Immunocore Plc (IMCR -0.53%), a biotechnology company specializing in T cell receptor therapies, reported its second quarter 2025 results on August 7, 2025. The main headline was a solid revenue increase, with $98.0 million (GAAP) surpassing consensus estimates of $92.15 million. However, earnings per share (GAAP) landed at $(0.20), below the analyst forecast of $(0.13), as operational costs rose. The quarter showcased robust sales expansion for KIMMTRAK, with net product sales (GAAP) of $98.0 million, representing a 30% year-over-year increase and an improving net loss (GAAP), but higher investments in development led to an earnings miss compared to expectations.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(0.20) | $(0.13) | $(0.23) | 13.0 % |
| Revenue (GAAP) | $98.0 million | $92.15 million | $75.4 million | 30.0 % |
| Research & Development Expense | $69.0 million | $51.1 million | 35.1 % | |
| Selling, General & Administrative Expense | $42.8 million | $38.6 million | 10.9% | |
| Net Loss | $(10.3 million) | $(11.6 million) | 11.2 % |
Source: Analyst estimates for the quarter provided by FactSet.
About Immunocore Plc and Key Focus Areas
Immunocore is a U.K.-based biotech that develops and commercializes T cell receptor (TCR) therapies, which are medicines that use engineered T cells to target and kill cancer cells or treat diseases. Its leading asset is KIMMTRAK, a treatment for unresectable or metastatic uveal melanoma, approved in dozens of countries.
The main focus for the company is driving growth and broadening access to KIMMTRAK, which drives most of its revenue. Other top priorities are progressing a pipeline of experimental therapies across cancer, infectious diseases, and autoimmune indications, maintaining a robust patent portfolio, and striking productive partnerships. Success relies on executing commercial rollouts, advancing late-stage clinical trials, and protecting its innovations from competitors.
Quarterly Highlights: Growth, Pipeline, and Financials
Immunocore's core KIMMTRAK therapy posted $98.0 million in net sales (GAAP) during the quarter, up 30% year-over-year. The United States generated $64.1 million in net product sales, while Europe delivered $33.0 million and international regions contributed $0.8 million. Approval expanded to 39 countries with launches in 28, reflecting global momentum. In the U.S, sales climbed 15% year over year, driven by extended treatment duration and high community clinic adoption (about 70 % of treated patients shifted to this setting).
Europe and international regions combined saw 71% year-over-year quarterly growth, supported by new country launches and completed price negotiations in France and Germany. Immunocore also reached a distribution agreement with Er-Kim Pharmaceuticals to boost footprint in Turkey and much of the Middle East and North Africa. Looking ahead, the company expects to address a pending $65 million in sales-related rebate accruals in the second half of the year, which will affect cash flow and reported earnings.
Immunocore continued to advance its therapeutic pipeline. It is running a Phase 3 trial (TEBE-AM) of KIMMTRAK for use in later-line cutaneous melanoma patients, aiming to complete enrollment by mid-2026. The brenetafusp program (another TCR therapy targeting cancer) in first-line cutaneous melanoma has over 150 activated trial sites, with a key dose-selection milestone expected in the second half of 2025. Other early-stage programs include candidates for ovarian and lung cancers, as well as HIV and hepatitis B virus therapies in infectious disease. Upcoming trial filings in type 1 diabetes and atopic dermatitis are planned for late 2025 and 2026.
On the cost side, Research and development spending (GAAP) climbed to $69.0 million, up 35% from Q2 2024. This growth reflects heavy investment in multiple clinical studies and expansion of the autoimmune pipeline. Selling, general, and administrative expenses also grew to $42.8 million (up 10.9%) (GAAP) compared to Q2 2024, primarily to support commercialization and development activities. The company realized improved gross margin efficiency as its cost of revenue (GAAP) fell to $1.0 million from $1.7 million in Q2 2024. Although net loss (GAAP) improved modestly to $10.3 million, ongoing high operating costs kept the company in the red.
Immunocore ended June 2025 with a cash, cash equivalents, and marketable securities balance of $882.8 million (GAAP), up from $820.4 million (GAAP) at year-end 2024. The cash increase reflected operational inflows and lower investing outflows compared to the prior period. Management noted plans to pay approximately $65 million in sales rebate accruals in the second half of the year, which will reduce the cash balance, though it briefly noted broader macroeconomic risks that could affect operations.
Looking Ahead: Guidance and Investor Watch Points
Immunocore's management did not provide explicit quantitative outlook or revenue and profit guidance for the second half or for fiscal 2025. Instead, it highlighted upcoming clinical milestones as pivotal points—such as completion of Phase 3 enrollment for TEBE-AM, dose selection for PRISM-MEL-301, and regulatory trial application filings for autoimmune programs.
For investors, the most important watch points remain KIMMTRAK's continued global uptake and the pipeline's progress towards key clinical readouts and regulatory filings. The current high level of research and development spending is expected to persist as Immunocore executes multiple Phase 3 and early-stage studies. Investors should also monitor the impact of planned sales rebate payouts and the cash burn rate.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
