2025.
• Deferred revenue was $4.9 million ($573k current, $4.3 million non-current) as of September 30, 2026.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $22.2 million.

Guidance and Future Outlook:

• The Company expects to pay approximately $120 million in sales-related rebate accruals in the fourth quarter of 2026.
• Topline overall survival data for the Phase 3 TEBE-AM trial is expected in the second quarter of 2027.
• 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.
• Analysis of new data from higher dose cohorts in the IMC-M113V HIV trial is ongoing, with results planned to be shared early next year.
• The Company plans to file a clinical trial application (CTA) or investigational new drug (IND) application for IMC-U120AI before the end of the year.

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.
• Five-year overall survival data for KIMMTRAK 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 registrational Phase 3 TEBE-AM trial for previously treated advanced cutaneous melanoma completed target enrollment of 540 patients.
• The Phase 3 Adjuvant Trial in Ocular Melanoma (ATOM) is enrolling patients in Europe and the US.
• The Phase 3 PRISM-MEL-301 trial for brenetafusp in first-line advanced cutaneous melanoma continues enrollment.
• Phase 1 data for the combination of KIMMTRAK and brenetafusp in metastatic uveal melanoma showed an overall response rate (ORR) of 29% in 17 evaluable first-line patients, with a median duration of response of 24.1 months.
• Brenetafusp monotherapy in second-line or later metastatic uveal melanoma showed an ORR of 19% in 16 evaluable patients.
• The Company plans to start the randomized Phase 2/3 DUET-UVEAL trial to evaluate the KIMMTRAK and brenetafusp combination.
• 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.
• IMC-M113V data for 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 PRISM-MEL-301 trial targets an estimated 10,000 HLA-A*02:01 positive patients in the first-line advanced cutaneous melanoma setting across the US and Europe.
• No therapy 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:

• The press release includes a standard "Forward Looking Statements" section noting that actual results may differ materially from expectations due to risks such as clinical trial results, regulatory approvals, supply chain issues, and macroeconomic conditions.
• Specific risks mentioned include the potential for clinical trial data to differ from final results, delays in trial enrollment, and the need for additional funding.
• 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.
• Management highlighted two significant firsts: the first data demonstrating clinical activity and manageable safety 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.
• Management expressed confidence in advancing the mission to bring KIMMTRAK to more patients with the TEBE-AM trial fully enrolled.

Other Key Points:

• The Company received the International Prix Galien 2026 for KIMMTRAK in the orphan/rare diseases category.
• KIMMTRAKConnect provides patient support services including nurse case managers, educational resources, and financial assistance in the US.
• The Company is evaluating brenetafusp in combination with bevacizumab for platinum-sensitive ovarian cancer and in multiple non-small cell lung cancer cohorts.
• The IMC-P115C (PRAME-A02 Half-Life Extended) Phase 1 dose escalation trial is continuing enrollment across multiple solid tumors.
• The Company's ImmTAV platform aims to achieve a "functional cure" for HIV by eliminating remaining virus after stopping antiviral medication.
• The ImmTAAI platform utilizes PD1 receptor agonism to down-modulate the immune system in a tissue-specific manner to treat autoimmune diseases.